Ucore Files Preliminary Economic Assessment 43-101 Technical Document

HALIFAX, NOVA SCOTIA--(Marketwire - Jan. 15, 2013) - Ucore Rare Metals Inc (TSX VENTURE:UCU) ("Ucore" or "the Company") is pleased to announce the filing of the NI 43-101 Technical Report "Preliminary Economic Assessment on the Bokan Mountain Rare Earth Element Project, near Ketchikan, Alaska" on SEDAR. The results of the PEA, prepared by Tetra Tech of Vancouver, BC, were announced by the Company on November 28, 2012. The highlights of the PEA include the following:

• Net Present Value (NPV): $577M at a 10% discount rate, pre-tax.
• Internal Rate of Return (IRR): 43%.
• Payback Period: 2.3 years.
• Capital Cost: $221M, including a complete on-site rare earth oxide (REO) separation plant, and a contingency provision in the amount of $25M.
• Production of REOs at site: Deployment of Solid Phase Extraction (SPE) technology to generate high purity individual rare earth oxides at the site.

"The PEA is a detailed analysis of the project economics as set out in late 2012," said Jim McKenzie, President & CEO of Ucore. "The technical report includes an analysis of proposed mining methodologies, mineral processing from mine mouth to market, prospective planning and production timelines, as well as anticipated capital and operating costs, and expected IRR for the project. Remarkably, the PEA supports a very straight-forward mine development plan in combination with a near term production horizon at Bokan. What's more, this affordable, high-return facility will generate product that the US critically requires to sustain competitiveness in multiple high growth fields, including high tech, renewable energy, medical science and defense systems. Every so often, a low cost, right-size facility with a resilient high demand product presents itself in the mining sector. Bokan is such a facility."

A copy of the PEA is available at the following link: http://ucore.com/documents/PEA.pdf

For additional information on the PEA, please visit http://ucore.com/pea

The PEA was prepared based on the Inferred Resource Estimate Technical Report calculated by R.J. Robinson of Aurora Geosciences and filed by the Company on April 21^st, 2011. The resource utilized in the PEA omitted the I&L Zone and did not include drilling completed in 2011 with the objective of expanding the size of the resource, and upgrading its status from Inferred to Indicated. The results of this drilling, released by the Company in January of 2012, are currently being modelled by Mr. Robinson, and the Company expects to release the results of that analysis within the next month.

"Beyond representing an important milestone in the development of the Bokan property, this PEA opens the possibility of a complete downstream rare earth industry in Alaska," noted Ken Collison, Chief Operating Officer of Ucore. "We look forward to working with a variety of local constituents who will participate in and benefit from the development of this remarkable property."

Qualified Person

The technical disclosures in this press release have been reviewed and approved by Kenneth W. Collison, P. Eng. a consultant to and Chief Operating Officer of Ucore.

Cautionary Notes

Please note that the PEA is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About Ucore Rare Metals Inc.

Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources with near term production potential. 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 developing near term production facilities and limiting the capital costs associated with mine construction.

The Bokan property is particularly enriched with heavy rare earth elements, including the critical elements dysprosium, terbium and yttrium. Approximately 40% (by weight) of the rare earth elements contained on the Dotson Ridge property are heavy rare earth elements, as disclosed in the Company's NI43-101 resource estimate technical report, filed on April 21^st, 2011. The resource was completed by R. J. Robinson, a consultant from Aurora Geosciences.