Molycorp Invests in Groundbreaking Wind Energy Technology Company

Molycorp, Inc. (NYSE:MCP), the Western hemisphere's only producer of
rare earth oxides (REO) and the largest REO producer outside of
China, ?today announced that it is making a significant investment in
Boulder Wind Power, which has designed a rare earth magnet powered wind
turbine generator that can produce electricity as low as $0.04 per
kilowatt-hour.

Molycorp invested in Boulder Wind Power's Series B ?Convertible Preferred
Stock as part of a $35 million capital raise by the company. With the
investment, Molycorp gains board representation in Boulder Wind Power
and is positioned to be the 'preferred provider' of rare earth magnets
and/or alloys for wind generators using this technology. Molycorp is
using cash from operational earnings for the investment. Other details
of Molycorp's investment were not disclosed.

Boulder Wind Power's patented wind turbine technology allows for the use
of rare earth permanent magnets that do not require dysprosium, a
relatively scarce rare earth. By utilizing dysprosium-free permanent
magnets, and other engineering innovations that dramatically reduce the
use of structural steel and eliminate the use of expensive laminated
electrical steel, wind turbines incorporating Boulder Wind Power's
technology are expected to produce power at or below $0.04 cents per
kilowatt-hour, positioning it to compete directly with fossil fuel-based
generation.

Joining Molycorp in this investment round was the venture capital firm
New Enterprise Associates (NEA), an early investor in Boulder Wind
Power. NEA is a key investment player in the clean energy, IT, and
health care spaces, with more than $11 billion in ?committed capital.

'Boulder Wind Power's innovative technology promises to dramatically
accelerate the global deployment of high-efficiency, advanced wind
turbines,' said Mark A. Smith, Molycorp's President and Chief Executive
Officer. 'By effectively solving the dysprosium supply problem for the
wind turbine industry, this technology removes a major hurdle to the
expansion of permanent magnet generator wind turbines across global
markets. This investment also furthers Molycorp's 'mine-to-magnets'
business strategy, and our commitment to manufacturing value-added
'green energy materials,' by providing us with potentially large markets
for the magnetic rare earth ?materials we will produce.'

Sandy Butterfield, Boulder Wind Power's Chief Executive Officer,
said: ?'We are thrilled to have Molycorp as a major investor and partner
in Boulder Wind Power. Gaining access to Molycorp's magnetic rare earth
materials positions this superior technology to accelerate rapidly and
our company to grow with it.'

'Linking such an innovative wind energy technology with U.S. sourced
rare earth production creates many potentially powerful synergies,' said
Dan Arvizu, Director of the U.S. Department of Energy's National
Renewable Energy Laboratory (NREL). 'It promises to strengthen the
ability of the U.S. to manufacture wind turbines domestically and to
compete more effectively in global markets.'

About Molycorp, Inc.

With offices in the U.S., Europe, and Japan, Molycorp, Inc. is the only
rare earth oxide (REO) producer in the Western Hemisphere and the
largest REO producer outside of China. In addition to its current
production of rare earth oxides at its flagship rare earth mine and
processing facility at Mountain Pass, California, the Company produces
rare earth metals, rare earth alloys (such as neodymium-iron-boron and
samarium-cobolt alloys) and rare metals such as niobium and tantalum.
The rare earths and rare metals Molycorp produces are critical inputs in
existing and emerging applications including: clean energy technologies,
such as hybrid and electric vehicles and wind power turbines; multiple
high-tech uses, including fiber optics, lasers and hard disk drives;
numerous defense applications, such as guidance and control systems and
global positioning systems; advanced water treatment technology for use
in industrial, military and outdoor recreation applications; and other
technologies. For more information please visit ?www.molycorp.com.

About Boulder Wind Power

Boulder Wind Power is a private, venture backed company based in
Boulder, Colorado that has developed a radically different direct drive
wind turbine generator for utility scale electricity generation. The
Company's next generation technology is simpler, more efficient and less
costly to maintain than alternative wind turbine technologies. Boulder
Wind Power's products will enable the production of electricity at a
cost dramatically lower than existing offerings and competitive with
fossil fuel energy production costs. The Company will be a technology
provider to wind turbine manufacturers and supply its patented generator
and electronics for incorporation into their products. Turbine design
services will also be provided to enable Boulder Wind Power's customers
to quickly develop and deliver next generation wind turbines
incorporating the BWP generator and electronics. For more information,
visit ?www.boulderwindpower.com.

About New Enterprise Associates

New Enterprise Associates, Inc. (NEA) is a leading venture capital and
growth equity firm focused on helping entrepreneurs build
transformational businesses across multiple stages, sectors and
geographies. With approximately $11 billion in committed capital, NEA
invests in information technology, healthcare and energy technology
companies at all stages in a company's lifecycle, from seed stage
through IPO. The firm's long track record of successful investing
includes more than 170 portfolio company IPOs and more than 280
acquisitions. In the U.S., NEA has two offices in the Washington, D.C.
metropolitan area and one in Menlo Park, California. In addition, New
Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and
Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices
in Beijing and Shanghai, China. For additional information, visit ?www.nea.com.

Safe Harbor Statement Regarding Forward-Looking Statements

This release contains forward-looking statements that represent
Molycorp′s beliefs, projections and predictions about future events or
Molycorp′s future performance. Forward-looking statements can be
identified by terminology such as 'may,? 'will,? 'would,? 'could,?
'should,? 'expect,? 'intend,? 'plan,? 'anticipate,? 'believe,?
'estimate,? 'predict,? 'potential,? 'continue? or the negative of these
terms or other similar expressions or phrases. These forward-looking
statements are necessarily subjective and involve known and unknown
risks, uncertainties and other important factors that could cause
Molycorp′s actual results, performance or achievements or industry
results to differ materially from any future results, performance or
achievement described in or implied by such statements.

Factors that may cause actual results to differ materially from expected
results described in forward-looking statements include, but are not
limited to: Molycorp′s ability to secure sufficient capital to implement
its business plans; Molycorp′s ability to complete its Phase 1
modernization and expansion efforts and Phase 2 expansion efforts and
reach full planned production rates for REOs and other planned
downstream products; the final costs of the Phase 1 modernization and
expansion plan and Phase 2 expansion, which may differ from estimated
costs; uncertainties associated with Molycorp′s reserve estimates and
non-reserve deposit information; uncertainties regarding global supply
and demand for rare earths materials; Molycorp′s ability to successfully
integrate recently acquired businesses; Boulder Wind Power's technology
and the success of Molycorp's investment in Boulder Wind Power, a
development stage company; Molycorp′s ability to reach definitive
agreements for a joint venture to manufacture neodymium-iron-boron
permanent rare earth magnets; Molycorp′s ability to maintain appropriate
relations with unions and employees; Molycorp′s ability to successfully
implement its 'mine-to-magnets? strategy; environmental laws,
regulations and permits affecting Molycorp′s business, directly and
indirectly, including, among others, those relating to mine reclamation
and restoration, climate change, emissions to the air and water and
human exposure to hazardous substances used, released or disposed of by
Molycorp; and uncertainties associated with unanticipated geological
conditions related to mining.

For more information regarding these and other risks and uncertainties
that Molycorp may face, see the section entitled 'Risk Factors? of the
Company′s Annual Report on Form 10-K for the year ended December 31,
2010 filed with the SEC. Any forward-looking statement contained in this
press release or the Annual Report on Form 10-K reflects Molycorp′s
current views with respect to future events and Molycorp assumes no
obligation to publicly update or revise these forward-looking statements
for any reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking statements,
even if new information becomes available in the future, except as
otherwise required by applicable law.

Molycorp

Jim Sims, +1 303-843-8062

Vice President
Corporate Communications

Jim.Sims@Molycorp.com

or

Boulder
Wind Power

Peter Smith, +1 303-630-1405

peter.smith@boulderwindpower.com

or

NEA

Kate
Barrett, +1 301-272-2318

kbarrett@nea.com