UNITED REEF LTD V.URP

news out after the close its BAD

[inthenews7]

United Reef Exercises Option and Acquires Dryden Area Claims/Withdraws Convertible Promissory Note Offering
Oct 27, 2011 6:31:00 PM
TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) - United Reef Limited (TSX VENTURE:URP) ("United Reef or the Company") is pleased to announce that it has reached an agreement with the owner of five of the claims (11 claim units) forming part of the Company's Santa Maria property to allow the Company to exercise its option and acquire a 100% interest in the five claims. This amendment to the option was completed in the last few days by making a payment of $6,000 and issuing 200,000 shares to the claim holder. In 2009, the Company also staked 14 contiguous claims (76 claim units) and has made application for an extension of time to complete required assessment work on this group before their anniversary date in early November. In the event that the Company is not granted an extension of time to perform the required work these 14 claims may expire. The original five claims have adequate assessment credits to hold them in good standing until 2014. The Santa Maria property is located approximately 40 km southeast of the town of Dryden and presently consists of 19 contiguous unpatented mining claims comprising 87 claim units encompassing an area of approximately 1,392 hectares.
In mid-September, the Company announced that it was making an offering of convertible promissory notes to raise up to $800,000. Although management received expressions of interest in the offering before finalizing the proposed terms, we have not been able to generate sufficient interest in the present market environment to warrant a closing of this form of financing. As such, after consideration, the Company has decided to withdraw the offering while management investigates alternate means by which to finance the Company and address with shareholders the potential consolidation of our presently issued shares. We are continuing our efforts to monetize some of the Company's non-core assets.
United Reef is a Canadian precious metals exploration company focused on the identification of projects that host large structural features in geological settings favourable for gold mineralization with known gold occurrences, like our Santa Maria property near Dryden. The Company is continuing to evaluate additional gold projects. The Company's past-producing (Ni-Cu) Nickel Offsets (Ross) Mine property is under option and being actively explored to follow up recent discoveries of high grade Ni and PGM values in drill intercepts. The Company has seasoned management and a highly experienced technical team of directors and consultants guiding United Reef's exploration and project evaluation.
For further information about United Reef please visit our website at www.unitedreef.com.
Shares issued: 89,109,980
Fully diluted: 94,899,980
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
United Reef Limited
Michael Coulter
President
416-368-3332