Mr. Jim McKenzie reports

UCORE RARE METALS INC. ANNOUNCES COMPLETION OF $10 MILLION PRIVATE PLACEMENT

Ucore Rare Metals Inc. it has closed its brokered private placement previously announced in Stockwatch on Nov. 9, 2010, of 25 million units at 40 cents per unit for gross proceeds of $10-million. 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 a price of 55 cents for a period of 24 months from the closing date. The offering was led by Byron Securities Ltd., with Pope & Company acting as syndicate agent.

All securities issued under the private placement are subject to a four-month hold period expiring April 10, 2011.

The agents were paid a cash commission of 7 per cent of the gross proceeds and issued brokers' warrants equal to 7 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 Venture Exchange.