United Reef Limited

United Reef Limited

August 10, 2009 09:15 ET

United Reef Announces Appointment of New Director

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2009) - United Reef Limited (TSX VENTURE:URP) ("United Reef") is pleased to announce the appointment of Mr. Peter George to the Board of Directors. Mr George has more than 40 years extensive experience in the international resource industry, including technical and management experience as an employee/senior manager with major mining companies, operation of his own geological consulting and geophysical contracting firm, and technical and executive involvement with a number of junior resource companies. He was a senior member of the management of ONTZINC Corporation between 2002 and 2004, during which time ONTZINC successfully completed the acquisition of Hudson Bay Mining and Smelting Co., Limited from Anglo American International, S.A.

As an independent consulting geologist since 1996, Mr. George has authored or co-authored numerous NI 43-101 compliant technical reports, ranging from exploration property evaluations to feasibility studies. His particular expertise in Archean gold deposits has resulted in several assignments in recent years to prepare resource and reserve estimates on a number of Canadian gold deposits relying on his financial evaluation skills.

His career has provided in-depth geological experience in the Archean Abitibi Belt of Ontario and Quebec and the Appalachians of Quebec and Newfoundland. His exploration experience has covered all major commodity types, including volcanogenic base and precious metals, Mississippi Valley-type stratabound zinc-lead, lode gold, epithermal gold, porphyry copper-molybdenum, Athabasca basin and Elliot Lake type uranium projects. He has extensive contacts throughout the North American and Latin American mining industry.

Mr George obtained his B. Sc. (Honours) in geology from Queens University and he holds the designation P. Geol. as granted by the Association of Professional Geoscientists of Ontario and is a member of several other professional organizations.

The Company also said that it has granted Mr. George, subject to regulatory approval, 400,000 stock options at an exercise price of $0.10 expiring on August 6, 2012. The stock options have been granted pursuant to the terms of the Company's 2005 Stock Option Plan (the "Plan"). A total of 7,500,000 common shares of the Company are reserved for grant under the Plan. One-quarter of the above stock options shall vest on each of the date of grant, and the 6 month, 12 month and 18 month anniversaries of the date of grant. Each stock option gives the option holder the right to purchase one common share of the Company. Immediately following the grant of the above stock options the Company has a total of 4,437,500 stock options outstanding.

For further information about United Reef please visit our website at www.unitedreef.com.

Shares issued: 84,019,980

Fully diluted: 102,061,030

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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