QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (the "Company" or "Quantum") (TSX
VENTURE:QRE)(OTCQX:QREDF)(FRANKFURT:BR3) is pleased to announce that further to
its news release of October 14, 2011, it has closed its private placement of
5,185,667 units at $0.15 per unit for total gross proceeds of $777,850. Each
unit consists of one common share and one-half of one transferable share
purchase warrant, each whole warrant entitling the holder to purchase one common
share for a period of two years at a price of $0.25 per share. 


The Company paid a total of $32,940 in cash and issued 219,600 share purchase
warrants to finders for their efforts in finding certain placees. Each finder's
warrant is exercisable into one common share of the Company for two years at a
price of $0.25 per share. 


All securities issued under the placement are subject to hold periods expiring
on April 7, 2012 (as to 5,055,667 units) and April 15, 2012 (as to 180,000
units).


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


The Company also wishes to announce a correction to the news release issued
December 20, 2011. In the release, under "2011 Highlights", specific reference
was made to the NI 43-101 resource report on the Elk Creek Niobium deposit,
correctly identifying it as an inferred resource of 80.1 million tonnes grading
0.62% Nb2O5 (containing an estimated 493 million kilograms of Nb2O5). A
typographic error in a previous paragraph incorrectly identified the resource as
indicated. The Company regrets any confusion caused by this error.


On Behalf of the Board,

Peter Dickie, President, CEO

Cautionary note: This report contains forward looking statement. 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 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.

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