United Reef Limited
TSX VENTURE : URP

United Reef Limited

October 07, 2010 09:57 ET

United Reef Settles Property Option Payments by Issuing 400,000 Shares

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - United Reef Limited (TSX VENTURE:URP) ("United Reef" or the "Company") is pleased to announce that it has entered into separate agreements with the owners of the Nixon-Bartleman property in the West Timmins area and the Santa Maria claims in the Dryden area to settle option payments due to the owners during October 2010. The owners have each agreed to accept 200,000 common shares of United Reef in full settlement of $10,000 cash payments due to them during October. The settlement agreements are subject to regulatory approval. Both properties are currently under option to the Company and terms of the options were disclosed in press releases on January 25, 2010 and November 5, 2009, respectively. In addition, the owner of the Santa Maria claims has also agreed to defer completion of a portion of the Company's first year work commitment until the second year of the agreement.

For further information about United Reef please visit our website at www.unitedreef.com.

Shares issued: 85,219,980

Fully diluted: 95,393,980

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 release.

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