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, January 9, 2014 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE MKT and TSX: URZ; Frankfurt: U9E) is pleased to report that it has completed the infrastructure, electrical hook up and initial testing of two deep disposal wells which are now ready for use at the Nichols Ranch ISR Uranium Project, located in the Powder River Basin of Wyoming, U.S.A. The Company is also in receipt of all permits and approvals for their operation. The two deep disposal wells were required to be operational prior to commencement of uranium recovery operations. The deep disposal wells will be used to remove non-hazardous liquids from the in-situ recovery ("ISR") uranium mining process.
The Company's primary focus over the past year has been on construction of the processing facility and installation of the monitor, production, and deep disposal wells for ISR operations at Nichols Ranch. The initial wellfield and processing facility are now substantially completed. Final adjustments are being made to the automated control systems. Talented field and operations personnel have been employed and are carrying out start-up training. The Company must complete a pre-operational inspection with the U.S. Nuclear Regulatory Commission prior to the start of uranium recovery operations. Completion of this inspection is expected in time to allow uranium production to commence in the first quarter of 2014.
The Nichols Ranch facility will serve as a platform for the potential future development of the Company's other Powder River Basin properties with possible enhanced economics for adjacent and satellite projects.
Uranerz Energy Corporation is a U.S.-based uranium company. The Nichols Ranch ISR Uranium Project is Uranerz' first ISR mine. ISR, or in-situ recovery, 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. 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.
For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at firstname.lastname@example.org. 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.
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 expectations that it will satisfy the requirements of the NRC's pre-operational inspection and commence mining operations at Nichols Ranch in the first quarter of 2014, that the Nichols Ranch project will serve as a platform for future development of the Company's other Powder River Basin properties with possible enhanced economics, and all other statements which are in the future tense or which describe future activities or express intentions or expectations. 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.