United Reef Shareholders Approve Consolidation of Shares and Change of Company Name

TORONTO, ONTARIO--(Marketwire - July 17, 2012) - United Reef Limited (TSX VENTURE:URP) ("United Reef" or the "Company") is pleased to announce that shareholders of United Reef approved all ordinary and special items of business at the Annual and Special Meeting of Shareholders (the "Meeting") held on Friday, July 13, 2012. Shareholders approved a special resolution authorizing an amendment to the Company's articles to consolidate the issued and outstanding common shares of the Company on the basis of one (1) new common share for each eight (8) common shares outstanding immediately prior to such consolidation (the "Consolidation"), and to change the name of the Company to "United New Klondike Exploration Ltd." or such other similar name as the directors may approve and is acceptable to the appropriate regulatory authorities, including the TSX Venture Exchange ("TSX-V"). These matters were approved by 98.5% of the votes cast at the Meeting.

Shareholders also approved a new 'rolling' stock option plan of the Company, which provides that the maximum number of common shares that may be reserved and set aside for issuance under the stock option plan shall not exceed 10% of the aggregate number of the Company's common shares outstanding.

The plan remains subject to final TSX-V approval being obtained and it is the Company's intention to implement the grant of options under the plan once the Consolidation has been completed.

Approval was also given by shareholders at the Meeting, authorizing the Company's board of directors to issue up to 2,420,000 common shares of the Company in exchange for debt owing to a consulting company owned by the President of the Company, subject to final TSX-V approval being obtained.

The following were elected as directors of the Company at the Meeting: Michael Coulter, Peter George, Harry Hodge, William Ollerhead and Seymour Sears.

United Reef is now pursuing the completion of the corporate reorganization approved at the Meeting and advancing new exploration opportunities for the Company.

Shares issued: 89,139,980

Fully diluted: 94,929,980