United Reef Ltd. provided further details of the initial diamond drilling program and borehole electromagnetic geophysical surveys carried out during 2009 on the Nickel Offsets property by URSA Major Minerals Incorporated. Results from the program are reported in the following tables. Assays from drill hole U15-02 which were previously reported provided the best intersection of the program with 1.6 meters grading 3.12% nickel, 1.15% copper, 0.12% cobalt, 1.39 g/t platinum, 2.04 g/t palladium and 0.21 g/t gold. This high grade intersection is a newly discovered mineralized lens and is located at a relatively shallow level within the former mine workings at a down hole depth of 250.4 to 252.0 meters. A borehole EM survey in U15-02 identified an in-hole anomaly coincident with the massive sulphide intersection. The in-hole anomaly in U15-02 is modelled as the response from a conductive source centered east of and below U15-02. Hole U15-04, which targeted the up-dip extension of the massive sulphide lens in U15-02, encountered disseminated sulphides, however, borehole EM surveying of U15-04 identified an off-hole anomaly modelled as the response from a conductor centered east and below hole U15-04. These borehole EM anomalies are indicative of a massive nickel sulphide lens that was intersected in hole U15-02 and is centered east of and below holes U15-02 and -04. URSA Major is planning further drilling to test this target. Hole U15-05 was drilled approximately 160 meters east of holes U15-02 & 4 to test the up dip extension of mineralization in the number 3 lens in former mine workings. This hole encountered a narrow 0.30 cm interval of heavily disseminated sulphide grading 1.41% nickel, 0.44% copper and 0.82 g/t precious metals. Borehole surveying in U15-05 identified another conductive source off the end of the hole. Further drilling and possibly borehole surveying will be required to determine the specific location of this target. The Nickel Offsets property consists of twelve contiguous patented mining claims and five unpatented mining claims covering a total of 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. 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 Mine 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 Mine. The property covers a 2.25 km strike length of the Foy Offset Dike.

United Reef Limited provided an update on the exploration and drilling program being carried out on the Nickel Offsets property by URSA Major Minerals Incorporated. 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. Drilling at the past-producing Nickel Offsets Mine, located in Foy Township, 40 km northwest of Sudbury, Ontario has intersected a new lens of high-grade massive sulphides. Hole U15-02 intersected 1.6 meters grading 3.12% nickel, 1.15% copper, 0.12% cobalt, 1.39 g/t platinum, 2.04 g/t palladium and 0.21 g/t gold.

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.