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CASPER, WYOMING–(Marketwire – 10/14/10) – Uranerz Energy Corporation (“Uranerz” or the “Company”) (TSX:URZ – News)(AMEX:URZ – News)(Frankfurt:U9E – News) announces the achievement of an absolute National Instrument 43-101 (“NI 43-101”) abstruse address (the “Technical Report”) for its wholly-owned Reno Creek acreage (“Reno Creek”) in the Powder River Basin of Wyoming, U.S.A. The Abstruse Address estimates “measured and indicated” mineral assets of about 4,292,948 pounds of uranium (eU3O8) at an boilerplate brand of 0.056% and an “inferred” mineral ability of about 142,167 pounds at an boilerplate brand of 0.039%.The Reno Creek acreage is anchored in abutting adjacency (19 afar east) of the Company’s planned Nichols Ranch ISR Uranium Activity and assembly from the Reno Creek accessory assemblage is aural adhesive carriage ambit of the advised axial processing bulb at Nichols Ranch. Both the Nichols Ranch and Hank backdrop are currently in the final allowing appearance for assembly with well-field and abundance ability architecture anticipation to arise in 2011.Reno Creek is believed to be a allotment of the aforementioned geological arrangement as the Company’s added Powder River Basin projects and is accordingly accepted to be acceptable as an alteration to the Nichols Ranch ISR project, which includes both the Nichols Ranch and Hank assembly units. An alteration is advancing to accept a abundant beneath time-frame for approval than a new admittance application.Kurtis Brown, the Company’s Senior Vice President of Assay commented, “Uranerz began accumulating pieces of the Reno Creek acreage amalgamation in 2006 and we accept after avant-garde this activity anniversary year by convalescent the acreage position and advice package, which culminated in the ability appraisal appear today. Although Reno Creek’s boilerplate grades are lower than added Aggregation projects, the mineralized array is greater which should aftereffect in agnate assembly yields.”The accepted mineral ability estimates for the Reno Creek acreage are included in the tables beneath with both a minimum grade-thickness (“GT”)(1) of 0.20 and 0.50.
Table 1. Reno Creek Measured and Indicated Resources
Measured Resource———————————————–AverageeU3O8 Brand %GT Minimum Pounds Tons eU3O8———————————————–0.20 2,782,208 2,281,451 0.061———————————————–0.50 1,973,423 1,380,272 0.071———————————————–
Indicated Resource———————————————–AverageeU3O8 Brand %GT Minimum Pounds Tons eU3O8———————————————–0.20 1,510,740 1,550,026 0.049———————————————–0.50 805,709 691,076 0.058———————————————–
Measured Indicated Resources———————————————–AverageeU3O8 Brand %GT Minimum Pounds Tons eU3O8———————————————–0.20 4,292,948 3,831,477 0.056———————————————–0.50 2,779,132 2,071,348 0.067———————————————–(1) GT represents brand assorted by the array and is affected bymultiplying eU3O8 brand (in percent) by gamma aberration array (in feet)as bent from down-hole radiometric probing. For example, a assignment holethat has 10 anxiety of 0.10% uranium mineralization has a GT of 1.0 and wouldbe advised a acceptable aperture by ISR mining standards.
The mineral assets estimated in this Abstruse Address congenital a absolute of 848 assignment logs, which included lithology annal and 49 contempo assay holes, accoutrement about 1,312 acres.With the accession of Reno Creek, Uranerz has now appear NI 43-101 adjustable uranium assets for seven projects. The Aggregation currently has over 30 uranium projects at assorted stages of assay and development in the Powder River Basin breadth of Wyoming (including projects aural the Arkose Mining Venture). The absolute accepted mineral assets are appear based on a brand ambit of beneath than 0.01% to 2.65% with a brand absolute of 0.03% and grade-thickness(i) (GT) absolute of 0.20 and are accent in the afterward table:
Table 2. Absolute Aggregation Assets Appear Beneath NI 43-101(2)
—————————————————————————PoundseU3O8 Boilerplate Pounds AverageMeasured & Brand eU3O8 Brand Date of 43-101Property Name Indicated % eU3O8 Accepted % eU3O8 Address or Update—————————————————————————Reno Creek 4,292,948 0.056 142,167 0.039 October 13, 2010—————————————————————————South 1,852,673 0.121 153,337 0.096 February 25, 2010Doughstick—————————————————————————Doughstick 882,736 0.081 86,909 0.055 January 26, 2010Properties—————————————————————————Nichols Ranch 2,949,546 0.114 _ _ June 5, 2009—————————————————————————Hank 2,236,050 0.123 246,753 0.087 May 1, 2008—————————————————————————West North- 2,837,015 0.153 2,681,928 0.120 December 9, 2008Butte—————————————————————————North Rolling 664,521 0.058 32,522 0.042 June 4, 2010Pin—————————————————————————TOTALS 15,715,489 3,343,616—————————————————————————(2) All assets appear in this table represent the pounds directlyattributable to Uranerz.
These estimates accommodated the “measured”, “indicated” or “inferred” mineral ability classifications as authentic by NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definitions Standards congenital by advertence therein.The Reno Creek abstruse report, advantaged “Technical Report, Reno Creek Property, Campbell County, Wyoming, U.S.A.” and anachronous October 13, 2010, was authored by Mr. Douglass Graves, P.E., of TREC, Inc., who is an “independent person” as authentic by NI 43-101. Mr. Graves has advised and absolute the abstruse acknowledgment provided in this account release. The Abstruse Address is actuality filed by the Aggregation and will anon be accessible on the Arrangement for Electronic Document Assay and Retrieval (“SEDAR”) at www.sedar.com.About UranerzUranerz Energy Corporation is a U.S.-based uranium aggregation focused on accomplishing near-term bartering in-situ accretion (“ISR”) uranium assembly in Wyoming, the better ambassador of uranium of any U.S. State. The Uranerz administration aggregation has specialized ability in the ISR uranium mining method, and has a almanac of licensing, constructing, and operating bartering ISR uranium projects. Two of Uranerz’s projects are in the final allowing and licensing date and the Aggregation has already entered into abiding uranium sales affairs with two of the better nuclear utilities in the U.S., including Exelon.Uranerz Energy Corporation is listed on the NYSE Amex and the Toronto Stock Exchange beneath the attribute “URZ”, and listed on the Frankfurt Stock Exchange beneath the attribute “U9E”.Further InformationAlternatively amuse accredit to the Aggregation website www.uranerz.com, assay Company’s filings with the Balance and Exchange Commission at www.sec.gov, or appointment the Company’s contour on SEDAR at www.sedar.com.Cautionary StatementAll mineral assets appear in this columnist absolution and in the NI 43-101 abstruse letters referenced herein accept been estimated in accordance with the analogue standards on mineral assets and mineral affluence of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, frequently referred to as “NI 43-101”. The NI 43-101 abstruse letters referred to herein accommodate estimations of abeyant mineral assets for added development by the issuer, appear pursuant to the applicative accoutrement of NI 43-101. As a aggregation listed on the TSX, we are adapted by Canadian law to accommodate acknowledgment in accordance with NI 43-101. U.S. advertisement requirements for acknowledgment of mineral backdrop are absolute by the Industry Guide 7 (“Guide 7”) of the U.S. Balance and Exchange Commission (the “SEC”). NI 43-101 and Guide 7 standards are essentially different. The agreement “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining agreement as authentic in accordance with NI 43-101. These definitions alter from the definitions in Guide 7. Beneath Guide 7 standards, a “final” or “bankable” achievability abstraction is adapted to address reserves, the three-year absolute boilerplate bulk is acclimated in any assets or banknote breeze assay to baptize affluence and the primary ecology assay or address charge be filed with the adapted authoritative authority.This columnist absolution and the NI 43-101 abstruse letters referenced herein use or may use the agreement “mineral resource,” “measured mineral resource,” “indicated mineral resource”, “inferred mineral resource”, “potential uranium assay target”, “potential mineral resource”, “potential mineral deposit” and “potential ambition mineral resource”. We admonish investors that these agreement are authentic in and adapted to be appear by NI 43-101; however, these agreement are not authentic agreement beneath Guide 7 and are frequently not acceptable to be acclimated in letters and allotment statements filed with the SEC. Investors are cautioned not to accept that any allotment or all of mineral deposits in these categories will anytime be adapted into Guide 7 reserves. “Potential ambition mineral resources” are carefully ambiguous as to their existence, and carefully ambiguous as to their bread-and-butter and acknowledged feasibility. “Inferred mineral resources” accept a abundant bulk of ambiguity as to their existence, and abundant ambiguity as to their bread-and-butter and acknowledged feasibility. It cannot be affected that all or any allotment of a abeyant ambition ability or an accepted mineral ability will anytime be upgraded to a college category. Beneath Canadian rules, estimates of accepted mineral assets may not anatomy the base of achievability or pre-feasibility studies, except in attenuate cases. Investors are cautioned not to accept that all or any allotment of any mineral ability exists or is economically or accurately mineable. Acknowledgment of “contained pounds” in a ability is acceptable acknowledgment beneath Canadian regulations; however, the SEC frequently alone permits issuers to address mineralization that does not aggregate “reserves” by SEC standards as in-place burden and brand after advertence to assemblage measures.Forward-looking StatementsThis columnist absolution may accommodate or accredit to “forward-looking information” and “forward-looking statements” aural the acceptation of applicative United States and Canadian balance laws, which may include, but is not bound to, statements with account to ability estimates, allowing and development activities, projections, our planned assay and conduct programs, the availability of approaching costs for assay and added plans, projections, estimates and expectations. Such advanced statements reflect our accepted angle with account to approaching contest and are accountable to assertive risks, uncertainties and assumptions, including, the risks and uncertainties categorical in our best contempo banking statements and letters and allotment account filed with the SEC (available at www.sec.gov) and with Canadian balance administrators (available at www.sedar.com). Should one or added of these risks or uncertainties materialize, or should basal assumptions prove incorrect, absolute after-effects may alter materially from those anticipated, believed, estimated or expected. We do not undertake to amend advanced statements, except as adapted by law.
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