UURAF Ucore Rare Metals Inc (QX)

Alaska
State Legislature Votes Unanimously

in
Favor of Bokan Development

April 23, 2013 –
Halifax, Nova Scotia – Ucore Rare Metals Inc (TSX-V:UCU / OTCQX:UURAF) (“Ucore”
or “the Company”) is pleased to report on the passage of Senate Joint
Resolution No. 8 (the “Resolution” or “Joint Resolution”) by the State of
Alaska Legislature. 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.   

Several Representatives
spoke out in favor of the Joint Resolution, including Representatives Costello,
Kreiss-Tomkins, Johnson, and Millett. A video record of the discussion is available
at the following link: http://ucore.com/resolution8

In discussing the prospective
positive environmental aspects of the Bokan Project and China’s domination of
rare earth mining and downstream processing industries, Representative Craig
Johnson noted, “I see a future for Alaska where we can become a state that
processes these minerals….and this could be the future of Alaska.”

Representative Millett noted
Alaska’s potential to play a crucial role in the US Department of Defense’s recent
announcement to stockpile strategic rare earths such as dysprosium. She asked
representatives to vote in favor of the Joint Resolution and to “…send a
message to Congress that we are ready, willing, and able to serve their needs
for rare earth elements”.

The Joint Resolution,
introduced in the Alaska Senate by Senator Lesil McGuire with 15 co-sponsors,
passed both the Senate (with all 20 Senators voting in favor) and Legislature
unanimously.  The Resolution will now be
submitted to Governor Sean Parnell for ratification.

The Resolution speaks to a
number of Federal entities, including the US Geological Survey (USGS), the US
Department of Commerce (USDOC), US Department of Defense (USDOD) and US
Congress. The Resolution urges support for a number of initiatives, and
expressly urges agencies that administer permits required for the development
of rare earth element projects in the State, which include the Bokan Project, to
expedite the consideration and issuance of such permits. 

“We’re
thrilled with the unanimous support of the Bokan Project by State of Alaska
lawmakers”, said Jim McKenzie, President & CEO of Ucore. “We believe the
passage of this Resolution in both the State Senate and House, particularly the
high number of State Senators who joined in sponsoring the resolution, sends a
very clear message that the state government stands behind initiatives for expedited
development and facilitating of projects like the Bokan Project.”

For
additional information on the Bokan near term mine development plan in
Southeast Alaska, please visit: www.ucore.com

For
additional information on Alaska State Legislature initiatives regarding rare
earth development and mining infrastructure, please visit: http://www.aidea.org/Programs/InfrastructureDevelopment.aspx

Cautionary Notes

This press release includes
certain statements that may be deemed “forward-looking statements”. All
statements in this release, other than statements of historical facts, that
address future exploration drilling, exploration activities and events or
developments that the Company expects, are forward looking statements. Although
the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking statements
include exploitation and exploration successes, continued availability of
financing, and general economic, market or business conditions.

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

About Ucore Rare Metals Inc.

Ucore Rare Metals Inc. is
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 – Dotson Ridge
property is the subject of a Preliminary Economic Assessment which was prepared
by Tetra Tech of Vancouver, (“Preliminary Economic Assessment on the Bokan
Mountain Rare Earth Element Project, Near Ketchikan, Alaska, dated March 4,
2013).

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

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