Gold Reef International Executes Drilling Contract to Core Drill Newmont Rimrock Project, Lander County, Nevada

    TORONTO, December 18 /CNW/ - Gold Reef International, Inc. (CNQ:GRIN)
announced today that it has executed a drilling contract with Kettle Drilling
to conduct a core drilling program on the Gold Reef - Newmont Rimrock
Exploration Prospect in Lander County, Nevada. As previously reported (Nov.
19, 2007), Gold Reef received approval of its permit application from the
Bureau of Land Management for its Phase 1, eight-hole program on its expanded
land position in the Rimrock Project along the western side of the Northern
Nevada Rift.

    Site preparation work by Legarza Exploration & Construction will begin
this week in order that the drilling program be started the first week in
January 2008.

    As reported previously, Gold Reef intends to conduct a multi-phase
drilling program on the prospect with the first phase to consist of eight core
holes to test multiple targets identified in its recently completed
geophysical programs that are coincident with anomalous gold and pathfinder

    About Gold Reef International, Inc.:

    Gold Reef International, Inc. is a well-financed exploration company with
a growing portfolio of prospective precious metals properties in Nevada. Gold
Reef has five 100 percent-owned claim blocks totaling 14,147 acres in addition
to the 5,991 acres of leases from Newmont, for a total of 20,138 acres in Elko
and Lander counties. Gold Reef's geophysical contractor is in the process of
interpreting the spectrometric survey data on the southern portion of the
Texas Canyon Project in Elko County, Nevada, which was conducted to confirm
previously reported uranium/molybdenum mineralization along northeast-trending
structural zones. Results of the spectrometric survey are very encouraging
with indications of possible mineralization along the structures.

    Dr. Criss Capps, Gold Reef's Vice President of Exploration, is the
"qualified person" within the meaning of NI 43-101 and has reviewed the
technical contents of this press release on behalf of the Company.

    For further information, please contact Lou Kost, Jr., at Gold Reef
International, Inc., 210-821-6511 or Andrew Kaplan, at Barry Kaplan
Associates, 732-747-0702.

For further information:

For further information: Gold Reef International, Inc. Lou Kost, Jr.,
210-821-6511 or Barry Kaplan Associates Andrew Kaplan, 732-747-0702

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