Uranerz is a U.S. mining company focused on near-term commercial in-situ recovery ("ISR") uranium production, and is currently constructing its first ISR mine in Wyoming. ISR is a mining process that uses a "leaching solution" to extract uranium from sandstone uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming (ISR comprised 41% of world uranium production in 2010).

 

The Company controls a large strategic land position in the Pumpkin Buttes Uranium Mining District of the central Powder River Basin of Wyoming. Uranerz' management team has specialized expertise in the ISR uranium mining method, and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts with Exelon and one other of the largest nuclear utilities in the country for a portion of its planned production.

 

In August 2011, Uranerz commenced construction of its first in-situ recovery ("ISR") uranium mine, called the Nichols Ranch ISR Uranium Project, in the Powder River Basin area of Wyoming, U.S.A. Construction is well underway and is currently on schedule. The Company's focus is on the construction of the processing plant, the office and laboratory, the maintenance facility, and the installation of monitor and production wells required for ISR uranium mining. Six drill rigs are engaged in production well installation.

 

The Company began installing production wells at its Nichols Ranch ISR Uranium Project in Production Area 1 on December 5, 2011, after completing the installation of monitor wells.

 

Casper, Wyoming, May 9, 2013 - Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE MKT and TSX: URZ; Frankfurt: U9E) has released its financial results for the quarter ended March 31, 2013 as filed with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR).

The financial information presented is in accordance with U.S. generally accepted accounting principles. As an Exploration Stage Company without "proven or probable reserves" all costs related to constructing our first mine are expensed as incurred in accordance with the SEC's Industry Guide 7. During the three months ended March 31, 2013, mineral property expenditures totaling $2,790,318 (2012 - $6,365,807) were expensed, including processing facility construction and wellfield expenditures totaling $2,542,436 (2012 - $6,128,020). As of March 31, 2013, the Company has expensed processing facility construction and wellfield expenditures related to our Nichols Ranch ISR Uranium Project totaling $33,576,691 (December 31, 2012 - $31,034,255).

Financial Highlights:

 

Financial Position at	March 31, 2013	December 31, 2012
Cash and cash equivalents	$ 2,745,060	$ 7,016,710
Working capital	$ 1,844,649	$ 5,718,050
Total assets	$ 7,213,543	$ 11,553,494
Current liabilities	$ 1,229,260	$ 2,151,308
Long term debt	$ Nil	$ Nil
Stockholders' Equity	$ 4,366,995	$ 8,207,975

 

Results of operations for the three months ended March 31st

 

	2013	2012
Net Loss	$ 4,080,745	$ 7,774,914
Basic and Diluted Net Loss Per Share	$ 0.05	$ 0.10
Net Cash Used in Operating Activities	$ 4,253,789	$ 6,887,265
Net Cash Used in Investing Activities	$ 17,861	$ 241,429
Net Cash Provided by Financing Activities	$ -	$ 61,359

To review Uranerz' quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2013, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.

About Uranerz

The Nichols Ranch ISR Uranium Project is Uranerz' first ISR mine and is currently under construction. ISR, or in-situ recovery, is a mining process that uses a leaching solution to extract uranium from sandstone-hosted uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming. Uranerz controls a large strategic land position in the central Powder River Basin. The Company's management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.

Further Information

For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at investor@uranerz.com. Alternatively, please refer to the Company's website at www.uranerz.com, review the Company's filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.

Forward-looking Statements

This press release may contain or refer to "forward-looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities laws, which may include, but are not limited to, statements with respect to the Company's expectation that it will commence commercial production at the Nichols Ranch ISR Uranium Project in 2013, and all other statements which describe future activities or express intentions or expectations including without limitation the statement respecting the potential grant by the Wyoming Business Council of a loan to the Company and the Company's expectations regarding the amount and terms of such loan. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements, except as required by law.