United Reef Limited

United Reef Limited

January 29, 2008 11:10 ET

United Reef Announces Termination of Option on Nickel Offsets Property

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - United Reef Limited (TSX VENTURE:URP)(CNQ:URPL) said that it has received notice from FNX Mining Company Inc. ("FNX") that they will not be proceeding to formalize the option and joint venture proposal to earn an interest in United Reef's wholly owned Nickel Offsets property. The original FNX offer stems from a letter of intent with United Reef entered into in May, 2007 (see press release dated May 9, 2007). United Reef intends to look for other potential joint venture partners for the property.

Shares issued: 65,960,980

Fully diluted: 70,710,980

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