United Reef Commences McFauld's Lake Drilling

Palmers other company JV with URP.V

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Jul 21, 2008 11:23:00 AM

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TORONTO, ONTARIO--(Marketwire - July 21, 2008) - United Reef Limited (TSX VENTURE:URP) ("United Reef" or the "Company") is pleased to announce that drilling commenced over the weekend on our McFauld's Lake area claims, optioned from Canstar Resources in April (see press release April 14, 2008). United Reef is earning a 50% interest in the property. Due to a last minute scheduling change, a drill rig became available earlier than anticipated and was mobilized on Saturday to the property and drilling commenced. Three initial geophysically defined targets have been selected for drill testing in the current program and marks the first time the property has been tested by drilling.

The property consists of 70 claim units covering 1,100 ha lying approximately 4 kms east of McFauld's Lake in the James Bay Lowlands, Ontario. The claims are contiguous to the southeast boundary of the Spider Resources/KWG Resources property where high-grade zinc-copper-silver-lead-gold mineralization was first discovered in 2003. Noront Resources' Eagle One discovery is located approximately 20 kms to the west.

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