NR: Ucore Rare Metals Announces $10 Million Private Placement

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Our specific objective is the discovery and exploration of properties with the potential to yield economic, world class deposits of technology and specialty metals, including rare earth elements, uranium, and associated collateral byproducts.

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NR: Ucore Rare Metals Announces $10 Million Private Placement

posted on Nov 09, 2010 12:28PM

Ucore Rare Metals Announces $10 Million Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

November 9, 2010 - Ucore Rare Metals Inc. (TSX-V: UCU), ("Ucore" or the "Company") is pleased to announce that it has arranged a brokered private placement of units for gross proceeds of up to $10,000,000 at $0.40 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 $0.55 for a period of 24 months. The Offering will be led by Byron Securities Ltd.

(the "Agent").

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 December 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 ("TSX-V").

The Company intends to pay a commission of 7.0% of the gross proceeds and issue brokers' warrants equal to 7.0% 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.

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 and uranium 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