QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX
VENTURE:QRE)(OTCQX:QREDF)(FRANKFURT:BR3) ("Quantum" or the "Company") is pleased
to announce that it has arranged, subject to regulatory approval, a non-brokered
private placement consisting of up to 4,000,000 units (the "Units") at a price
of $0.125 per Unit for gross proceeds of up to $500,000.


Each Unit will consist of one common share and one common share purchase warrant
(a "Warrant"). Each Warrant shall be exercisable into one common share at a
price of $0.25 per common share for a period of 24 months from the Closing Date.
All securities issued pursuant to the private placement will be subject to
resale restrictions expiring 4 months and one day following the close of the
placement.


Proceeds of the private placement will be used to advance the Elk Creek
Carbonatite project and for general working capital. 


Finders' fees may be pay able in cash, shares or warrants with respect to
certain private placement subscribers and in accordance with the policies of the
TSX Venture Exchange.


On Behalf of the Board,

Peter Dickie, President, CEO

Cautionary note: This news release contains forward looking statements. These
statements include, but are not limited to, statements with respect to the
completion of an updated resource estimate, the commencement of a preliminary
economic assessment study and management's expectation that the results of these
studies will confirm the potential of the Elk Creek Project. Specifically, any
statements regarding the potential increase of the Company's inferred resource
at the Elk Creek Project and the goals and objectives of the Company are by
their nature forward looking information. Resource estimates, unless
specifically noted, are considered speculative. The Company has filed a National
Instrument 43-101 report on the Elk Creek Project. 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 known and unknown risks 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. Other factors may
cause the Company's actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by the statements. 


Specific risk factors include risks associated with the ability obtain any
necessary approvals, waivers, consents and other requirements necessary or
desirable to permit or facilitate the development of the Company's properties,
risks associated with project development; the need for additional financing;
operational risks associated with exploration activities and results, mining and
mineral processing; environmental liability claims and insurance; reliance on
key personnel; tax consequences; and other risks and uncertainties. 


The business of exploring for minerals involves a high degree of risk. 

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.

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