Ucore Uranium Reports High Grade Rare Earth Drill Results From Lost Pond

VANCOUVER, BC–(EMWNews – July 16, 2008) – Ucore Uranium Inc. (TSX-V: UCU) is pleased to

report the results of a three hole drill program completed in 2007 at the

U3 grid on the Lost Pond uranium property in western Newfoundland.

The Lost Pond property straddles the Trans Canada Highway with forestry

road access to the U3 grid area. All three holes intersected similar

mineralization with a best intersection of 4.47% Rare Earth Oxide (REO) +

Y2O3 over 5.64 m. The REO mineralization is outlined by two isolated

magnetic highs with a combined strike length of 250 meters coincident with

a larger radiometric high. The mineralization is associated with banded

magnetite-hematite-chlorite rich units interlayered with a discrete altered

ultramafic intrusive unit. True widths of the zones are not known, however,

core angles on the alteration banding indicate the true widths should be

approximately 75% of the drill widths. Intersections from the three holes,

which were spaced 50 meters apart, are shown below.

-***-



------------------------------------------------------------

Hole #     From (m)    To (m)    Interval (m)       Grade

                                                  REO + Y2O3

------------------------------------------------------------

07-09       61.68      66.71       5.03 m            4.37%

------------------------------------------------------------

 incl.      64.22      65.27       1.05 m           11.02%

------------------------------------------------------------

07-10       63.55      69.19       5.64 m            4.47%

------------------------------------------------------------

 incl.      65.97      67.97       2.00 m            8.19%

------------------------------------------------------------

 and        75.96      77.46       1.50 m            4.95%

------------------------------------------------------------

07-11       21.10      22.10       1.00 m            2.49%

------------------------------------------------------------

 and        42.67      44.17       1.50 m            2.01%

------------------------------------------------------------

 and        62.50      64.00       1.50 m            1.12%

------------------------------------------------------------



-****-

The Rare Earth Elements (REE) include a total of 15 elements in the

Lanthanide series of elements plus Yttrium. Grades are usually reported as

calculated Rare Earth Oxides (REO). Rare Earths are used predominately in

the manufacture of permanent magnets, metal alloys, batteries catalysts,

and glass. Growth in demand over the past four years has exceeded 10% per

year and growth is expected to remain strong at around 10% over the next

few years.

The U3 intersections listed above include the analysis of all the REE,

however, the lighter elements predominate. The most abundant REE, within

these zones, include: Cerium (43.6% to 45.9%), Lanthanum (22.6% to 25.0%),

Neodymium (17.2% to 19.7%) and Praseodymium (5.0% to 5.5%).

Jim McKenzie, Ucore’s President and CEO, comments that, “These highly

encouraging drill intercepts were identified as part of our ongoing uranium

exploration efforts at Lost Pond. The high grade nature of the REO

mineralization, multiple zones, proximity to infrastructure, and the well

defined nature of the geophysical anomaly will allow for straight forward

evaluation.”

Wayne Reid, B.Sc., P.Geo., a technical advisor to Ucore, is the qualified

person who is responsible for the technical accuracy of this news release.

All analyses were performed by Activation Laboratories Ltd. of Ancaster,

Ontario using industry accepted procedures.

Ucore Uranium Inc. is a junior exploration company focused on establishing

uranium resources through exploration and property acquisition. With more

than twenty active projects, Ucore’s primary focus is the 100% owned Bokan

Mountain uranium and rare earth element property in Alaska.

This press release includes certain statements that may be deemed

“forward-looking statements.” All statements in this release, other than

statements of historical facts, that address future exploration drilling,

exploration activities and events or developments that Ucore expects, are

forward-looking statements. Although Ucore believes the expectations

expressed in such forward-looking statements are based on reasonable

assumptions, such statements are not guarantees of future performance and

actual results or developments may differ materially from those in

forward-looking statements. Factors that could cause actual results to

differ materially from those in

forward-looking statements include exploitation and exploration successes,

continued availability of financing, and general economic, market or

business conditions.

The TSX Venture Exchange does not accept responsibility for the adequacy or

accuracy of this press release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA US NEWSWIRE SERVICES