QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE) (OTCQX: QREDF) (FRANKFURT: BR3) ("Quantum", the "Company") is pleased to announce additional results of its 2010 re-sampling program of historic core from the Elk Creek Project, located in southeastern Nebraska, USA. As previously announced (December 17, 2010), the company performed an extensive (re)sampling program of existing sample pulps and rejects associated with the historic drill programs, which were completed during the 1970's and 1980's by Molycorp Inc.

The company is in receipt of results for the first 2 of 9 drill holes known to contain significant Rare Earth Element (REE) mineralization at the Elk Creek Project. Additional results will be released when they are available to the Company.

The results of the recent (re)sampling program to date are as follows:

--  Drill hole EC-93: 155.5 metres of 2.70% Total Rare Earth Oxides
    ("TREO"),
--  Including 54.9 m of 3.30% TREO

--  Drill hole EC-55: 211.8 metres of 1.12% TREO,Including 36.6 m of 1.76%
    TREO

Drill holes EC-93 and EC-55 were part of the wide-spaced (600 metre) regional drilling campaign conducted by Molycorp Inc designed to explore the seven-kilometre-diameter geophysical anomaly. These drill holes are relatively isolated and located almost 4 km apart. Available records indicate that analysis of the historic drill core was sporadic, and included only three of the rare earths(ii).

EC-93 was an isolated, vertical hole and is located approximately 2,600 metres southeast of the niobium resource area (see news release February 22, 2010), with the nearest drill hole located approximately 300 metres to the north. Historic results for Hole EC-53, the next nearest hole to the south and located about 750-m distant, showed 192 m of 1.31% REO(ii), with 33.5 m of 2.09%

EC-55 was drilled at a -60 inclination at a direction of N65 W to a depth of 434 metres and is located approximately 670 metres to the west of the niobium resource area, with the nearest drill hole located approximately 300 metres to the northeast.

(i)A rigorous quality assurance and quality control protocol was established for the sampling program; and included the routine insertion of field duplicates, laboratory pulp duplicates, blanks and certified reference standards. Samples were shipped to the ALS Chemex facility in Reno, NV and prepared for analysis at the ALS Chemex testing facility in North Vancouver. The Rare Earth Elements were analyzed by the lithium borate fusion and ICP-MS package.

(i)Total Rare Earth Oxides (TREO) include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3. The result of the sampling to date has identified mostly Light Rare Earth Oxides (LREO) mineralization, in order of abundance La2O3, Ce2O3, Nd2O3, Pr2O3, and Sm2O3.

(ii) Historic drill holes were analyzed for only three of the rare earth elements: La2O3, C32O3 and Nd2O3.

Peter Dickie, President of Quantrum said "these results validate our belief that the Elk Creek Carbonatite is host to an extensively mineralized rare earth bearing system, in addition to the historic Niobium Deposit, which has been the focus of our exploration efforts. The rare earth mineralization within the vicinity of Hole EC-93 and EC-53 warrants an aggressive exploration program to follow-up these exceptional results."

The Elk Creek Carbonatite is an intrusive complex of carbonatite and related rocks, and is host to significant niobium and rare earth element (REE) mineralization. The property was held under an option agreement during the 1970s and 1980s by Molycorp Inc., at which time considerable exploration of the project took place. At least 113 core holes were completed within the outline of the seven-kilometre-diameter geophysical anomaly, with 25 holes completed within a core zone, where high-grade niobium mineralization was identified. Based upon the exploration, a historic resource estimate of "39.4 million tons of 0.82 per cent Nb2O5, and is open to the north, west and at depth," was prepared by Molycorp Inc. for this core zone (Molycorp internal memorandum, Feb. 5, 1986).

The estimates of historic resources predate, and are therefore non-compliant with, National Instrument 43-101 reporting standards. The company is not treating the historical estimates as current mineral resources or reserves, and the company has not finalized an independent investigation of the resource estimates, and should not be relied upon. The company believes that these historical drill results and estimates provide a conceptual indication of the potential of mineral occurrences within the project, and are relevant to the continuing exploration.

Qualified Persons: Mr. Neil McCallum, P.Geol. is the qualified persons responsible for the Elk Creek Carbonatite Project and has read and approved the technical disclosure contained in this news release.

On Behalf of the Board,

Peter Dickie, President, CEO

Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 report on the Archie Lake property, and intends to file additional NI 43-101 reports on additional properties as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating 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."

Contacts: Quantum Rare Earth Developments Corp. Peter Dickie President and CEO (604) 669-9330 www.QuantumRareEarth.com