UURAF Ucore Rare Metals Inc (QX)

For
Immediate Release

Ucore Rare
Metals Inc. Announces Filing of Preliminary Short Form

Prospectus

March 15,
2013 – Halifax, Nova Scotia – Ucore Rare Metals Inc (TSX-V:UCU)  (the “Company” or “Ucore”) announced today that it has obtained a receipt for the
filing of a preliminary short form prospectus dated March 15, 2013, in all of the provinces of Canada, except Québec, in
respect of an offering (the “Offering”)
of units of the Company (the “Units”). Each Unit will be comprised of one
common share in the capital of the Company (a “Common Share”) and one half of one Common Share purchase warrant
(the “Warrants”, and each a “Warrant”). The price of each unit will
be determined prior to the filing of the final short form prospectus (the “Offering Price”). Each whole Warrant
will entitle the holder thereof to purchase one Common Share for a period to be
determined prior to the filing of the final short form prospectus. The Offering
is subject to certain conditions including, but not limited to, the receipt of all
necessary approvals, including the acceptance of the TSX Venture Exchange.

The Offering will be conducted on a best
efforts agency basis.. The agents acting on behalf of the Company for the
Offering (the “Agents”) will be
granted an option (the “Over-Allotment
Option”), exercisable at any time until 30 days following the closing of
the Offering, to sell up to such number of additional Units at the Offering Price
or additional Warrants at the Offering Price less the value of the Common
Shares, as is equal to 15% of the number of Units sold pursuant to the
Offering, to cover over-allotments, if any, and for market stabilization
purposes.

In consideration for the services to be
rendered by the Agents under the Offering, the Agents will receive a cash
commission of 6% of the gross proceeds of the Offering (including any Units
issued as a result of the exercise of the Over-Allotment Option). The Agents
will also receive broker warrants to purchase an aggregate number of Common
Shares equal to 6% of the number of Units issued under the Offering (including
Units issued upon exercise of the Over-Allotment Option).

The Company plans to use
the proceeds of the Offering to fund continued development of the Bokan Mountain / Dotson Ridge property in Alaska, including environmental
studies and permitting, continued metallurgical testing including pilot plant
scale magnetic sorting and extraction testing, additional field drilling and
preparation of a feasibility study and for working capital and general
corporate purposes.

About Ucore Rare Metals
Inc.

The Company is a
development-phase mining company focused on establishing rare metal resources
with near term production potential. With multiple projects across North
America, the Company’s primary focus is the 100% owned Bokan Mountain / Dotson
Ridge REE property in Alaska. The Bokan Mountain / Dotson Ridge REE property 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.

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

Note: A preliminary prospectus containing
important information relating to these securities has been filed with
securities commissions or similar authorities in certain jurisdictions of
Canada. The preliminary prospectus is still subject to completion or amendment.
Copies of the preliminary prospectus may be obtained from Byron Capital Markets
Ltd. at ecm@byroncapitalmarkets.com. 
There will not be any sale or any acceptance of an offer to buy the
securities until a receipt for the final prospectus has been issued.

Neither the TSX Venture Exchange nor is
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the accuracy of this release.

This press release contains
"forward-looking statements" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking statements can be
identified by the use of forward- looking terminology. Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or  achievements of the Company to be materially
different from those expressed or implied by such forward-looking statements.

Although the Company has attempted to
identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company does not undertake to update any
forward-looking statements that are contained herein, except in

accordance with applicable securities laws.
Further information on the Company is available under the Company’s profile at www.sedar.com.

The securities have not been and will not
be registered under the United States Securities Act of 1933, as amended (the “U.S.

Securities Act”) or the securities laws of any
state of the United States, and may not be offered or sold, directly or
indirectly, in the United States or to “U.S. persons”, as such term is defined
in Regulation S under the U.S. Securities Act (“U.S. Persons”), unless registered under the U.S. Securities Act and
applicable securities laws of any state of the United States or in reliance on
an exemption from such registration requirements. This news release does not constitute
an offer to sell or a solicitation of an offer to buy any of the Company’s
securities set out herein to, or for the account or benefit of, persons in the
United States or U.S. Persons.

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