United Reef Limited
CNQ : URPL
TSX VENTURE : URP

United Reef Limited

January 24, 2007 16:12 ET

United Reef Grants Stock Options

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2007) - United Reef Limited (TSX VENTURE:URP) (CNQ:URPL) announced today the granting of incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 775,000 common shares in the capital stock of the Company. The options are exercisable for a period of three years, at an exercise price of $0.08 per share and expire on January 23, 2010.

In addition, the Company granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 2,400,000 common shares in the capital stock of the Company. The options are exercisable for a period of three years, at an exercise price of $0.15 per share and expire on January 23, 2010.

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 4,875,000 stock options outstanding.

Shares issued: 63,660,287

Fully diluted: 75,205,145

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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