HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 3, 2010) - Ucore Rare Metals Inc. (TSX VENTURE:UCU - News) is pleased to announce that it has entered into a joint venture with Rare Earth Metals Inc. (TSX VENTURE:RA - News) to jointly fund exploration and development of the recently acquired Northcott Property, located in western Newfoundland.Recent prospecting by the underlying owners had identified an area of angular float mineralized with rare earth elements (REE) which exhibited anomalously high heavy REE ratios. The property is underlain by the Hare Hill peralkaline intrusive suite which is host to a number of known REE and U showings in the area.Preliminary surface grab sampling by Rare Earth personnel yielded results ranging from 0.83% to 1.77% total rare earth oxides (TREO) with an average grade of 1.22% TREO. Heavy rare earth oxides (HREO including Y2O3) as a percentage of TREO ranged from 63% to 71% with an average of 68%. The most abundant rare earth oxides included Y2O3 which ranged from 0.38% to 0.83% (average of 0.55%), Ce2O3 which ranged from 0.10% to 0.22% (average 0.17%), La2O3 from 0.05 % to 0.10% (average 0.07%), Nd2O3 from 0.06% to 0.12% (average 0.09%), and Dy2O3 from 0.05% to 0.10% (average 0.07%). A trenching and sampling program is now in progress."We are pleased to be working with Rare Earth Metals in this new joint venture," said Jim McKenzie, Ucore's President and CEO. "This will expose our shareholders to potential upside on a new rare earth discovery and will help leverage our expertise in rare earth exploration with Rare Earth Metals' local knowledge. This acquisition enhances our commitment to rare earths, in particular the heavy rare earth suite, while allowing us to maintain our focus on advancing our flagship Bokan Mountain heavy REE property in Alaska. The Northcott Property is located in close proximity to our 100% owned Lost Pond REE project, where Kirrin Resources is earning a 50% interest."The Northcott Property is a 20 claim unit property which was recently optioned by Rare Earth Metals (see RA news release November 10, 2010). In order to acquire a 100% interest in the Property, RA and Ucore must pay to the underlying owner $43,000 in cash and 200,000 RA shares in staged payments by October 20, 2013. Ucore will reimburse RA 50% of RA's cash payments and 50% of the value of RA shares at the time of issuance, as long as Ucore elects to maintain its 50% interest in the joint venture. The underlying vendor will retain a 2% NSR, half of which may be purchased by the joint venture for $600,000.Terms of the joint venture between Rare Earth and Ucore allow for each company to maintain a 50% interest in the Northcott Property by funding 50% of the acquisition, exploration and development costs. RA will be the operator. Funding for the initial $50,000 trenching and sampling program has been guaranteed by both companies. Once either party has expended in excess of $200,000 on the Property, and elects not to fund future programs, it will be diluted pro rata to a 1% NSR. The agreement is subject to TSX-V approval.Wayne Reid, P.Geo., is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.BackgroundUcore Rare Metals Inc. is a well-funded junior exploration company focused on establishing REE, uranium and other rare metal resources through exploration and property acquisition. 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 project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia. The project area is served by barge and float plane from Ketchikan, with a pre-existing road network providing access to the main target areas. REE mineralization at the Bokan-Dotson Ridge project is structurally controlled in multiple dikes radial to a Mesozoic peralkaline intrusive complex.In 1989, a U.S. Bureau of Mines study (Barker & Warner, USBM OFR 33-89) estimated that the greater Bokan area contains 37.8 million tons grading 0.50% TREO. This historical non NI 43-101 compliant estimate equates to 374 million lbs of contained TREO and ranks as one of the most prospective and accessible heavy rare earth prospects in North America.Readers are cautioned that the resource estimates quoted by the US Bureau of Mines were prepared prior to the implementation of National Instrument 43-101 and are therefore of a historical nature. A qualified person has not done sufficient work to classify the historical estimate contained hereunder as current mineral resources. The Company is not treating the historical resource estimate as a NI 43-101 defined resource or reserve, and therefore the historical resource estimate should not be relied upon.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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.