QUANTUM HIRES FIRST CANADIAN

December 21, 2010 – Vancouver, B.C.:  Quantum Rare Earth Developments Corp. (TSX.V – QRE, FSE – BR3) (“Quantum”, the “Company”) is pleased to announce that it has retained First Canadian Capital Corp. (“First Canadian”) as a consultant to provide strategic marketing and investor relations services.  First Canadian will introduce the Company to private investors, analysts, brokers, money managers and other financial professionals, and will generate market awareness for Quantum as it advances its Elk Creek Carbonatite project in southern Nebraska and Archie Lake project in Saskatchewan.

Under the terms of the agreement, Quantum will pay First Canadian $6,000 per month for a twelve month initial term (with a right of termination by either party after six months) and grant 400,000 stock options for a period of 2 years at an exercise price of $0.50 per share, with vesting in accordance with TSX Venture Exchange policies and the Company’s Stock Option Plan.

Peter Dickie, President of Quantum commented, “We are pleased to have First Canadian work with us to increase the exposure of Quantum to the financial markets and also increase awareness of our exploration activities and programs in Nebraska, Saskatchewan and Australia. We chose First Canadian based on their professional standards and their track record of successfully assisting other resource companies with effective investor relations plans and strategies.”

About First Canadian Capital Corp.:  Based in Toronto and in the investor relations business for thirteen years, First Canadian Capital Corp. has assisted numerous North American corporations in gaining exposure and recognition within the global investment community. www.firstcanadiancapital.com

For further information, contact:  Jason Monaco, Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or Bobby Adore, Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  First Canadian Capital Corp. Tel: 416-742-5600 Fax: 416-742-6410.

On Behalf of the Board,

“Peter Dickie”
Peter Dickie, President

For further information, contact Peter Dickie, President and CEO of the Company at (604) 669-9330.  

“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."