Uranerz Receives Final NRC Approval

Uranerz Energy Corporation URZ is pleased to announce that the United States Nuclear Regulatory Commission ("NRC") has issued the Materials License for the Company's Nichols Ranch ISR Uranium Project located in the Central Powder River Basin of Wyoming, U.S.A. The Materials License is the last NRC authorization required to commence on-site construction for eventual production at the Nichols Ranch ISR Uranium Project. Construction activities will commence within the next few days to take full advantage of the summer/fall construction season in Wyoming. Uranerz has already initiated procurement of ion exchange equipment, including three sand filters and six resin loading columns. Well-field installation equipment is also on order including a cement silo, cementing pressure pump units, mixing trucks and well casing. The local electric utility has recently completed construction of a substation in close proximity to the Nichols Ranch project which will service the Company's mining operations in the Powder River Basin as well as other industrial projects in the region. "The receipt of the NRC Materials License, the final step in the NRC licensing process, marks a very significant milestone achieved by the Company and represents the culmination of over four years of effort which was spearheaded by Mike Thomas our Manager of Environment, Health and Safety," stated Uranerz CEO & President Glenn Catchpole. "I congratulate our entire staff for their valuable contributions through the permitting process. The hiring of new staff is now underway and the Company is focused on the development and planned operation of the Nichols Ranch ISR Uranium Project."