United Reef Limited
TSX VENTURE : URP

United Reef Limited

July 06, 2011 16:15 ET

United Reef Announces Resignation of a Director and Grant of Options

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - United Reef Limited (TSX VENTURE:URP) ("United Reef" or the "Company") said that it has accepted the resignation of Mr. Richard Lachcik as a Director of the Company. Mr. Lachcik has been a member of the Board since 2004 and the Directors wish to thank him for his numerous contributions and advice to the Company during this time. He has advised the Company that his law practice and his other corporate and personal commitments have led to his decision to resign from the Board.

Stock Option Grants

The Company also said that it has granted Mr. William Ollerhead, a Director of the Company, 400,000 stock options in replacement of expired options previously held by him. The options are exercisable for a period of three years at an exercise price of $0.10 per share and will expire on July 5, 2014. 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 will vest on each of the date of grant, and on the 6, 12 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 2,800,000 stock options outstanding and there were 4,037,500 stock options available for future grant under the Plan.

The Company is continuing to advance its strategy as a Canadian focused gold explorer. For further information about United Reef please visit our website at www.unitedreef.com.

Shares issued: 88,909,980

Fully diluted: 94,649,980

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 press release.

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