United Reef Updates McFauld's Lake Drilling

TORONTO, ONTARIO--(Marketwire - July 30, 2008) - United Reef Limited (TSX VENTURE:URP) ("United Reef" or the "Company") said that the drilling program carried out between July 19th and 23rd on its McFauld's Lake optioned claims did not encounter any significant mineralization. The drilling program was designed to test three geophysically defined bedrock targets believed to be possible volcanogenic massive sulphides. The three holes, UR-08-01 (101 m), UR-08-02 (152 m) and UR-08-03 (95.6 m), all terminated in biotite granite below the interpreted depth of the three geophysical anomalies targeted in the program. Overburden cover on the property appears to be quite thick and varied in thickness from 29 m to 69 m (down hole, not true thickness) in the three holes. Hole UR-08-02 intersected a highly magnetic dyke down hole between 127.3 and 129.6 m and again between 141.8 and 143.6 m within the granite. No significant sulphide minerals were observed in the core. A few select representative samples from the three holes have been sent for assaying and upon receipt of the assay results, the Company will re-evaluate the property.

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