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Uranerz Treasury Increases to $47 Million from
Exercised Warrants
Casper, Wyoming, March 2, 2011 - Uranerz Energy Corporation ("Uranerz"
or the "Company") (NYSE Amex and TSX: URZ; Frankfurt: U9E) is
pleased to announce that 3,947,821 share purchase warrants of the Company
were exercised prior to the accelerated expiry date of February 25, 2011.
Uranerz now has over $47 million in its
treasury, with no debt and 75,605,474 shares outstanding. The Company is
well-positioned to begin construction of its Nichols Ranch ISR Uranium
Project pending receipt of the final Materials License.
The final Materials License from the United States Nuclear Regulatory
Commission ("NRC") is the last authorization needed before
on-site construction can commence on the Nichols Ranch ISR Uranium
Project. Once the Materials License is issued, the Company plans to
commence development of its first ISR uranium mine in Wyoming.
The Nichols Ranch ISR Uranium Project
The Company's Nichols Ranch ISR Uranium Project initially comprises two
mining properties, the Nichols Ranch Unit and the Hank Unit. The mine
plan for the Nichols Ranch ISR Uranium Project includes a central
processing facility at the Company's Nichols Ranch property, which is
being permitted for a licensed capacity of two million pounds of uranium
per year. The central processing facility will be designed to process
uranium-bearing well field solutions from Nichols Ranch and
uranium-loaded ion exchange resin from additional satellite deposits
which are intended to be developed on the Company's other Powder River
Basin properties. The Company is currently preparing the permit application
for its planned third ISR uranium mining unit in the Powder River Basin
of Wyoming, named Jane Dough.
Uranerz has over thirty projects within the
Powder River Basin and is continuing to acquire additional projects in
the same region. The Company has recently staked an additional 20 federal
mineral mining claims on targets believed to be highly prospective for
uranium deposition. These targets were identified by analysis of previous
drilling and general knowledge of the geology, chemical reduction/oxidation
fronts and the depositional sandstone systems in this area.
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 regarding the Company's
expectations that it will receive its final Materials License, 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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