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Ucore Uranium Announces Completion of $3.7 Million Private Placement

July 24, 2009

Ucore Uranium Inc. (TSX VENTURE:UCU) ("Ucore" or the "Company") is pleased to announce that, subject to final approval of the TSX Venture Exchange ("TSX-V"), it has closed its previously announced non-brokered private placement consisting of 18.5 million units at $0.20 per unit, for gross proceeds of $3,700,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant gives the holder the right to purchase one common share at an exercise price of $0.30 for a period of 24 months.

PowerOne Capital Markets Limited and JovFunds Inc., amongst others, acted as finders in connection with the offering. The Company will pay a finder's fee of 8.0% of the gross proceeds in cash and issue finder's warrants equal to 10.0% of the aggregate number of units issued by the Company pursuant to the financing. A total of $268,000 will be paid in cash and 1,675,000 finder's warrants will be issued. Each finder's warrant gives the holder the right to purchase one common share at an exercise price of $0.26 for a period of 24 months from the Closing Date, in accordance with the policies of the TSX-V.

All securities issued under the private placement are subject to four month hold period until November 25, 2009. Investors in the offering included two current directors of the Company who subscribed for a total of 600,000 units.

The net proceeds of the financing will be used to advance exploration on the Company's properties, focusing on the Company's flagship Bokan Mountain property, and for general working capital. Jim McKenzie, President and Chief Executive Officer of Ucore states, "We're extremely pleased with the high levels of support demonstrated by this placement. In particular, we'd like to thank Pat DiCapo of PowerOne and John McMahon of JovFunds for their leadership roles in a very successful offering. Ucore intends to utilize these funds to immediately and aggressively advance our highly prospective rare earth project in Alaska."

Ucore Uranium Inc. is a junior exploration company focused on establishing REE and uranium resources through exploration and property acquisition. Ucore's primary focus is the Rare Earth One operated Bokan Mountain rare earth element and uranium project. The project is located on the southern part of the Prince of Wales Island in southeastern Alaska, with excellent deep water access and proximity to major sea and rail shipping routes across North America and to Asia.