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Uranerz Commences Shipment of Uranium-Loaded Resin to Cameco's Smith Ranch Processing Facilities

Uranerz Energy Corporation ("Uranerz" or the "Company") is pleased to announce that it has sent its first shipment of uranium-loaded resin from the Nichols Ranch ISR Uranium Project to Cameco Resources' Smith Ranch uranium processing facilities for final processing into uranium concentrates pursuant to a toll processing agreement between the two companies.

The mining operations at Nichols Ranch utilize the in-situ recovery ("ISR") mining process. The Nichols Ranch ISR Uranium Project is located in the Powder River Basin of Wyoming where ISR uranium mining is the generally accepted extraction technology. At the Nichols Ranch wellfield, groundwater is fortified with oxygen, baking soda and carbon dioxide, which is injected underground through injection wells into the uranium deposit within a confined aquifer. This solution dissolves the uranium that coats the sand grains. The uranium-rich solution is pumped to the surface using recovery wells and sent to the Nichols Ranch plant through a network of pipelines. At the plant, the solution flows through ion exchange columns where the uranium attaches to resin beads inside the columns. The uranium-loaded resin is then shipped to Cameco by truck where the uranium will be stripped from the resin, precipitated, dried, put into shipping drums and then transported to a conversion facility where it will be sold to Uranerz' customers. The barren resin will be returned to Nichols Ranch and re-used in the uranium recovery process.

Glenda Thomas, Senior Vice President, Operations of Uranerz Energy commented, "This marks the first of many resin shipments to Cameco's ISR processing facility. We now look forward to the next step of making our first delivery of uranium to the conversion facility where our customers will take ownership of the product."

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About Uranerz

Uranerz Energy Corporation is a U.S.-domiciled uranium company. The Company's Nichols Ranch unit is its first ISR uranium mine. Uranerz controls a large strategic land position in the central Powder River Basin (+79,000 acres). The Company's management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.

Further Information

For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at [email protected]. Alternatively, 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 SEDAR at www.sedar.com.

Source: http://www.uranerz.com/

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