Ucore Receives Approval from the TSX Venture Exchange for Warrant Extension

HALIFAX, NOVA SCOTIA -- (Marketwire) -- 12/04/12 -- Ucore Rare Metals Inc. (TSX VENTURE: UCU)(OTCQX: UURAF) ("Ucore" or "the Company") is pleased to announce that it has received approval from the TSX Venture Exchange to extend the expiry date of its outstanding common share purchase warrants.

The expiry date of the warrants has been amended from December 9, 2012 to March 31, 2013 for 11,674,999 of the total 12,499,999 warrants issued on December 9, 2010. The exercise price of the warrants remains unchanged at $0.55 per warrant.

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 NI 43-101 resource estimate technical report, filed on April 21, 2011. The resource was completed by R. J. Robinson, a consultant from Aurora Geosciences.

Contacts:

Ucore Rare Metals Inc.

Mr. Jim McKenzie

President and Chief Executive Officer

(902) 482-5214
www.ucore.com