Ucore Rare Metals Inc. (TSX VENTURE:UCU), ("Ucore" or the "Company") is pleased
to announce that it has closed the first tranche of a non-brokered private
placement ("Private Placement") of 10,577,631 units ("Units") at $0.38 per Unit
for gross proceeds of approximately $4,019,500. Each Unit consists of one common
share in the capital of the Company ("Common Share") and one common share
purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one
Common Share at a price of $0.50 until April 11, 2017.


All Common Shares and Warrants issued in connection with the closing of the
first tranche of the Private Placement are subject to a statutory hold period
that expires on August 12, 2014, in accordance with applicable securities
legislation. The net proceeds from the Private Placement will be used for
permitting and feasibility studies with respect to the Bokan Mountain property
in Alaska.


The Company has received additional subscriptions in the amount of approximately
$2,537,729, which it expects to close in one or more further tranches of the
Private Placement on the same terms. The completion of subsequent tranches of
the Private Placement is subject to certain customary conditions, including, but
not limited to, the execution of definitive subscription agreements with
subscribers, the receipt of funds and the receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.


The Private Placement is non-brokered; however, the Company may pay finder's
fees in accordance with the rules and policies of the TSX Venture Exchange. No
finder's fees were paid in connection with the first tranche.


About Ucore Rare Metals Inc.

Ucore Rare Metals Inc. is an early stage mine development company focused on
rare earth elements ("REE"), strategic and technology metals. With multiple
projects across North America, Ucore's primary focus is the 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.


Jim McKenzie, President and CEO

This press release includes certain statements that may be deemed
"forward-looking statements", including statements regarding the completion of
subsequent tranches of the Private Placement. All statements in this release,
other than statements of historical fact, that address future exploration
drilling, exploration activities, the intended use of proceeds of this
financing, the intention to renounce Canadian Exploration Expenses 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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
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