Ucore Rare Metals Inc. Announces Completion of $10 Million Private Placement

December 9, 2010 - Halifax, Nova Scotia, Canada - Ucore Rare Metals Inc. (TSX-V: UCU; OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement of 25,000,000 units at $0.40 per unit for gross proceeds of $10,000,000. 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 $0.55 for a period of 24 months from the Closing Date. The offering was led by Byron Securities Limited 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% of the gross proceeds and issued brokers' warrants equal to 7% of the aggregate number of units issued by the Company pursuant to the financing. Each brokers' warrant gives the holder the right to purchase one common share at an exercise price of $0.40 for a period of 24 months from the Closing Date, in accordance with the policies of the TSX-V.

About Ucore Rare Metals

Ucore Rare Metals Inc. is a junior exploration company focused on establishing REE and uranium resources through exploration and property acquisition. Ucore's primary focus is the Rare Earth One operated Bokan Mountain rare earth element project. The project is located on the southern part of the Prince of Wales Island in southeastern Alaska, with excellent deep water access and proximity to major sea and rail shipping routes across North America and to Asia.

For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: (902) 482-5214 or visit www.ucoreraremetals.com