Uranerz Energy Corporation
FRANKFURT : U9E
AMEX : URZ

Uranerz Energy Corporation

March 23, 2007 11:07 ET

Uranerz Energy Provides Update to Capital Structure

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2007) - Uranerz Energy Corporation (AMEX:URZ)(FRANKFURT:U9E) is pleased to announce that through the recent exercise of warrants, it has over $16 million in its treasury, and no debt. Almost all outstanding warrants have been exercised over the past few weeks, with only 166,100 warrants remaining outstanding. The remaining warrants are all due to expire in Q1 2008. There are now 39,052,087 shares of common stock issued and outstanding. There are total stock options for directors, officers, and employees of 4,305,000 outstanding, allowing for 43,523,187 shares issued on a fully diluted basis. The exercise of the stock options would augment the Company's treasury with an additional $8,317,250. All dollar amounts are in U.S. currency.

Uranerz Energy Corporation is a 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.

ON BEHALF OF THE BOARD

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
    1-800-689-1659
    Website: www.uranerz.com