QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(OTCQX: QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") has announced that President, CEO and Director Peter Dickie was interviewed by CDTV.net, a New York-based financial network (www.cdtv.net). The interview currently is available at http://www.cdtv.net/users/content/niobium-market-quantum-rare-earth-ceo-qredfpk.

Quantum announced in May, 2010 that it acquired the Elk Creek Carbonatite, through the acquisition of Elk Creek Resources Corp., a private Nebraska corporation which, through a series of agreements, owns an option to acquire the mineral rights to the project. Quantum's Elk Creek project, in southeastern Nebraska, spans a distance of approximately five miles by five miles and has seen extensive exploration by Molycorp in the 1970's and 1980's.

On February 22, 2011, Quantum reported that recent, preliminary investigations indicate that niobium values within its Nebraska project correlate well with the historic niobium values obtained by Molycorp Inc. Additional analyses are expected to be available in the next two to three weeks. Additional information on the Elk Creek project is available on the Company's website www.QuantumRareEarth.com/projects.html.

The results reported in 2011 will support a NI43-101 compliant resource estimate and Technical Report by Wardrop Engineering, which will be an independent review of niobium mineralization within the historic resource area located within the Elk Creek Carbonatite. In the CDTV interview, it was stated that additional drilling is expected to take place soon to augment the historic results. Specific information on the drilling program will be announced shortly.

There are currently three primary producing niobium mines in world: two in Brazil, which are privately owned, and one in Quebec, Canada, which is owned by Iamgold. Niobium is used as a steel hardener for high strength, low alloy steel, such as that used in high-pressure gas pipelines. Other uses for niobium are for creating "super alloys", used extensively in the aerospace and defense industries, and for other products such as MRI machines. The U.S. considers niobium to be a strategic metal, yet imports 100% of its niobium requirements for use in the steel industry and for super alloys used by the aerospace sector.

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