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Thursday, July 23, 2009
Uranerz Signs Contract with Exelon for Sale of Uranium
Casper, Wyoming, July 23, 2009 - Uranerz
Energy Corporation ("Uranerz" or the "Company") (NYSE
Amex: URZ; TSX: URZ; Frankfurt: U9E) is
pleased to announce that it has entered into a uranium sales agreement with
Exelon Generation Company, LLC, which operates one of the largest and most
efficient commercial nuclear fleets in the world.
The agreement is a long term contract with deliveries over a five year
period and defined pricing in each year.
Uranerz is continuing to actively pursue further uranium sales
opportunities to develop a portfolio that reflects a balance between market
related and fixed price contracts, thus providing appropriate exposure to
market price fluctuations and pricing diversification.
About Uranerz
Uranerz Energy Corporation is a uranium exploration company listed on the
NYSE Amex and the Toronto Stock Exchange ("TSX") under the symbol
"URZ", and is also listed on the Frankfurt Stock Exchange under
the symbol "U9E".
Members of the Uranerz management team have specialized expertise in the
in-situ recovery ("ISR") uranium mining method, and the Company
collectively owns or controls (including through its interest in the Arkose
Mining Venture) approximately 124,600 acres (50,425 hectares or 195 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 submitted federal and state mining applications to build
and operate the Nichols Ranch ISR Uranium Project which, when licensed and
constructed, is planned to 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 Uranium Project is dependent on
receipt of required regulatory approvals.
ISR mining comprised 28% of global uranium production in 2008 according to
the World Nuclear Association. Wyoming ISR advantages include low capital
costs, low operating costs, and low environmental impact. Wyoming is the
largest uranium producer in the United States with a long ISR history and
has the largest known uranium resource base in the U.S. Uranerz management
has a record of licensing commercial ISR projects.
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.
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 future production, future pursuit of uranium
sales contracts, anticipated exposure to uranium market price fluctuations
and pricing diversification, planned development, capital and operating
cost and other projections, resource estimates, our planned exploration and
drilling programs and results, commodity recovery rates, the availability
of future financing for exploration, the regulatory approval of our planned
operations, the expected advantages of in-situ mining in relation to
capital costs, operating costs and environmental impact and other plans,
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 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.
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