Uranerz Files NI 43-101 Technical Report on Nichols Ranch Property

Uranerz Energy Corporation is a pure-play uranium companylisted on the American Stock Exchange ("AMEX") and the TSX.The Company also has options (derivatives on the commonstock: puts and calls) traded on the Chicago Board OptionsExchange as well as the AMEX.

To obtain more information, contact Investor Relations atUranerz Energy Corporation (Telephone: 1-800-689-1659) orvisit the Company's profile on the SEDAR website at .

This press release may contain or refer to "forward-lookinginformation" and "forward-looking statements" within themeaning of applicable United States and Canadian securitieslaws, which may include, but is not limited to, statementswith respect to resource estimates, projections, our plannedexploration and drilling programs, the availability of futurefinancing for exploration and other plans, projections,estimates and expectations. Such forward-looking statementsreflect our current views with respect to future eventsand are subject to certain risks, uncertainties and assumptions,including, the risks and uncertainties outlined in our mostrecent financial statements and reports and registrationstatement filed with the United States Securities and ExchangeCommission (the "SEC") (available at )and with Canadian securities administrators (available at). Shouldone or more of these risks or uncertainties materialize,or should underlying assumptions prove incorrect, actualresults may vary materially from those anticipated, believed,estimated or expected. We do not undertake to update forward-lookingstatements.

All mineral resources in the Technical Report have beenestimated in accordance with the definition standards onmineral resources and mineral reserves of the Canadian Instituteof Mining, Metallurgy and Petroleum referred to in NationalInstrument 43-101, commonly referred to as "NI 43-101".As a company listed on the TSX, we are required by Canadianlaw to provide disclosure in accordance with NI 43-101.U.S. reporting requirements for disclosure of mineral propertiesare governed by the SEC Industry Guide 7. NI 43-101 andGuide 7 standards are substantially different. The terms"mineral reserve", "proven mineral reserve" and "probablemineral reserve" are Canadian mining terms as defined inaccordance with NI 43-101. These definitions differ fromthe definitions in Guide 7. Under Guide 7 standards, a "final"or "bankable" feasibility study is required to report reserves,the three-year historical average price is used in any reserveor cash flow analysis to designate reserves and the primaryenvironmental analysis or report must be filed with theappropriate governmental authority.

The NI 43-101 technical report referenced in this pressrelease uses the terms "mineral resource", "measured mineralresource", "indicated mineral resource" and "inferred mineralresource". We advise investors that these terms are definedin and required to be disclosed by NI 43-101; however, theseterms are not defined terms under Guide 7 and are normallynot permitted to be used in reports and registration statementsfiled with the SEC. Investors are cautioned not to assumethat any part or all of mineral deposits in these categorieswill ever be converted into reserves. "Inferred mineralresources" have a great amount of uncertainty as to theirexistence, and great uncertainty as to their economic andlegal feasibility. It cannot be assumed that all or anypart of an inferred mineral resource will ever be upgradedto a higher category. Under Canadian rules, estimates ofinferred mineral resources may not form the basis of feasibilityor pre-feasibility studies, except in rare cases. Investorsare cautioned not to assume that all or any part of an inferredmineral resource exists or is economically or legally mineable.Disclosure of "contained pounds" in a resource is permitteddisclosure under Canadian regulations; however, the SECnormally only permits issuers to report mineralization thatdoes not constitute "reserves" by SEC standards as in-placetonnage and grade without reference to unit measures.