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Ucore Closes Private Placement

(Vancouver, BC, July 3, 2008) Ucore Uranium Inc. (“Ucore” or the “Company”) (TSX-V: UCU) is pleased to announce that it has closed its non-brokered private placement previously announced on May 27, 2008. The closing consisted of multiple tranches which were completed between June 23rd and July 2nd, 2008.  

The private placement consisted of sale of 7,865,000 units at a price of $0.40 per unit for total gross proceeds of $3,146,000. Each unit consists of one common share and one half of one common share purchase warrant with the price of exercise of the warrant set at $0.55. A total of 7,865,000 common shares and 3,932,500 common share purchase warrants have been issued. Each whole warrant gives the holder the right to purchase one additional common share for one year.
 
A finder’s fee of 7.0% of the total value of units purchased in the form of 50% cash and 50% common shares of the Company at a deemed value of $0.405 as well as a 7% commission in the form of common share purchase warrants were paid and issued to each of the eligible persons under TSX-V policies. A total of $109,410.00 in cash, 270,141 common shares and 547,050 common share purchase warrants were paid and issued. Each common share purchase warrant gives the holder the right to purchase one additional common share for one year with the price of exercise of the warrant set at $0.55.
 

All securities issued under the private placement are subject to four month hold periods from each of the respective closing dates, expiring October 24, October 26, October 31 and November 3, 2008. Investors in the offering included one current officer and director of the Company who subscribed for 50,000 units. No valuation or minority shareholder approval of the insider participation was required under the policies of the TSX Venture Exchange because the value of the consideration paid represented less than 25% of the Company’s market capitalization. The proceeds of the financing will be used to carry out exploration on the company’s properties and for general working capital. 

James McKenzie, President of Ucore, said, “We are very pleased with the high level of support garnered in this round of financing. Ucore’s flagship property at Bokan Mountain has delivered exceptional drill results to date, and the majority of funds from this round are earmarked for the advancement of this rapidly developing project.”
 
The Company also advises that an aggregate of 375,000 options have been granted to directors, officers, employees and consultants of Ucore, subject to the approval of the TSX Venture Exchange. The options are exercisable at a price of $0.45 per share and expire five years from July 2, 2008, the date of grant. Options will vest 25% on the first anniversary of the grant and in 25% increments every six months thereafter until fully vested. 
 
Ucore Uranium Inc. is a junior exploration company focused on establishing uranium resources through exploration and property acquisition. With more than twenty active projects, Ucore’s primary focus is the 100% owned Bokan Mountain uranium and rare earth element property in Alaska.
 
 
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 Ucore expects, are forward-looking statements. Although Ucore 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.
 
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
 
For more information, contact
Dawn McKim 
Investor Relations 
Tel: (604) 484-9402 
www.ucoreuranium.com