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Message: NI 43-101 Uranium Resources on West North-Butte Satellite Properties

NI 43-101 Uranium Resources on West North-Butte Satellite Properties

posted on Dec 19, 2008 04:23PM
December 18, 2008
Uranerz Reports NI 43-101 Uranium Resources on West North-Butte Satellite Properties
CASPER, WYOMING--(Marketwire - Dec. 18, 2008) - Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX:URZ)(NYSE-A:URZ)(FRANKFURT:U9E) is pleased to announce that it has received an independent National Instrument 43-101 ("NI 43-101") technical report for the West North-Butte Satellite Properties that estimates a "measured and indicated" mineral resource of approximately 2,837,015 pounds of eU3O8 at an average grade of 0.153%, and an "inferred" mineral resource of 2,681,928 pounds of eU3O8 at an average grade of 0.120%. These mineral resource estimates were completed using accepted methods mandated by NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum standards using a GT(i) cut-off of 0.20.

The West North-Butte Satellite Properties, consisting of the West North-Butte, East North-Butte and Willow Creek areas, are located in the Pumpkin Buttes Uranium Mining District of the Powder River Basin, Campbell County, Wyoming, U.S.A.

In December 2007, the Company submitted federal and state mining license and permit applications to build and operate the Nichols Ranch Uranium ISR Complex, including uranium in-situ recovery ("ISR") wellfields and a central processing facility (complete with ion-exchange concentration and elution circuits, and drying and packaging circuits for finished yellowcake product) at the Nichols Ranch property, and a satellite facility with uranium ISR wellfields and ion-exchange plant at the Hank property. Both the U.S. Nuclear Regulatory Commission and the Wyoming Department of Environmental Quality have deemed the Company's applications acceptable to advance to the next stage of their formal review process. The Company's applications to build and operate the Nichols Ranch Uranium ISR Project are advancing through the regulatory process as scheduled.

Uranerz plans to continue its mine permitting activities. The Company is currently assessing its other properties to select additional projects for licensing as supplemental satellite facilities to feed the central processing plant designed for Nichols Ranch. The West North-Butte Satellite Properties are no further than six miles from the planned central processing plant at Nichols Ranch and these resources are planned to be recovered using satellite operation procedures to increase and prolong production from the Nichols Ranch central processing plant.

An independent NI 43-101 Preliminary Assessment on the economics and technical viability of the Company's Nichols Ranch Uranium In-Situ Recovery Project in the Powder River Basin, Wyoming, U.S.A. was prepared by TREC, Inc. and released in the summer of 2008. A section in the Preliminary Assessment included the economic benefits of additional satellite facilities. The Nichols Ranch design includes capacity for processing additional satellite projects while minimizing further capital expenditures for additional central processing plants.

The NI 43-101 technical report on the West North-Butte Satellite Properties was authored by Mr. Douglass Graves, P.E. of TREC, Inc. and Mr. Don Woody, P.G. of Woody Enterprises, each an independent "qualified person" as defined by NI 43-101, who have reviewed and verified the technical disclosure provided in this news release. The NI 43-101 technical report has been filed by the Company and will soon be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

About Uranerz

Uranerz Energy Corporation is a pure-play uranium company listed on the American Stock Exchange ("AMEX") and the Toronto Stock Exchange ("TSX") under the symbol "URZ", and is also listed on the Frankfurt Stock Exchange under the symbol "U9E".

Members of the Uranerz management team have specialized expertise in the in-situ recovery ("ISR") uranium mining method, and the Company collectively owns or controls (including through its interest in the Arkose Mining Venture) approximately 122,500 acres (49,575 hectares or 191 square miles) in the Pumpkin Buttes Uranium Mining District of the central Powder River Basin of Wyoming, U.S.A., an area well-known for hosting uranium-mineralized roll fronts often amenable to ISR mining techniques.

The Company has submitted federal and state mining applications to build and operate the Nichols Ranch Uranium ISR Project which, when licensed and constructed, is planned to consist of a central processing facility at the Nichols Ranch property and a satellite facility at the Hank property. Commercial ISR mining in the Powder River Basin has been ongoing since 1987, with production coming from the Smith Ranch-Highland mine currently owned and operated by Cameco Resources Inc. and from AREVA NC's Irigaray-Christensen Ranch ISR mine located in the Pumpkin Buttes uranium mining district (presently on stand-by, but re-start of operations has been announced). Commencement of operations at the Nichols Ranch Uranium ISR Project is dependent on receipt of required regulatory approvals.
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