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Thursday, May 01, 2008
Uranerz Reports Independent NI 43-101 Uranium Resources on Hank Property
Casper, Wyoming, May 1, 2008 - Uranerz
Energy Corporation ("Uranerz" or the "Company') (AMEX: URZ;
TSX: URZ) is pleased to announce that it has
received an independent National Instrument 43-101 ("NI 43-101")
technical report for the Hank property confirming a "measured and
indicated" mineral resource of 2,236,050 pounds
of U308 at an average grade of 0.123% and an "inferred" mineral
resource of 246,753
pounds of U308 at an average grade of 0.087%. These
mineral resource estimates were calculated in accordance with the
requirements of NI 43-101 and the Canadian Institute of Mining Metallurgy
and Petroleum Definitions Standards incorporated by reference therein using
a GT* cut-off of 0.20. The uranium mineral resources at the Hank property,
located in the Pumpkin Buttes Uranium Mining District of the central Powder
River Basin of Wyoming, U.S.A., are comprised of sandstone-hosted
"roll front" uranium deposits that are typical to the area and
often amenable to in-situ recovery ("ISR") mining techniques.
In December 2007, the Company submitted federal and state mining license
and permit applications to build and operate the Nichols Ranch ISR Complex,
including a uranium ISR wellfield, an ion-exchange plant and a central
processing facility (complete with drying and packaging circuits for
finished yellowcake product) at the Nichols Ranch property and a satellite
facility with a uranium ISR wellfield and ion-exchange plant at the Hank
property. On April 23, 2008, the Company announced that the U.S. Nuclear
Regulatory Commission has deemed the Company's federal license application
acceptable to advance to the next formal review phase of undergoing a
detailed technical and environmental review. The Company plans to continue
its mine permitting activities and is currently assessing its other
projects to select properties for further applications to license
additional satellite facilities to feed the central processing facility
designed for Nichols Ranch.
The Company has retained TREC, Inc. to conduct an economic evaluation of
the Nichols Ranch ISR Complex based on the measured and indicated resources
set out in the Company's Hank and Nichols Ranch NI 43-101 mineral resource
estimate technical reports.
The NI 43-101 technical report on the Hank property was authored by Mr.
Douglass Graves, P.E. of TREC, Inc. and Mr. Don Woody, P.G. of Woody
Enterprises, each an independent "qualified person" as defined by
NI 43-101, who have reviewed and verified the technical disclosure provided
in this news release. The NI 43-101 technical report has been filed by the
Company and will soon be available on the System for Electronic Document
Analysis and Retrieval ("SEDAR") at www.sedar.com.
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 1,500 holes 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 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.
All mineral resources disclosed in this press release and in the NI 43-101
technical report referenced herein have been estimated in accordance with
the definition standards on mineral resources and mineral reserves of the
Canadian Institute of Mining, Metallurgy and Petroleum referred to in
National Instrument 43-101, commonly referred to as "NI 43-101". As
a company listed on the TSX, we are required by Canadian law to provide
disclosure in accordance with NI 43-101. U.S. reporting requirements for
disclosure of mineral properties are governed by the Industry Guide 7
("Guide 7") of the U.S. Securities and Exchange Commission (the
"SEC"). NI 43-101 and Guide 7 standards are substantially
different. The terms "mineral reserve", "proven mineral
reserve" and "probable mineral reserve" are Canadian mining
terms as defined in accordance with NI 43-101. These definitions differ
from the definitions in Guide 7. Under Guide 7 standards, a
"final" or "bankable" feasibility study is required to
report reserves, the three-year historical average price is used in any
reserve or cash flow analysis to designate reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority.
This press release and the NI 43-101 technical report referenced herein
uses the terms "mineral resource," "measured mineral
resource," "indicated mineral resource" and "inferred
mineral resource". We advise investors that these terms are defined in
and required to be disclosed by NI 43-101; however, these terms are not
defined terms under Guide 7 and are normally not permitted to be used in
reports and registration statements filed with the SEC. Investors are
cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into Guide 7 reserves. "Inferred
mineral resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of any mineral resource exists
or is economically or legally mineable. Disclosure of "contained
pounds" in a resource is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC
standards as in-place tonnage and grade without reference to unit measures.
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 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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