United Reef Limited
TSX VENTURE : URP

United Reef Limited

December 24, 2010 09:15 ET

United Reef Appoints New Chief Financial Officer and Grants Options

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2010) - United Reef Limited (TSX VENTURE:URP) ("United Reef" or the "Company") is pleased to announce the appointment of Mr. George Supol, CA-IT, as Chief Financial Officer ("CFO") of the Company. Mr. Supol is a Chartered Accountant with an added speciality in Information Technology. He is the founder and President of inbusys inc., a Toronto-based consulting firm, which provides both accounting and corporate IT services to its clients. Mr. Supol has been providing accounting and other advisory services to the Company since May of this year and he also acts as CFO for two other TSX listed resource companies.

Stock Option Grants

The Company has granted Mr. Supol 400,000 stock options and also granted 400,000 stock options to Mr. Harry Hodge, a recently appointed director of the Company. Additionally, a further 1,200,000 stock options have been granted to other officers and directors of the Company. All of the options granted are exercisable for a period of three years at an exercise price of $0.10 per share and expire on December 23, 2013.

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 4,125,000 stock options outstanding and there were 2,712,500 stock options available for future grant.

Retiring Officer

The Company also wishes to announce the resignation of Ms. Marilyn Turner from her positions as CFO and Secretary of the Company. The Directors would like to take this opportunity to thank Ms. Turner for her many years of service and contributions to the Company while serving in these capacities and to wish her well in her future endeavours.

The Company is continuing to advance its strategy as a Canadian focused gold explorer as we plan for an active year ahead of exploration on our gold projects. For further information about United Reef please visit our website at www.unitedreef.com.

Shares issued: 88,409,980

Fully diluted: 102,623,980

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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