QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(OTCQX: QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") is pleased to announce the filing of an NI 43-101 resource report on the Elk Creek Carbonatite project. The report specifically deals with the core Niobium zone, and does not reflect results of any of the Rare Earth Element zones also located on the property. The report, prepared by Wardrop, A Tetra Tech Company ("Wardrop") will be available on SEDAR and the Company's website shortly.

Table 1.1 Inferred Resource Estimate for the Elk Creek Deposit

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                                                            Contained
Nb2O5%                           Tonnes                         Nb2O5
Cut off            Density     (x 000 t)      Nb2O5%   (1,000's of kg)
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0.70%                 3.00       18,369         0.80          146,366
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0.65%                 3.00       28,704         0.75          216,003
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0.60%                 3.00       40,470         0.72          289,522
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0.55%                 3.00       52,875         0.68          360,820
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0.50%                 3.00       64,257         0.65          420,727
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0.45%                 3.00       73,677         0.63          465,545
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0.40%                 3.00       80,148         0.62          493,240
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0.35%                 3.00       82,863         0.61          503,616
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Notes:
 1. Effective date of the resource estimate is March 31, 2011
 2. Resource estimate based on Nb2O5% assays from historic assay database.
 3. Wardrop considers a base case cut-off grade of 0.40 Nb2O5% to be
reasonable in the absence of metallurgical data and economic parameters
(i.e. operating costs).
 4. Average specific gravity of 3.00 g/cc
 5. The resource estimate has been classified as an Inferred Resource based
on the use of historic data, number of drill holes used in the estimation
and for the relatively low sample support within the current outlined
deposit.
 6. Resource Estimate is based on:
 - A database of 25 drill holes totalling 14,739.8 m of diamond drilling
where samples were composited on 3.05 m (10 ft.) lengths.
 - An Indicator Kriged (IK) wireframe, defining a 45% probability of
achieving or exceeding a cut-off of 0.4 Nb2O5%, was generated on block size
of 20 m x 20 m x 10 m.
 - Geological model bounded by the IK wireframe. The IK wireframe was
generated based on the 25 drill holes.
 - Block model estimated by OK interpolation method on block size 10m x 10m
x 10m. The OK estimation was generated based on 14 drill holes within the
mineralized IK wireframe.
 - Resource Estimate assumes 100% recovery as metallurgical results are not
available.

The Elk Creek Niobium Deposit is an elongate, approximately east-west orientated mineral occurrence, in excess of 800 meters along strike. The deposit remains open to the east, west and at depth. It is hosted by the Elk Creek Carbonatite, which is an intrusive complex of carbonatite and related rocks. The property was held under an option agreement during the 1970s and 1980s by Molycorp Inc., at which time considerable exploration 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.

The company anticipates an active exploration program at Elk Creek during 2011. Fugro Airborne Surveys Corp. of Ottawa, Ont., has recently completed a high-resolution airborne gravity and magnetic survey. The Company anticipates receipt of raw-data results from this survey shortly. The spring 2011 drill program at Elk Creek, will be the first undertaken on the project in more than 25 years. Goals of the drill program include confirmation, expansion and in-fill drilling of the existing Niobium resource area to provide core for metallurgical test work, and confirmation and step-out drilling beyond the REE mineralization previously reported for Hole EC-93 (155.5 m of 2.70% TREO).

Qualified Persons: Paul Daigle, B.Sc., P.Geo., is the QP responsible for the mineral resource estimate for the Elk Creek Niobium Deposit and has verified the data disclosed in this release. He is an employee of Wardrop and is an independent qualified person as described by section 1.4 of NI 43-101.

Mr. Neil McCallum, P.Geol. of Dahrouge Geological Consulting Ltd., is the qualified person responsible for the Elk Creek Carbonatite Project and has read and approved the technical disclosure contained in this news release.

About Wardrop: Wardrop is a multi-disciplined engineering and consulting firm that provides innovative solutions for the natural resource management, energy, and infrastructure markets globally. Wardrop has been working in the global mining industry since the early 1960s and is in the forefront of gold mining expertise. Wardrop is a subsidiary of Tetra Tech (NASDAQ: TTEK), a leading provider of consulting, engineering, program management, construction and technical services. The combined companies have more than 12,000 employees worldwide and capabilities that span the entire project lifecycle.

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 www.QuantumRareEarth.com