United Reef Ltd. reported unaudited earnings results for the third quarter and nine months ended August 31, 2009. For the quarter, the company reported net loss of CAD 192,814 compared to net loss of CAD 47,554 for the same period of last year. The company reported loss before special items of CAD 47,430 compared to loss before special items of CAD 49,550 for the same period of last year. The company reported net cash used in operating activities of CAD 58,361 and expenditures on exploration properties, net of CAD 422 compared to net cash provided by operating activities of CAD 46,769 and expenditures on exploration properties, net of CAD 138,410 for the same period of last year. For the nine months, the company reported net loss of CAD 288,421 compared to net loss of CAD 251,058 for the same period of last year. The company reported loss before special items of CAD 143,426 compared to loss before special items of CAD 254,198 for the same period of last year. The company reported net cash used in operating activities of CAD 180,953 compared to net cash used in operating activities of CAD 140,287 for the same period of last year.

United Reef Ltd., Annual General Meeting, Dec 17, 2009

United Reef Ltd. has initiated an exploration and drilling program on United Reef's wholly owned Nickel Offsets property. URSA Major has an option to earn a 70% interest in the Nickel Offsets property by making exploration expenditures on the property totaling $1.25 million over a period of three years and making total cash payments of $75,000 to United Reef. URSA Major's surface diamond drilling program is designed to test high grade, massive nickel-copper sulphide targets in the Foy Offset Dike and includes drilling 1,845 meters in five holes targeting massive and disseminated sulphides in proximity to the existing workings of the past producing Nickel Offset No.1 Mine. The program will test mineralization below the previous workings at the No. 1 mine where historical drill hole intersections reported values including: 1.92% Ni and 1.05% Cu over 21.5 feet; 3.33% Ni and 0.38% Cu over 5 feet; 1.81% Ni and 2.58% Cu over 11.5 feet. The Nickel Offsets property is located in Foy Township, Ontario and consists of twelve contiguous patented mining claims and five unpatented mining claims covering 358 ha (884 acres). 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. The past-producing mine was developed through two shafts to a maximum depth of 1,599 ft (487 m). The property covers a 2.25 km strike length of the Foy Offset Dike.