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Uranerz Commences ISR Uranium Mine Construction
Casper, Wyoming, August 1, 2011 Uranerz Energy Corporation ("Uranerz"
or the "Company") (NYSE Amex and TSX: URZ; Frankfurt: U9E) is
pleased to announce that it has commenced on-site construction of the
Company's Nichols Ranch ISR Uranium Project located in the Central Powder
River Basin of Wyoming, U.S.A. Uranerz held a
ground-breaking ceremony last week to mark the start of construction of
its first in-situ recovery ("ISR") uranium mine. The Company is
poised to become one of the first to open a new
ISR uranium mine in Wyoming in over a decade.
Construction activities will consist of two main functions: building the
central processing plant, including office, laboratory, and maintenance
buildings; and installing the first well-fields. Site preparation for the
central processing plant commenced last week. The locations for 75
environmental monitor wells are being staked and installing these wells
will begin soon. Drilling rigs for installing the monitor wells and
production wells have been contracted and are now being mobilized so that
they can start operating later this week. Contracts for improving the
roads leading into the site and contracts for the well-field header
houses are also being finalized with material purchases underway. In
addition, a 550-barrel cement silo is in the final fabrication process
and should be delivered to the site in mid-August.
"We are excited to be in the construction phase after some four
years of license application preparation and approval, plant and
well-field design, and employee training", stated Uranerz General Manager for Production Glenda Thomas,
"The Company is now hiring additional personnel to work at the site
during construction and operation, and our team is focused on achieving
commercial production as soon as practical."
In photo: President & CEO, Glenn Catchpole (Right)
Executive VP, COO, George Hartman (Left) insert ceremonial first shovels
into the ground.
About Uranerz
Uranerz Energy Corporation is a U.S.-based
uranium company focused on achieving near-term commercial in-situ
recovery ("ISR") uranium production in Wyoming, the largest
producer of uranium of any U.S. state. The Uranerz
management team has specialized expertise in the ISR uranium mining
method, and has a record of licensing, constructing, and operating
commercial ISR uranium projects. The Company has already entered into
long-term uranium sales contracts with two of the largest nuclear
utilities in the U.S., including Exelon.
Uranerz Energy Corporation is listed on the
NYSE Amex and the Toronto Stock Exchange under the symbol
"URZ", and listed on the Frankfurt Stock Exchange under the
symbol "U9E".
Further Information
For further information, please contact Derek Iwanaka, Manager of Investor Relations at
1-800-689-1659 or by email at info@uranerz.com. Alternatively, please refer
to the Company's website at www.uranerz.com,
review the Company's filings with the Securities and Exchange Commission
at www.sec.gov, or
visit the Company's profile on SEDAR at www.sedar.com.
Forward-looking
Statements
This press release may contain or refer to "forward-looking
information" and "forward-looking statements" within the meaning
of applicable United States and Canadian securities laws, which may
include, but are not limited to, statements with respect to the
anticipated duration and costs of construction of the Nichols Ranch ISR
Uranium Project and all statements setting out projections relating to
construction activities. Such forward-looking statements reflect our
current views with respect to future events and are subject to certain
risks, uncertainties and assumptions, including, the risks and
uncertainties outlined in our most recent financial statements and
reports and registration statement filed with the United States
Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and
with Canadian securities administrators (available at www.sedar.com).
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, believed, estimated or expected. We do
not undertake to update forward-looking statements, except as required by
law.
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