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Wednesday, July 09, 2008
Uranerz Provides Drilling Update on Arkose Mining Venture
Casper, Wyoming, July 8, 2008 --- Uranerz
Energy Corporation ("Uranerz" or the "Company") (AMEX:
URZ; TSX: URZ; Frankfurt: U9E) is pleased to announce
the exploration drilling status on its Arkose Mining Venture
("Arkose"), a joint venture between the Company (81%) and United
Nuclear, LLC (19%), in the Powder River Basin of Wyoming. From March 6,
2008 and to June 30, 2008, the Company, as operator of Arkose, drilled a
total of 266 uranium trend exploration and delineation holes utilizing up
to five drill rigs and two electric log probing units. This drilling� a
total of approximately 186,925 feet with an average depth of 703 feet per
hole, was conducted on four previously identified exploration targets in
areas the Company has identified as East Buck, South Collins Draw, Sand
Rock, and Little Butte.
This initial phase of the 2008 Arkose drilling program was designed, based
in part on available historical data, with a primary objective of
identifying and delineating potentially significant trends of uranium roll
front mineralization on the property, and to provide further data on these
potential future development sites for purposes of reporting, and possible
permitting and mining operations in favorably identified areas. To date,
approximately 7.5 miles of uranium roll front trends have been
investigated, with approximately 2.5 miles of these trends showing
potentially favorable uranium mineralization.
Summary of Most
Significant Results From 2008 Drilling Program
Hole ID
|
Thickness
|
Grade (%)
|
Grade-Thickness
|
Depth
|
(ft)
|
(GT*)
|
(ft to top)
|
South Collins Draw (100 Sand)
|
A26-01-008
|
12.0
|
0.196
|
2.35
|
535.0
|
Little Butte (100 Sand)
|
A25-03-028
|
2.5
|
0.222
|
0.56
|
526.5
|
Little Butte (90 Sand)
|
A25-22-025
|
8.5
|
0.090
|
0.77
|
675.5
|
Sand Rock (90 Sand)
|
A25-21-034
|
5.0
|
0.152
|
0.76
|
680
|
The 2008 Arkose drilling program was slower to ramp-up than was originally
anticipated due to unusually wet weather and soft ground conditions in May
and June, but the Company is now at its full projected capacity of five
drill rigs and two electric probing units. As a result of the slower
progress, Uranerz expects to now drill about 800,000 feet for the year
2008, instead of the approximately 900,000 feet announced in previous news
releases of the Company.
"This initial phase of the Arkose drilling program was an effort to
determine the location of the geochemical fronts along which the uranium
deposits typically occur in this part of Wyoming. We have already made
discovery of new mineralization and trends in the 90 Sand on Arkose, with
many more promising drill targets to be investigated in the coming months.
We are also set to begin drilling outside the Arkose area-of-interest on
the Uranerz 100% owned properties, where we expect to further extend known
mineralization trends as the drilling continues in 2008," said Kurtis
Brown, the Company's Vice President, Exploration.
Mr. Kurtis Brown is a "qualified person" as defined by Canadian
National Instrument 43-101 and oversees the Company's drill programs. He
has reviewed the technical disclosure related to the Company's drilling
results that are provided in this news release.
About Uranerz
Uranerz Energy Corporation is a pure-play uranium company listed on the
American Stock Exchange ("AMEX") and the Toronto Stock Exchange
("TSX") under the symbol "URZ", and has options traded
on the Chicago Board Options Exchange and the AMEX. Uranerz is also listed
on the Frankfurt Stock Exchange under the symbol "U9E".
Members of the Uranerz management team have specialized expertise in the
ISR uranium mining method, and the Company collectively owns or controls
(including through its interest in the Arkose Mining Venture) approximately
114,900 acres (179 square miles) in the Pumpkin Buttes Uranium Mining
District of the central Powder River Basin of Wyoming, U.S.A., an area
well-known for hosting uranium-mineralized roll fronts often amenable to
ISR mining techniques. The Company has implemented an aggressive drill
program for 2008 utilizing up to five drill rigs and two electric log
probing units, with a potential total of 1,400 holes to be drilled.
The Company has submitted federal and state mining applications to build
and operate the Nichols Ranch ISR Complex, which, when licensed and
constructed, will consist of a central processing facility at the Nichols
Ranch property and a satellite facility at the Hank property. Commercial
ISR mining in the Powder River Basin has been ongoing since 1987, with
production coming from the Smith Ranch-Highland mine currently owned and
operated by Cameco Resources Inc. and from AREVA NC's Irigaray-Christensen
Ranch ISR mine located in the Pumpkin Buttes uranium mining district
(presently on stand-by, but re-start of operations has been announced).
Commencement of operations at the Nichols Ranch ISR Complex is dependent on
receipt of required regulatory approvals, but is currently projected for
late 2010 or 2011.
Further Information
For further information, contact the Company's Investor Relations
department at 1-800-689-1659 or 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 the
SEDAR website at www.sedar.com.
* GT represents grade times
thickness and is calculated by multiplying U3O8 grade (in percent) by gamma
anomaly thickness (in feet) as determined from downhole radiometric
probing.
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 is not limited to, statements with respect to exploration
drilling activities, resource estimates, permitting and development
activities, projections, our planned exploration and drilling programs, the
availability of future financing for exploration and other plans,
projections, estimates and expectations. 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 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.
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