Reef Resources Ltd.
TSX VENTURE : REE

Reef Resources Ltd.

November 28, 2011 12:58 ET

Reef Resources Ltd. Announces Filing Delay

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.

Reef Resources Ltd. (TSX VENTURE:REE) ("Reef" or the "Company") announces that, due to a delay in the finalization of the Corporation's reserve report required under National Policy 51-101, and the resulting delay in receipt of data from the reserve report necessary for the completion of the Corporation's financial statements, Reef will be delayed in filing its financial statements and corresponding management discussion and analysis for the year ended July 31, 2011 (the "Financial Statements") on or before the prescribed filing deadline pursuant to National Instrument 51-102.

The Company made every effort to file its Financial Statements on or before the prescribed filing deadlines; however, as a result of the Company desiring to include the full implications of the recent developments in the Ausable reef, there was a delay in obtaining the comprehensive core analysis required for finalizing the updated petrophysics. The evaluators required this data set for completing the 51-101 report, necessary for finalization of the Financial Statements. In light of the foregoing, Reef has made application to the applicable securities commissions for the imposition of a Management Cease Trade Order, rather than an Issuer Cease Trade Order, as contemplated under National Policy 12-203.

The Company expects that it will require less than two weeks in order to complete the necessary work to file the outstanding Financial Statements and Reserves Reporting. Further, Reef intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.

Forward Looking Statements - This news release contains certain forward-looking statements, which include assumptions with respect to the valuation of Reef's reserves, funds raised from a financing and future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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.

Contact Information

  • Reef Resources Ltd.
    Arnie Hansen
    President & CEO
    (403) 251-9447

    Reef Resources Ltd.
    Larry Olson
    Vice President, Finance
    (250) 490-3378

    Reef Resources Ltd.
    2020 801 6 Ave SW
    Calgary, AB T2P 3W2