HALIFAX, NOVA SCOTIA -- (Marketwire) -- 01/23/12 -- Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to announce finalized assay results from the 2011 drill program at the Bokan-Dotson Ridge rare earth element (REE) project in southeast Alaska. The 2011 drill program produced a total of 10,112 metres of core from 34 diamond drill holes. The data will be used to upgrade the status of the existing National Instrument (NI) 43-101 compliant resources from Inferred to Indicated and to increase the size of the existing mineral resources at Dotson Ridge. Together with the previous Ucore drill programs from 2007 to 2010, the Company has now completed 134 drill holes in total, comprising 19,662 meters of core at the Bokan property.

A map showing the location of the drill holes reported in this press release can be accessed on the Company's website (http://ucore.com/2011drillholes).

The following table summarizes significant intersected values from 27 out of 34 holes completed in 2011.

2011 Assay Drill Core Results

              Depth    Depth    Width     LREO     HREO     TREO  HREO/TREO
Hole        From (m)   to (m)      (m)   (wt.%)   (wt.%)   (wt.%)        (%)
---------------------------------------------------------------------------
                                                                           
LM11-92      151.93   153.72     1.79     0.53     0.52     1.04         50
LM11-92      167.36    171.1     3.08     0.27     0.15     0.42         36
LM11-92      179.27   181.67      2.4     0.32     0.20     0.51         38
LM11-101     154.63   156.65     2.02     0.59     0.20     0.79         25
LM11-103      184.4   186.56     2.16     0.39     0.30     0.69         43
LM11-105     147.55   151.26     3.71     0.62     0.24     0.86         28
LM11-106      189.5      192      2.5     0.48     0.15     0.63         24
LM11-106      296.2    298.7      2.5     0.29     0.19     0.48         40
LM11-107     109.26   113.55     4.29     0.14     0.18     0.32         57
LM11-108     139.65   141.17     1.52     0.31     0.33     0.64         51
LM11-109     153.87   155.72     1.85     0.18     0.23     0.41         56
LM11-110     222.45   226.77     4.32     0.32     0.33     0.80         51
LM11-112      76.42    79.32      2.9     0.58     0.17     0.75         22
LM11-112     121.01   123.26     2.25     0.19     0.28     0.47         60
LM11-112     125.07      131     4.68     0.22     0.16     0.38         42
LM11-113      160.8    161.6      0.8     0.45     0.53     0.97         54
LM11-113     164.03   166.38     2.35     0.41     0.34     0.75         45
LM11-114     156.36   157.05     0.69     0.33     0.24     0.57         42
LM11-114     209.63   210.65     1.02     0.55     1.51     2.06         73
LM11-114     219.81   222.02     2.21     0.56     0.30     0.86         35
LM11-115     142.72   144.66     1.94     0.67     0.51     1.18         43
LM11-115     153.24   154.45     1.21     0.59     0.44     1.03         42
LM11-116     126.24   128.75     2.51     0.52     0.22     0.74         30
LM11-116     132.31   133.76     1.45     0.42     0.11     0.53         21
LM11-116     151.53    156.8     2.79     0.28     0.34     0.62         55
LM11-116        161    162.5      1.5     0.32     0.32     0.64         49
LM11-116      173.9    175.6      1.7     0.46     0.38     0.84         45
LM11-117     217.62   236.55     5.71     0.27     0.37     0.65         58
LM11-117     249.95   255.75     3.85     0.39     0.17     0.56         30
LM11-118      94.98    96.04     1.06     0.63     0.24     0.88         28
LM11-118     144.68   146.77     2.09     0.33     0.23     0.56         41
LM11-119      191.1    193.5      2.4     0.26     0.10     0.36         28
LM11-119     258.74   261.26     2.52     0.29     0.15     0.44         34
LM11-119     268.24    270.5     2.26     0.34     0.15     0.49         32
LM11-120        178   179.93     1.93     0.49     0.26     0.75         35
LM11-121     215.57   217.63     2.06     0.31     0.21     0.52         40
LM11-121     222.46   225.35     2.89     0.43     0.34     0.77         44
LM11-122      55.16     56.5     1.34     0.33     0.30     0.63         47
LM11-122      80.07    82.17      2.1     0.26     0.28     0.54         52
LM11-122      86.12    87.69     1.57     0.41     0.40     0.81         49
LM11-123      82.47    85.69     3.22     0.37     0.32     0.68         46
LM11-123      96.75    99.62     2.87     0.18     0.21     0.40         53
LM11-123     123.07   126.43     3.36     0.62     0.47     1.09         43
LM11-124      112.1   113.81     1.71     0.26     0.19     0.46         43
LM11-124      129.4   132.88     3.48     0.39     0.28     0.67         42
LM11-125     180.83   182.17     1.34     0.29     0.16     0.44         35
LM11-125     184.42   186.69     2.27     0.48     0.56     1.04         53
LM11-125     203.59   205.79      2.2     0.38     0.30     0.68         44
LM11-126      86.52    88.42      1.9     0.99     0.36     1.36         27
LM11-126      96.15    99.54      3.3     0.62     0.28     0.90         31
LM11-127     161.35   162.91     1.56     1.60     1.47     3.07         48
LM11-127     197.78   199.54     1.76     1.37     0.70     2.06         34
LM11-127     228.67   234.23     2.67     0.35     0.16     0.51         31
LM11-128     151.46   161.13     4.94     0.42     0.29     0.71         41
LM11-128     162.84   165.85     3.01     0.56     0.28     0.84         33
LM11-128     175.13   193.88     3.05     0.73     0.32     1.05         31
LM11-129      268.9   271.66     2.76     1.07     0.55     1.62         34
LM11-129     319.94    321.2     1.86     1.57     0.64     2.22         29
---------------------------------------------------------------------------

--  LREO = Light rare earth elements: La, Ce, Pr, Nd, and Sm as oxide 
--  HREO = Heavy rare earth elements: Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu,
    and Y as oxide 
--  TREO = Total rare earth oxides: LREO + HREO 
--  Totals may not equal due to rounding 
--  Major contributing rare earth oxides to LREO and TREO: La2O3, Ce2O3,
    Nd2O3 
--  Major contributing rare earth oxides to HREO: Dy2O3, Gd2O3, Y2O3

"The completion and analysis of the 2011 drill program is another significant milestone for Ucore," said Jim McKenzie, President and CEO of the Company. "The 2011 drill program is remarkable for being the most ambitious to date, generating more linear metres of core during one season than in all of the previous drill seasons combined. The sheer size of the 2011 program clearly demonstrates that Ucore is rapidly increasing the scale and intensity of its development activities at Bokan. What's more, the rare earth grades obtained this year surpass all prior years, with several intercepts ranging from 2-3% TREO. The total core volume generated this year has been more than sufficient to upgrade the bulk of the existing resource from Inferred to Indicated under NI 43-101 guidelines, as the Company counts down to the release of a Preliminary Economic Assessment in the near future."

The 2011 exploration program confirmed the integrity and continuity of the Dotson Zone. The zone has a strike length of more than 2,000 metres, with an average width of 50 metres, and contains at least 24 high-grade mineralized veins or vein-arrays. The zone remains open both at depth and on strike. 2011 drill results show that there are multiple wide and high grade intersections within the steeper holes, indicating that the already high grade mineralization is apparently strengthening at depth. The results both reinforce and augment the historical U.S. Bureau of Mines resource estimate and geological model for the area (Warner & Barker; USBM OFR 33-89). The USBM model inferred persistent rare earth mineralization in the subject zone both along the strike and at the depth, in combination with anomalously high ratios of heavy to total rare earth elements.

In addition to standard diamond drilling, the 2011 field program included the generation of numerous bulk surface samples. These bulk samples are serving as input material for plant-scale metallurgical and innovative X-ray transmission ore sorting testwork being conducted at Hazen Research Inc. of Golden Colorado and Commodas Ultrasort of Hamburg Germany, respectively (see Ucore press release "Ucore XRT Testing Shows Prospective Doubling of Mill Feed Grade" Oct 31, 2011). The 2011 field program additionally included comprehensive environmental baseline testing, as well as desktop engineering studies, as a prelude to mine planning and development commencing in 2012. Beyond the central exploration targets at Dotson Ridge, Ucore exploration geologists conducted surface work at several Bokan-area REE occurrences in 2011, using prior USBM studies as a means of generating outbound targets.

NI 43-101 Compliance

The diamond drill core was split on site, with half the core transported by commercial carriers to the Activation Laboratories analytical facility in Stewart, B.C., Canada and analyzed at their labs in Ancaster, Ontario. Check assay samples were submitted to ALS Laboratories in Anchorage, Alaska, USA and analyzed at ALS Laboratories in Vancouver, B.C. Sample containers were sealed and chain of custody was maintained throughout the transport. The QA/QC program included the insertion of certified standards, blanks and duplicates in the submitted sample shipment; and laboratory insertion and analysis of standards and blanks, duplicates and re-splits. Analyses were made by inductively-coupled plasma mass spectrometry with lithium metaborate fusion, reporting whole rock analyses as an additional quality control measure. Reported values are length-weighted averages from multiple samples. All widths reported are core intercepts and do not reflect true width of the mineralized structure. Jim Robinson, P.Geo. (NWT), an independent geologist with Aurora Geosciences, has prepared the technical data relative to the drill assays provided herein and is the qualified person responsible for their accuracy.

Background

Ucore Rare Metals Inc. is a well-funded junior exploration company focused on establishing REE, uranium and other rare metal resources through exploration and property acquisition. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan - Dotson ridge REE property in Alaska. The Bokan - Dotson ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in expediting mine production and limiting the capital costs associated with mine construction.

The Bokan properties are located in an area reserved for sustainable resource development with an existing road network providing access to the main target areas. REE mineralization at the Bokan-Dotson ridge project occurs in a well-demarcated vein system related to a Mesozoic Bokan peralkaline granitic complex. However, a number of other occurrences of REE mineralization are also located within, or at the margins of the complex. Viewed in a geological and geophysical context, the Bokan complex is a distinctive circular structure and is highly prospective for rare earth deposits.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

Contacts:
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
www.ucore.com

Source: Marketwire (January 23, 2012 - 9:52 AM EST)