Germany

Press Release

Ucore Releases 2011 Bokan Drill Results Pending Augmented Resource Calculation

January 23, 2012 – Halifax, Nova Scotia – Ucore Rare Metals Inc (TSX-V:UCU) (OTCQX:UURAF) (“Ucore” or “the Company”) is pleased to announce finalized assay results from the 2011 drill program at the Bokan-Dotson Ridge rare earth element (REE) project in southeast Alaska. The 2011 drill program produced a total of 10,112 metres of core from 34 diamond drill holes. The data will be used to upgrade the status of the existing National Instrument (NI) 43-101 compliant resources from Inferred to Indicated and to increase the size of the existing mineral resources at Dotson Ridge. Together with the previous Ucore drill programs from 2007 to 2010, the Company has now completed 134 drill holes in total, comprising 19,662 meters of core at the Bokan property.

A map showing the location of the drill holes reported in this press release can be accessed on the Company’s website (http://ucore.com/2011drillholes).

The following table summarizes significant intersected values from 27 out of 34 holes completed in 2011.

2011 Assay Drill Core Results

Hole

Depth

From(m)

Depth

to(m)

Width

(m)

LREO

(wt.%)

HREO

(wt.%)

TREO

(wt.%)

HREO/TREO

(%)

LM11-92

151.93

153.72

1.79

0.53

0.52

1.04

50

LM11-92

167.36

171.1

3.08

0.27

0.15

0.42

36

LM11-92

179.27

181.67

2.4

0.32

0.20

0.51

38

LM11-101

154.63

156.65

2.02

0.59

0.20

0.79

25

LM11-103

184.4

186.56

2.16

0.39

0.30

0.69

43

LM11-105

147.55

151.26

3.71

0.62

0.24

0.86

28

LM11-106

189.5

192

2.5

0.48

0.15

0.63

24

LM11-106

296.2

298.7

2.5

0.29

0.19

0.48

40

LM11-107

109.26

113.55

4.29

0.14

0.18

0.32

57

LM11-108

139.65

141.17

1.52

0.31

0.33

0.64

51

LM11-109

153.87

155.72

1.85

0.18

0.23

0.41

56

LM11-110

222.45

226.77

4.32

0.32

0.33

0.80

51

LM11-112

76.42

79.32

2.9

0.58

0.17

0.75

22

LM11-112

121.01

123.26

2.25

0.19

0.28

0.47

60

LM11-112

125.07

131

4.68

0.22

0.16

0.38

42

LM11-113

160.8

161.6

0.8

0.45

0.53

0.97

54

LM11-113

164.03

166.38

2.35

0.41

0.34

0.75

45

LM11-114

156.36

157.05

0.69

0.33

0.24

0.57

42

LM11-114

209.63

210.65

1.02

0.55

1.51

2.06

73

LM11-114

219.81

222.02

2.21

0.56

0.30

0.86

35

LM11-115

142.72

144.66

1.94

0.67

0.51

1.18

43

LM11-115

153.24

154.45

1.21

0.59

0.44

1.03

42

LM11-116

126.24

128.75

2.51

0.52

0.22

0.74

30

LM11-116

132.31

133.76

1.45

0.42

0.11

0.53

21

LM11-116

151.53

156.8

2.79

0.28

0.34

0.62

55

LM11-116

161

162.5

1.5

0.32

0.32

0.64

49

LM11-116

173.9

175.6

1.7

0.46

0.38

0.84

45

LM11-117

217.62

236.55

5.71

0.27

0.37

0.65

58

LM11-117

249.95

255.75

3.85

0.39

0.17

0.56

30

LM11-118

94.98

96.04

1.06

0.63

0.24

0.88

28

LM11-118

144.68

146.77

2.09

0.33

0.23

0.56

41

LM11-119

191.1

193.5

2.4

0.26

0.10

0.36

28

LM11-119

258.74

261.26

2.52

0.29

0.15

0.44

34

LM11-119

268.24

270.5

2.26

0.34

0.15

0.49

32

LM11-120

178

179.93

1.93

0.49

0.26

0.75

35

LM11-121

215.57

217.63

2.06

0.31

0.21

0.52

40

LM11-121

222.46

225.35

2.89

0.43

0.34

0.77

44

LM11-122

55.16

56.5

1.34

0.33

0.30

0.63

47

LM11-122

80.07

82.17

2.1

0.26

0.28

0.54

52

LM11-122

86.12

87.69

1.57

0.41

0.40

0.81

49

LM11-123

82.47

85.69

3.22

0.37

0.32

0.68

46

LM11-123

96.75

99.62

2.87

0.18

0.21

0.40

53

LM11-123

123.07

126.43

3.36

0.62

0.47

1.09

43

LM11-124

112.1

113.81

1.71

0.26

0.19

0.46

43

LM11-124

129.4

132.88

3.48

0.39

0.28

0.67

42

LM11-125

180.83

182.17

1.34

0.29

0.16

0.44

35

LM11-125

184.42

186.69

2.27

0.48

0.56

1.04

53

LM11-125

203.59

205.79

2.2

0.38

0.30

0.68

44

LM11-126

86.52

88.42

1.9

0.99

0.36

1.36

27

LM11-126

96.15

99.54

3.3

0.62

0.28

0.90

31

LM11-127

161.35

162.91

1.56

1.60

1.47

3.07

48

LM11-127

197.78

199.54

1.76

1.37

0.70

2.06

34

LM11-127

228.67

234.23

2.67

0.35

0.16

0.51

31

LM11-128

151.46

161.13

4.94

0.42

0.29

0.71

41

LM11-128

162.84

165.85

3.01

0.56

0.28

0.84

33

LM11-128

175.13

193.88

3.05

0.73

0.32

1.05

31

LM11-129

268.9

271.66

2.76

1.07

0.55

1.62

34

LM11-129

319.94

321.2

1.86

1.57

0.64

2.22

29

* LREO = Light rare earth elements: La, Ce, Pr, Nd, and Sm as oxide
* HREO = Heavy rare earth elements: Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, and Y as oxide
* TREO = Total rare earth oxides: LREO + HREO
* Totals may not equal due to rounding
* Major contributing rare earth oxides to LREO and TREO: La2O3, Ce2O3, Nd2O3
* Major contributing rare earth oxides to HREO: Dy2O3, Gd2O3, Y2O3

“The completion and analysis of the 2011 drill program is another significant milestone for Ucore,” said Jim McKenzie, President and CEO of the Company. “The 2011 drill program is remarkable for being the most ambitious to date, generating more linear metres of core during one season than in all of the previous drill seasons combined. The sheer size of the 2011 program clearly demonstrates that Ucore is rapidly increasing the scale and intensity of its development activities at Bokan. What’s more, the rare earth grades obtained this year surpass all prior years, with several intercepts ranging from 2-3% TREO. The total core volume generated this year has been more than sufficient to upgrade the bulk of the existing resource from Inferred to Indicated under NI 43-101 guidelines, as the Company counts down to the release of a Preliminary Economic Assessment in the near future.”

The 2011 exploration program confirmed the integrity and continuity of the Dotson Zone. The zone has a strike length of more than 2,000 metres, with an average width of 50 metres, and contains at least 24 high-grade mineralized veins or vein-arrays. The zone remains open both at depth and on strike. 2011 drill results show that there are multiple wide and high grade intersections within the steeper holes, indicating that the already high grade mineralization is apparently strengthening at depth. The results both reinforce and augment the historical U.S. Bureau of Mines resource estimate and geological model for the area (Warner & Barker; USBM OFR 33-89). The USBM model inferred persistent rare earth mineralization in the subject zone both along the strike and at the depth, in combination with anomalously high ratios of heavy to total rare earth elements.

In addition to standard diamond drilling, the 2011 field program included the generation of numerous bulk surface samples. These bulk samples are serving as input material for plant-scale metallurgical and innovative X-ray transmission ore sorting testwork being conducted at Hazen Research Inc. of Golden Colorado and Commodas Ultrasort of Hamburg Germany, respectively (see Ucore press release “Ucore XRT Testing Shows Prospective Doubling of Mill Feed Grade” Oct 31, 2011). The 2011 field program additionally included comprehensive environmental baseline testing, as well as desktop engineering studies, as a prelude to mine planning and development commencing in 2012. Beyond the central exploration targets at Dotson Ridge, Ucore exploration geologists conducted surface work at several Bokan-area REE occurrences in 2011, using prior USBM studies as a means of generating outbound targets.

NI 43-101 Compliance

The diamond drill core was split on site, with half the core transported by commercial carriers to the Activation Laboratories analytical facility in Stewart, B.C., Canada and analyzed at their labs in Ancaster, Ontario. Check assay samples were submitted to ALS Laboratories in Anchorage, Alaska, USA and analyzed at ALS Laboratories in Vancouver, B.C. Sample containers were sealed and chain of custody was maintained throughout the transport. The QA/QC program included the insertion of certified standards, blanks and duplicates in the submitted sample shipment; and laboratory insertion and analysis of standards and blanks, duplicates and re-splits. Analyses were made by inductively-coupled plasma mass spectrometry with lithium metaborate fusion, reporting whole rock analyses as an additional quality control measure. Reported values are length-weighted averages from multiple samples. All widths reported are core intercepts and do not reflect true width of the mineralized structure. Jim Robinson, P.Geo. (NWT), an independent geologist with Aurora Geosciences, has prepared the technical data relative to the drill assays provided herein and is the qualified person responsible for their accuracy.

Background

Ucore Rare Metals Inc. is a well-funded junior exploration company focused on establishing REE, uranium and other rare metal resources through exploration and property acquisition. 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 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 with an existing road network providing access to the main target areas. REE mineralization at the Bokan-Dotson ridge project occurs in a well-demarcated vein system related to a Mesozoic Bokan peralkaline granitic complex. However, a number of other occurrences of REE mineralization are also located within, or at the margins of the complex. Viewed in a geological and geophysical context, the Bokan complex is a distinctive circular structure and is highly prospective for rare earth deposits.

For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: (902) 482-5214 or visit www.ucore.com

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 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.