Mr. Jim McKenzie reports

UCORE RARE METALS ANNOUNCES $10 MILLION PRIVATE PLACEMENT

Ucore Rare Metals Inc. has arranged a brokered private placement of units for gross proceeds of up to $10-million at 40 cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant gives the holder the right to purchase one common share at an exercise price of 55 cents for a period of 24 months. The offering will be led by Byron Securities Ltd.

The net proceeds of the financing will be used to advance exploration on the company's properties, focusing on the company's Bokan Mountain property, and for general working capital.

The financing is scheduled to close on or about Dec. 8, 2010, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The company intends to pay a commission of 7.0 per cent of the gross proceeds and issue brokers' warrants equal to 7.0 per cent of the total number of units issued by the company pursuant to the financing. Each broker's warrant gives the holder the right to purchase one common share at an exercise price of 40 cents for a period of 24 months from the closing date, in accordance with the policies of the TSX-V.