United Reef Limited
TSX VENTURE : URP

United Reef Limited

September 29, 2009 09:00 ET

United Reef Announces Mobilization of Drill Program on Nickel Offsets Property, Sudbury Area, by URSA Major Minerals

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2009) - United Reef Limited ("United Reef") (TSX VENTURE:URP) is pleased to announce that URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) has initiated an exploration and drilling program on United Reef's wholly owned Nickel Offsets property. URSA Major has an option to earn a 70% interest in the Nickel Offsets property by making exploration expenditures on the property totalling $1.25 million over a period of three years and making total cash payments of $75,000 to United Reef. See press release dated March 6, 2008 for terms of the option agreement.

URSA Major's surface diamond drilling program is designed to test high grade, massive nickel-copper sulphide targets in the Foy Offset Dike and includes drilling 1,845 meters in five holes targeting massive and disseminated sulphides in proximity to the existing workings of the past producing Nickel Offset No.1 Mine. The program will test mineralization below the previous workings at the No. 1 mine where historical drill hole intersections reported values including: 1.92% Ni and 1.05% Cu over 21.5 feet; 3.33% Ni and 0.38% Cu over 5 feet; 1.81 % Ni and 2.58 % Cu over 11.5 feet.

The Nickel Offsets property is located in Foy Township, Ontario and consists of twelve contiguous patented mining claims and five unpatented mining claims covering 358 ha (884 acres). The property hosts the past-producing Nickel Offsets (Ross) Mine which between 1943 and 1957 produced 208,551 tons of nickel and copper ore with reported recoveries of 4.56 million lbs of nickel and 3.32 million lbs of copper. The past-producing mine was developed through two shafts to a maximum depth of 1,599 ft (487 m). The property covers a 2.25 km strike length of the Foy Offset Dike.

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