Uranerz Announces Fourth Quarter and 2013 Year End Financial Results
14.03.2014 | Marketwire
CASPER, WYOMING -- (Marketwired - Mar 14, 2014) - Uranerz Energy Corp. ("Uranerz" or the "Company") (TSX:URZ) (NYSE MKT:URZ) (FRANKFURT:U9E) has released its financial results for the year ended December 31, 2013 as filed with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR).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 in-situ recovery ("ISR") operations at the Nichols Ranch ISR Uranium Project, located in the Powder River Basin of Wyoming, U.S.A. The initial wellfield and processing facility are now completed, and two deep disposal wells are ready for use. Talented field and operations personnel have been employed and trained for start-up. The Company must complete a pre-operational inspection with the U.S. Nuclear Regulatory Commission prior to the start of uranium recovery operations.
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.
The financial information presented is in accordance with U.S. generally accepted accounting principles. As an exploration stage company without "proven or probable reserves", Uranerz expenses all costs related to constructing its first mine as incurred, in accordance with the SEC Industry Guide 7.
During the twelve months ended December 31, 2013, mineral property expenditures totaling $18,107,003 (2012 - $22,801,376) were expensed, including processing facility construction and wellfield expenditures totaling $16,913,734 (2012 - $21,280,188). As of December 31, 2013, the Company has expensed processing facility construction and wellfield expenditures related to its Nichols Ranch ISR Uranium Project totaling $47,947,989 (December 31, 2012 - $31,034,255).
Financial Position at
| December 31, 2013 | December 31, 2012 | ||||
| Cash and Cash Equivalents | $ | 11,915,676 | $ | 7,016,710 | |
| Working Capital | $ | 11,050,125 | $ | 5,718,050 | |
| Total Assets | $ | 16,948,765 | $ | 11,553,494 | |
| Long Term Debt | $ | 20,000,000 | Nil | ||
| Stockholders' Equity | $ | (6,661,967 | ) | $ | 8,207,975 |
Results of operations for the twelve months ended December 31st
| 2013 | 2012 | |||
| Net Loss | $ | 26,271,275 | $ | 28,974,449 |
| Basic and Diluted Net Loss Per Share | $ | 0.33 | $ | 0.38 |
| Net Cash Used in Operating Activities | $ | 23,286,877 | $ | 27,668,269 |
| Net Cash Used in Investing Activities | $ | 328,405 | $ | 439,690 |
| Net Cash Provided by Financing Activities | $ | 28,514,248 | $ | 479,924 |
To review Uranerz' annual report on Form 10-K for the fiscal year ended December 31, 2013, including its management discussion and analysis, please visit the Company's website at www.uranerz.com, the U.S. Securities and Exchange Commission website at www.sec.gov, or the Company's profile on SEDAR at www.sedar.com.
About Uranerz
Uranerz Energy Corp. is a U.S.-based uranium company. The Company's Nichols Ranch ISR Uranium Project is its 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.
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 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.
Contact
Uranerz Energy Corp.
Derek Iwanaka, Manager of Investor Relations
1-800-689-1659
investor@uranerz.com
www.uranerz.com