| February 27, 2009 |
| United Reef and URSA Major Minerals Amend Option Timing on Nickel Offsets Property |
TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) - United Reef Limited (TSX VENTURE:URP)("United Reef") is pleased to announce that it has amended the timing of an option agreement with URSA Major Minerals Incorporated ("URSA Major")(TSX:UMJ) extending the time for URSA Major to complete an initial $250,000 exploration program on the Nickel Offsets Property from March 28, 2009 until October 28, 2009. United Reef granted URSA Major an option to earn a 70% interest in United Reef's 100% owned Nickel Offsets property, located 40 km northwest of Sudbury, Ontario in March 2008 (see press release dated May 13, 2008 for the terms of the option agreement).
URSA Major has provided United Reef with details of their proposed initial exploration program which includes a five hole, 1,800 meter diamond drilling program to test potential sulphide bearing environments within the Foy Offset dyke, all occurring in close proximity to the existing workings of the former Nickel Offset No.1 Mine. Prior to drilling, bore hole geophysical surveys will be carried out to test for conductive targets. The drilling program is anticipated to commence in early summer and will be completed by October 28, 2009.
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 with 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 which is part of the Sudbury basin.
Shares issued: 75,970,980
Fully diluted: 85,563,030 |
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