Alaska Legislation Sets Out $145 Million Bond Funding for Ucore's Bokan-Dotson Ridge

HALIFAX, NOVA SCOTIA--(Marketwired - Feb. 19, 2014) - Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to comment on an initiative now before Alaska lawmakers which contemplates the financing of up to $145 Million of the Bokan-Dotson Ridge Project Capital Expenditure through the Alaska Industrial Development and Export Authority ("AIDEA" or the "Authority").

On February 18, Senator Bert Stedman (AK-R) presented an Amendment to Alaska Senate Bill No. 99 ("SB99" or "the Bill"), originated by State Senator Lesil McGuire (AK-R) in 2013. The amended Bill would give AIDEA the authority to issue long term bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth project up to a Principal Amount of $145,000,000.

AIDEA is a public corporation of the State of Alaska. The Authority has been active in the financing of multiple capital project initiatives in the Alaskan mining sector since 1985, including the DeLong Mountain Transportation System which serves the Red Dog Mine, the Skagway Ore Terminal, the Seward Coal Terminal, mine facilities at Fort Knox, as well as multiple non-mining capital projects, including the Federal Express Maintenance Facility in Anchorage, the Snettisham Hydroelectric Project in Juneau, and the Ketchikan Shipyard in Southeast Alaska.

Senator Stedman's Amendment was read at the first committee hearing on the Bill on February 18. SB 99 is now expected to be scheduled before the Labor and Commerce Committee for further action in preparation for the scheduling of a vote before the full Senate and presentation to the House of Representatives during the current legislative session.

"We thank Alaskan legislators for all of the support they've shown for the development of Bokan Dotson-Ridge", stated Jim McKenzie, President & CEO of Ucore. "Bokan represents an unsurpassed opportunity for Alaska to furnish materials of critical importance to American national defense, energy consumption and competitiveness in high tech applications at a world level, and Alaska lawmakers have recognized this."

In April of last year, the Alaska State Legislature unanimously voted in favor of Senate Joint Resolution No. 8 (the "Resolution" or "SJR8"). All 39 representatives in attendance voted in favor of the Resolution, which states the Legislature's support for continued and increased exploration, extraction, processing and production of rare earth elements in the State (see Ucore Press Release April 23, 2013: http://ucore.com/alaska-state-legislature-votes-unanimously-in-favor-of-bokan-development).