UURAF Ucore Rare Metals Inc (QX)

For
Immediate Release

Ucore Rare
Metals Inc. Announces Closing of Offering

May 13, 2013 – Halifax, Nova Scotia – Ucore Rare Metals Inc (TSX-V:UCU)  (the “Company” or “Ucore”) is pleased to announce that it has completed the equity offering
(the “Offering”) previously announced
on March 15, 2013, in the full amount for gross proceeds of $5,000,000. The Offering
consisted of 20,000,000 Units priced at $0.25 per unit (the “Units”). Each Unit sold was
comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share
purchase warrant (a “Warrant”). Each
Warrant will entitle the holder to purchase one Common Share at a price of $0.35
per Common Share for a period of 36 months.

The Offering was
conducted on an agency basis by Byron Capital Markets Ltd., (“Byron”) as Canadian agent, and Knight
Capital Americas LLC, as United States agent, (collectively, the “Agents”).  Byron has been granted an option, exercisable
at any time until 30 days following the closing of the Offering, to sell
additional Units or Warrants up to 15% of the number of Units sold pursuant to
the Offering at the issue price of the Units, to cover over-allotments, if any
and for market stabilization purposes.

In consideration for their services in
connection with the Offering, the Agents, selling group members and finders received
aggregate cash commissions of $269,398.50, and an aggregate total of 1,077,594 non-transferable
broker warrants (the “Broker Warrants”),
with each Broker Warrant entitling the holder thereof to acquire one Common
Share at an exercise price of $0.25 for a period of 36 months following the
completion of the Offering. 

The Company plans to use the
net proceeds of the Offering to progress the development of the Bokan Mountain / Dotson
Ridge property and for general working capital 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

 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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