Uranerz Announces Initiation of Wyoming Drilling Program

Uranerz Announces Initiation of Wyoming Drilling Program

Uranerz Energy Corporation, a pure-play uranium exploration and development company, is pleased to announce the initiation of its Wyoming drilling program. This drilling program commenced on the Company’s Powder River Basin uranium projects, where the first task will be to perform routine maintenance on three hydrogeologic wells at the Hank property preparatory to an aquifer pump test planned for spring 2007. This maintenance is to improve the efficiency and performance of the wells since they were drilled in the summer of 2006. The Company then plans to start exploration drilling on the Hank project.

It is planned that the drilling equipment will then move to the Nichols Ranch area where well field pre-development drilling will be performed to assist with finalizing the well field design needed for the Department of Environmental Quality “permit to mine” application.

Uranerz Energy then plans to move the drill rig to the Collins Draw project to provide more information on the mineralization in that area, primarily to identify the directional strike and length of the oxidation reduction (front) boundaries. The equipment will then be moved to the Doughstick area to assess the potential of the west leg front, and upgrade mineralization categories on the east front. Once the Powder River Basin drilling is complete the rig will be moved to the Great Divide Basin to concentrate on the Cyclone Rim uranium mineralized fronts.

Uranerz continues to stake additional ground in the Powder River Basin where historic information indicates the presence of additional mineralization trends. Once the drilling is completed at the Cyclone Rim area the rig will return to the Powder River Basin to confirm the presence and strength of trends in the newly staked areas.

“The commencement of our Wyoming drilling program follows last summer’s encouraging intercepts from the Hank, Nicholls Ranch and Doughstick properties in the Powder River Basin. Our 2007 drill plans will maximize our time, efforts and resources so that we can move rapidly towards our exploration and development goals in this region,” stated George Hartman, Chief Operating Officer.

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.


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.

Contacts: Uranerz Energy Corporation Dennis Higgs Investor Relations 1-800-689-1659

Website: www.uranerz.com

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