New Release April 2, 2012:

Updated NI 43-101 Resource - Indicated status tonnage of 19.3 Mt grading 0.67% Nb2O5, and an increase in inferred status tonnage and grade from the previous resource estimate (News Release dated April 28, 2011) from 80.1 Mt grading 0.62% to 83.3 Mt grading 0.63% Nb2O5.

Quantum Rare Earth Developments is developing North America's highest grade, large tonnage Niobium project at the 100% owned Elk Creek, Nebraska site.

Quantum aims to be the solution for America’s strategic and critical Niobium needs for the domestic steel and aviation industry. Niobium is crucial in high strength steel for bridges and buildings, oil and gas pipelines, stainless steel, MRI machines, wind turbines, jet thrusters, automobiles and more. America has imported 100% of the Niobium

it uses for the past 52 years. The US considers Niobium a strategic metal and is contemplating stockpiling due to the supply concentration risk and economic importance.

Elk Creek is an advanced project as Molycorp drilled 110 holes in the geological anomaly during the 1970s and 1980s. Niobium and Rare Earth prices have increased rapidly since then and in 2010 Quantum took up where Molycorp left off. In addition to the vast Niobium deposit, Quantum has identified a high-grade Rare-Earth complex 2.5 km or 1.5 miles away from the Niobium deposit.

Elk Creek, Nebraska Niobium & Rare Earth Project Key Information:

- 19.3 Mt @ 0.67% Nb2O5 (Indicated) and 83.3 Mt @ 0.63% Nb2O5 (Inferred)

- 129,182,000 kg of contained Nb2O5 (Indicated) and 523,844,000 kg of contained Nb2O5 (Inferred)

- Niobium price: ~$45/kg

- 131 meters of 1.02% Nb₂O₅ – a highlight from 2011 summer drill campaign

- Deposit is open in 3 directions

- High-grade Rare-Earth complex identified 2.5 km from Niobium deposit

Below is a map of the niobium deposit spring/summer 2011 drill program: