Uranerz Energy Corporation

Uranerz Energy Corporation

November 28, 2006 09:02 ET

Uranerz Energy Corporation: Cochrane River, Athabasca Basin Area Update; New Uranerz Personnel

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Uranerz Energy Corporation (AMEX:URZ)(FWB:U9E) has been informed that a ground-based geophysical program is now underway on our Cochrane River project, northeast of the Athabasca Basin in northern Saskatchewan, the world's premier district for high grade uranium deposits. The Cochrane River project comprises two permits covering a total of 67,480 hectares and is located approximately 80 kilometres northeast of Cameco Corporation's Eagle Point Mine at the northeastern edge of the Athabasca Basin.

Triex Minerals Corporation has the option to earn up to a 70% interest in Uranerz's Cochrane River property, and is also working on the adjoining "Wollaston NE" property. Triex has combined the exploration program on these projects, and ground-based resistivity surveys are being done on three separate grids. The work is expected to take approximately four weeks to complete. Camp mobilization began on November 17th. This work follows up on key targets identified by Triex from helicopter-borne DIGHEM V geophysical surveys (EM and magnetic) flown in January, 2006, and an extensive lake sediment geochemical program completed in September for which final results for some 1,289 samples are still pending. Integration of new data into the existing comprehensive GIS project database is ongoing. Interpretation and modeling is focused on the potential for structurally controlled, basement-hosted uranium. New resistivity data from this program will contribute to refining integrated geological-geochemical-geophysical targets for a first-pass diamond drill program Triex anticipates initiating for the summer of 2007.

Personnel Update

Uranerz Energy Corporation is pleased to announce that it has retained the services of W.G. ("Bill") Houston to serve as its contract Landman for the company's uranium acquisition and exploration activities in Wyoming. Mr. Houston was with the former Uranerz Group of companies for more than twenty-two years, serving in various capacities including Senior Manager, Land and Contracts for Uranerz USA, Inc. While with Uranerz USA, Inc., and most recently with Barrick Gold, Mr. Houston has supervised mineral property acquisitions, prepared and negotiated agreements, performed land status investigations on federal, state and private mineral interests in the western USA, and maintained land records insuring timely satisfaction of land payments and agreement obligations. His joining Uranerz Energy completes our senior management team covering uranium exploration, production, environment & safety, and now, land. With the addition of Mr. Houston, Uranerz Energy Corporation has ten highly experienced mining professionals that were formerly senior managers with the original Uranerz Group of companies, which in the late 1990s ranked third in the world in natural uranium production.

Mr. Houston is a registered professional Landman, and an active member of the American Association of Professional Landmen.

Uranerz Energy Corporation is the only pure-play uranium company listed on the American Stock Exchange. The Company is engaged in the acquisition, exploration and development of properties in the uranium sector. The Company's goal is to become a producer of uranium which will be utilized as fuel in the world's nuclear electrical generating facilities. The Company has an experienced team of mining personnel, many of whom are former officers, senior management and employees of the original Uranerz Exploration and Mining Limited and related companies (the "Uranerz Group"). This team has direct experience in licensing, designing, constructing and operating underground, open-pit and in-situ recovery uranium production facilities. The Company also has an advisory board that consists entirely of ex-Uranerz Group professionals. The Uranerz Group was acquired in 1998 by Cameco, the world's largest primary uranium producer.

Uranerz Energy Corporation has expertise in in-situ recovery mining and holds projects in Wyoming with uranium-mineralized sandstone. These Powder River Basin uranium properties are advanced, and the Company has initiated environmental licensing and mine planning for the development of two of these projects.

Uranerz also has uranium properties in Saskatchewan (Canada), Mongolia and the Great Divide Basin of Wyoming. The Canadian, Mongolian and Great Divide Basin uranium properties are in the exploration stage and Uranerz has joint ventured these projects to other companies as a means of reducing its exploration risk. These projects are operated and funded by our joint venture partners.


Glenn Catchpole, President and CEO

This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are:

(i) the inability of the Company to complete the acquisition of any interest in any new mineral exploration properties;

(ii) the inability of the Company to achieve the financing required to pursue the acquisition or exploration of any new mineral properties;

(iii) the inability of the Company to raise the financing necessary to conduct exploration or development of its properties;

(iv) the lack of presence of commercial mineralization on its properties; and

(v) the inability of the Company to establish commercial deposits or reserves of uranium on its properties.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Contact Information

  • Uranerz Energy Corporation
    Dennis Higgs
    Investor Relations
    (604) 689-1722 (FAX)
    Website: www.uranerz.com