Ucore Engages Ausenco for Preparation of Feasibility Study for Bokan Project

HALIFAX, NOVA SCOTIA--(Marketwired - Jan. 14, 2015) - Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to announce that it has contracted a third party engineering firm to complete a Feasibility Study ("FS") on the Company's flagship Bokan-Dotson Ridge Project located in Southeast Alaska ("Bokan"). The contract has been awarded to Ausenco Engineering Canada Inc. of Vancouver, BC (Ausenco).

"This is an important benchmark on the road to near term production at Bokan," said Jim McKenzie, President and CEO of Ucore. "Very few rare earth companies at a global level have achieved this level of advancement. The FS is the final step in documentation prior to detailed engineering and commencement of construction. It is a key component in triggering construction financing through the Alaska Industrial Development and Export Authority as provided by Senate Bill 99, 2014. This benchmark is additionally important given the criticality of our product to US military, industrial and high technology applications. We look forward to completing this deliverable and advancing to early stage construction."

The Bokan project was the subject of a Preliminary Economic Assessment ("PEA") prepared by Tetra Tech of Vancouver and published in Q1 2013 (see Ucore press release dated January 15, 2013). Since then, Ucore has undertaken multiple field and desktop initiatives required to deliver the final FS, as summarized below:

• Bulk Sampling & XRT Testing – Bulk samples totalling 40 tonnes were collected from the Bokan site and upgraded via XRT ore sorting at Tomra Ultrasort's testing facility located near Hamburg, Germany (see Ucore press release dated June 25, 2013). The resultant upgraded material is being used for final laboratory testing and will be utilized as feedstock to the pilot plant.
• Environmental Testing – Environmental studies designed to provide baseline data required for the permitting process has been underway since 2012. Engineering for permitting was recently completed and is now being incorporated in the Plan of Operations for the proposed mine site.
• Final Resource Definition – A diamond drill program totalling over 4000 meters was completed in the summer of 2014. Assay results for that program are anticipated in the near term and will be incorporated into an updated resource model. The finalized resource calculations, to be prepared by Aurora Geosciences of Juno, Alaska, are anticipated in Q1 2015 and will be utilized in the forthcoming FS.
• Metallurgical Process – Testing on the metallurgical process flow sheet has continued and is currently under analysis by metallurgical staff at Ausenco.
• Separation Process – Ucore has delivered a 99.5% pure heavy rare earth concentrate from Bokan feedstock. The concentrate was produced by IBC Advanced Technologies of American Fork, Utah, utilizing Molecular Recognition Technology (see Ucore press release dated November 12, 2014). The finalization of the separation process continues in early 2015, with the objective of delivering individual high purity rare earth oxides suitable for industrial and technology applications.

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