QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(PINK SHEETS: QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") is pleased to announce that it has retained Wardrop Engineering Ltd. of Toronto, Ontario to undertake an independent resource estimate for the historic Elk Creek Niobium Deposit, located near Elk Creek, Nebraska. It is anticipated that the NI 43-101 compliant resource estimate and Technical Report will be completed during the 1st quarter of 2011.

The company has begun an extensive (re)sampling program of existing sample pulps associated with the historic drill programs, which were completed during the 1970's and 1980's by Molycorp Inc. A majority of drill pulps, rejects and core from these programs, was preserved at the University of Nebraska, and are available to the company. All samples are being analyzed by ALS Chemex in Vancouver, BC according to their ME-ICP06 whole rock package and ME-ICP81h suite. High Niobium values will be checked by XRF analysis. Results are expected by mid- to late-January 2011.

The results of this work will support the Technical Report being prepared by Wardrop Engineering, which will be an independent review of the niobium mineralization in the core of the Elk Creek Carbonatite, in addition to the known Niobium and REE mineralization outside of the historic resource area.

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. These Late Proterozoic-age intrusive rocks are situated approximately 200 metres below an almost flat-lying cover of Pennsylvanian-aged marine carbonate and shale.

The property was originally held under an option agreement during the 1970's and 1980's by Molycorp Inc., at which time extensive exploration was completed, including the drilling of 113 holes. Based upon the drilling in Section 33, a historic resource estimate of "39.4 million tons of 0.82 per cent Nb2O5, (which) is open to the north, west and at depth", was prepared by Molycorp Inc. for the core zone (Molycorp internal memorandum, Feb. 5, 1986).

All niobium and rare earth element drill results, as well as 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 undertaken any independent investigation of the drill results or resource estimates, nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historic drill results and estimates 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.

In other news, the Company held its Annual General Meeting on December 13th, and all standing resolutions were passed. As part of the electoral process at the meeting, the Company is pleased to announce that Jody Dahrouge, P.Geo, has been elected to the board of directors.

Mr. Dahrouge is a graduate of the University of Alberta with a Bachelor's Degree in Science (Geology). Since 1998, he has been the President of Dahrouge Geological Consulting Ltd. a company he founded. He has worked on a variety of early stage through development projects worldwide including coal, industrial minerals, rare metals, base and precious metals, and uranium projects. His experience, insight and energy will provide tremendous value in the development of the Elk Creek and Archie Lake projects.

Qualified Person: This news release has been read and approved by Mr. John Gorham, P. Geo., of Dahrouge Geological Consulting Ltd., a qualified person under National Instrument 43-101.

Wardrop, A Tetra Tech Company (Wardrop) is a wholly owned subsidiary of Tetra Tech Inc., a publicly traded company with annual revenues exceeding $2.1 Billion and more than 12,000 employees and 330 global offices. Wardrop is a leading provider of consulting, environmental, engineering, procurement and construction services. Its Mining division provides a full range of services from exploration through to mine development, operations and mine remediation.

On Behalf of the Board,

Peter Dickie, President

"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 (604) 669-9335 (FAX) www.QuantumRareEarth.com