United Reef Limited
TSX VENTURE : URP

United Reef Limited

November 24, 2010 10:33 ET

United Reef Reports Further Encouraging Results Received From URSA Major Minerals' Drilling on Nickel Offsets Property

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) - United Reef Limited (TSX VENTURE:URP) ("United Reef") is pleased to provide initial results from the 2010 drilling program at the past-producing Nickel Offsets Property located in Foy Township, 40 km northwest of Sudbury, received from URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ). URSA Major has an option to earn a 70% interest in the Nickel Offsets Property from United Reef.

URSA Major's program includes approximately 2,000 meters of diamond drilling in seven holes and new borehole EM surveys to follow up massive sulphide targets identified in their 2009 exploration program. Assay results received for 3 holes to date have confirmed the presence of high-grade nickel, copper and platinum group metals which are summarized in the table below.

Diamond Drill Hole (DDH) Location and Assay Summary:
 
DDH   Drill Collar Location UTM NAD83   Az & Incl.   From: (m's)   To: (m's)   Length: (m's)   Ni (%)   Cu (%)   Co (%)   Au (g/t)   Pt (g/t)   Pd (g/t)
U15-06   0481183E / 5178266N   025 / -50   274.62   276.24   1.62   0.41   0.47   0.02   0.46   0.43   0.30
U15-07   0481183E / 5178266N   025 / -55   359.08   360.39   1.31   0.64   0.60   0.02   0.06   0.18   0.24
U15-010   0481706E / 5178441N   205 / -47   142.01   144.90   2.89   2.90   0.97   0.16   0.11   0.94   1.28
and           146.65   148.65   2.00   0.07   0.37   0.00   0.82   3.04   2.00

URSA Major has expressed particular interest in Hole U15-10 which intersected 2.89 meters of nickel-rich massive sulphides grading 2.90% nickel, 0.97% copper, 0.16% cobalt, 0.94 g/t platinum, 1.28 g/t palladium, and 0.11 g/t gold. Hole U15-10 also intersected an additional 2.0 meters of platinum group metal mineralization grading 3.04 g/t platinum, 2.00 g/t palladium, 0.82 g/t gold, with 0.07% nickel and 0.37% copper in disseminated sulphides in the footwall of the nickel-rich massive sulphides.

The intersections in hole U15-10 (at a down hole depth of 140 meters) are down plunge from the mineralized Lens 2 that was mined at the No. 1 shaft. Holes U15-6 and 7 were drilled to test a bore-hole EM conductor target up-dip from Lens 4. Holes U15-8, 9, 11 and 12 did not intersect visually significant sulphides, but are being carefully examined for potential precious metal bearing disseminated sulphides and sampling of these holes is currently in progress. A longitudinal section of the Nickel Offsets Property is posted on United Reef's website identifying the features referred to above.

URSA Major has also reported that their drilling to date indicates that the previously mined Lens 2 and Lens 4 were probably truncated by a fault structure that parallels the strike of the Foy Offset Dike and its mineralization. Crone Geophysics have been contracted to conduct bore-hole time-domain EM surveys of the recently drilled holes to target new massive sulphide lenses. The results of bore hole information and drilling from 2009 and 2010 will now be compiled into a 3-dimensional model to generate geological and geophysical targets for the next round of drilling. Further information about URSA Major's results and interpretations can be found in a press release disseminated by URSA Major earlier today.

The Nickel Offsets Property consists of twelve contiguous patented mining claims and five unpatented mining claims covering a total of 358 ha (884 acres) and is located 15 km northeast of Vale's Coleman Mine and Xstrata Nickel's Strathcona mill. The property hosts the past-producing Nickel Offsets (Ross) Mine which between 1943 and 1957 produced 208,551 tons of nickel and copper ore with reported recoveries of 4.56 million lbs of nickel and 3.32 million lbs of copper. Historical underground exploration and mining development at the Nickel Offset Property included 1,599 feet of shaft sinking, approximately 10,000 feet of drifting and 3,980 feet of raising on 9 levels at the No. 1 Shaft and 1,056 feet of shaft sinking, approximately 6,000 feet of drifting and 410 feet of raising on 5 levels in the No. 2 Shaft. The property covers a 2.25 km strike length of the Foy Offset Dike.

Mr. Seymour Sears, P.Geo., a consultant to United Reef, has reviewed the technical content in this press release.

Private Placement Additional Subscription Received

United Reef also reported that it has closed a further subscription for 200,000 Flow-Through Units at a price of $0.05 per Unit for proceeds of $10,000 in the non-brokered private placement announced on November 12, 2010. Each Unit consists of one common share and one common share purchase warrant, exercisable at $0.10 to purchase one common share until November 21, 2012. The common shares and warrants issued are subject to a four-month regulatory re-sale restriction until March 23, 2011. 

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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