QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(PINK SHEETS: QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") is pleased to announce that it has acquired the Elk Creek Carbonatite, one of the largest known carbonatites in North America, through the acquisition of Elk Creek Resources Corp., a private Nebraskan corporation which, through a series of agreements, owns an option to acquire the mineral rights to the project.

Elk Creek Carbonatite

The Elk Creek Carbonatite, located in southeastern Nebraska, is an intrusive complex of carbonatite and related rocks and is host to significant niobium and rare earth element (REE) mineralization. The Elk Creek Carbonatite is evidenced by diamond drilling in an oval-shaped magnetic and gravity anomaly approximately 7 kilometres in diameter, making it one of the largest known carbonatite complexes. According to the US Geological Survey, "The Elk Creek carbonatite, located south of Lincoln, has the potential to be one of the largest global resources of niobium and rare earth elements (REE)" (http://water.usgs.gov/wid/html/ne.html).

"The Elk Creek Carbonatite is a highly sought after project which we strongly believe carries the potential to host substantial deposits of both niobium and rare earth elements. Once we have completed the compilation of the historic data, we plan on aggressively pursuing exploration and development of this project through our new subsidiary, Elk Creek Resources, following the recommendations that will be forthcoming in the NI43-101 report," commented Quantum President and CEO, Peter Dickie.

Historic exploration of the property was conducted by the State of Nebraska, Cominco American and Molycorp, Inc. during the 1970's and 1980's. At least 113 core holes were completed within the outline of the 7-kilometre diameter geophysical anomaly. Detailed drilling of 25 holes was completed within a core zone, which identified high-grade niobium mineralization. This drilling resulted in a historic resource estimate of "39.4 million tons of 0.82% Nb2O5 and is open to the north, west and at depth" (Molycorp, Inc. internal memorandum, Feb 05/1986).

All of the niobium and rare earth drill results and estimates of historic resources pre-date and are therefore non-compliant with National Instrument 43-101 ("NI 43-101") reporting standards. The Company is not treating the historical estimates as current mineral resources or reserves. The Company has not undertaken any independent investigation of the drill results or resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources and therefore the historical drill results and estimates should not be relied upon. The Company believes that these historical drill results and estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the resource estimate through drilling as soon as possible.

Molycorp completed wide-spaced drilling on roughly 610 metre centres surrounding the core zone, within the 7-kilometre diameter geophysical anomaly. Thick intersections of rare earth elements (REE), niobium and phosphate mineralization were encountered in several of these holes. At least 18 of the surrounding holes intersected greater than 20 feet (6.1 metres) of greater than 1.0% REO, while at least 17 of the surrounding holes intersected greater than 10 feet (3.05 metres) of greater than 0.6% Nb2O5. All drill intercepts reported here are down-hole measurements. The orientations of mineralized sections are unknown, and therefore, true thicknesses have yet to be determined. It is important to note that REO as reported here refers to rare earth oxide and in this case refers only to the sum of lanthanum, cerium and neodymium oxides only. Results for the other rare earths are not available. Analysis was performed at Molycorp's internal laboratories, with check analysis at Skyline Laboratory, Colorado.

In addition to the core historic niobium resource zone, anomalous niobium mineralization was identified during the wide-spaced exploration drilling. Hole EC-40 located approximately 1.5 kilometres northeast of the core niobium resource zone intersected 24.4 metres of 1.01% Nb2O5 and 0.31% REO. Hole EC-95 located approximately 1.2 kilometres southwest of the core niobium resource zone intercepted 10.5 metres of 0.70% Nb2O5.

Three zones of anomalous REE mineralization were identified outside the core historic niobium resource zone, during the wide-spaced exploration drilling. The results of some of the holes are summarized below:

Hole ID        From (m)   To (m)   Interval (m)   REO (%)
--------       -------    -----    -----------    ------
eastern anomaly
EC-93            149.4    289.6          140.2      2.19
including       179.8    198.1           18.3      3.12
EC-43            243.8    256.0           12.2      2.83
295.7    323.1           27.4      1.52
EC-4             217.1    402.3          185.2      1.18
417.6    445.0           27.4      1.02
western anomaly
EC-41            304.8    335.3           30.5      1.19
365.8    396.2           30.5      1.28
EC-55            237.7    429.8          192.0      1.31
246.9    271.3           24.4      1.62
289.6    323.1           33.5      2.09
338.3    390.1           51.8      1.52
central anomaly
EC-1             198.1    219.5           21.3      1.05
225.6    234.7            9.1      1.08
EC-17            554.7    612.6           57.9      1.27
EC-19            187.5    253.0           65.5      1.13
627.9    661.4           33.5      1.02
EC-21            207.6    228.6           21.0      1.54

Several of these regional holes terminated in carbonatite. Petrographic and microprobe work completed by Molycorp indicates that the rare earth elements are hosted within the minerals bastnaesite, parasite, synchisite and lesser amounts of monazite. Niobium is hosted within pyrochlore.

Associated with the carbonatite and carbonatite breccias are lesser amounts of basalt, lamprophyre, and syenite. These Late Proterozoic-age intrusive rocks are situated approximately 200 metres below an almost flat-lying cover of Pennsylvanian-aged marine carbonate and shale.

Carbonatites are very rare and unique rock types, with approximately 500 complexes known worldwide. Often containing a variety of exotic minerals, carbonatites have been known to produce economic concentrations of rare earth elements, niobium, copper, iron, apatite, vermiculite and fluorite; with significant byproducts which may include barite, zircon, tantalum, gold, silver, uranium, nickel and platinum group elements.

Geologists recently completed a property visit on behalf of the Company and collected representative samples to confirm and verify the presence of niobium and rare earth element mineralization in selected drill holes. A NI 43-101 compliant technical report is being prepared by Michael S, Cathro, P.Geo. and Neil McCallum, P.Geol and will include the results of the sampling, a summary of historical exploration and geological information, and recommendations for future work. The Company expects receipt of the completed report within the next 30 to 45 days.

The Company is continuing to acquire historical information for the project. Most of the historic drill core, sample rejects and pulps from Molycorp's exploration are available for review and sampling. A work program consisting of data compilation, re-logging and verification sampling of historic material will be conducted prior to initiating the Company's own exploration.

Michael S. Cathro, P.Geo. and Neil McCallum, P.Geol. are the qualified persons responsible for the Elk Creek Carbonatite Project. They have read and approved the technical disclosure contained in this news release.

Acquisition of Elk Creek Resources

The acquisition by Quantum involves the purchase of all of the issued and outstanding common shares of 859404 BC Ltd., ("859404") a private British Columbia company. 859404 holds 100% of the issued and outstanding shares of Elk Creek Resources Corp., the Nebraskan corporation that has secured individual agreements to acquire the mineral rights to the Elk Creek Carbonatite. The agreements are in the form of a five-year pre-paid lease, with an option to purchase the mineral rights at the end of the lease. The property was held under a similar type of option agreement by Molycorp, Inc. in the 1970's and 1980's.

In consideration for the common shares of 859404, the Company will pay a total of $500,000 and issue one common share of the Company for each common share of 859404 issued and outstanding. Of the total, $200,000 has been paid by Quantum on signing of the agreement with 859404 and the balance of cash and shares is payable upon acceptance of the TSX Venture Exchange. As of April 26, 2010, 859404 BC Ltd. had approximately 19.2 million shares issued and outstanding.

The transaction will not constitute a change of control of Quantum, nor will it create any new control position shareholders of Quantum. The transaction is not a non-arms-length transaction.

A finders fee in accordance with TSX Venture Exchange policy will be payable on this acquisition.

ABOUT Quantum Rare Earth Developments Inc.

Quantum Rare Earth Developments is a junior exploration company with a focus on seeking out potentially economic deposits of rare earth elements in North America and elsewhere in the world. It has a strong management team with a widespread network providing resource projects in discovery areas. To date, the Company has acquired three highly prospective rare earth projects. The first acquisition, at Archie Lake, Saskatchewan, with the second in the vicinity of Mount Weld in Australia, and the third being the Elk Creek Carbonatite.

On Behalf of the Board,

Peter Dickie, President, CEO

Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 report on the Archie Lake property, and intends to file additional NI 43-101 reports on additional properties as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contacts: Quantum Rare Earth Developments Corp. Peter Dickie President and CEO (604) 669-9330 (604) 669-9335 (FAX)