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Uranerz Initiates 2011 Powder River Basin
Drilling Program
Casper, Wyoming, May 10, 2010 - Uranerz Energy Corporation ("Uranerz"
or the "Company") (NYSE Amex: URZ; TSX: URZ; Frankfurt: U9E)
announces the initiation of the 2011 exploration drilling program with
three rotary rigs now turning at its advanced-stage uranium projects in
the central Powder River Basin ("PRB") of Wyoming, U.S.A. This
year's program will focus on identifying new uranium mineralization
trends based on information from the extensive drill hole data library
acquired by the Company last year. The scope of the 2011 program is
planned to comprise some 500 exploration drill holes with depths
averaging approximately 700 feet.
Uranium mineralization in the PRB occurs along alteration-reduction
trends and is frequently composed of multiple, stacked roll fronts that
often contain associated uranium mineralization amenable to in-situ
recovery ("ISR") mining techniques. Thus far, Uranerz has identified over 300 miles (483
kilometers) of alteration-reduction trends on its project areas which
cover approximately 93,000 acres (38,000 hectares) of mineral interest
holdings. Uranerz has explored approximately
15% of those identified trends. The Company is using one rig for detailed
delineation drilling on the Nichols Ranch uranium deposit in anticipation
of developing its first ISR wellfields later
this year. It is planned that the other two drill rigs will continue
exploration on the Arkose Mining Venture
project areas, as well as in a new area recently staked based on
information interpreted from the extensive drill data library.
"We have put considerable effort into reviewing the new log library
data over the winter months and believe an excellent plan has been
developed to assist us with expanding our uranium resources in the Powder
River Basin," stated Kurt Brown, Uranerz
Senior VP of Exploration.
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.
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 SEC 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 our
planned exploration and drilling programs, expected resources, and
statements setting out its plans or projections as to commencement of
construction of its Nichols Ranch ISR Uranium Project and all other
statements containing estimates and expectations. Such forward-looking
statements reflect the Company's current views with respect to future events
and are subject to certain risks, uncertainties and assumptions,
including the risks and uncertainties outlined in the Company's most
recent financial statements and reports and registration statement filed
with the SEC (available at www.sec.gov) and
with Canadian securities regulators (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 information or forward-looking
statements, except as required by law.
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