Uranerz Submits License Application for Third Powder River Basin Mining Unit

CASPER, WYOMING -- (Marketwired - May 21, 2014) - Uranerz Energy Corp. ("Uranerz" or the "Company") (TSX:URZ) (NYSE MKT:URZ) (FRANKFURT:U9E) is pleased to announce that it has submitted the source material license amendment application for its Jane Dough unit to the U.S. Nuclear Regulatory Commission ("NRC"). The Jane Dough permit area, located in the Central Powder River Basin of Wyoming, U.S.A., is contiguous to and immediately south of the Company's wholly owned Nichols Ranch unit which recently commenced in-situ recovery ("ISR") uranium mining operations.

Uranerz is applying to add the Jane Dough unit as an amendment to the existing license for the Nichols Ranch ISR Uranium Project, which includes the Nichols Ranch and Hank units. In this area of the Powder River Basin, uranium mineralization commonly follows along oxidization-reduction ("redox") boundaries and these boundaries at the Nichols Ranch unit continue southward through the Jane Dough unit (see Figure 1 below). Due to the close proximity of these two units, the Company expects to install only the wellfields at Jane Dough and will transfer mining solutions to and from the processing plant at the Nichols Ranch unit through pipelines. This operational configuration should avoid the expense of constructing a separate satellite plant at Jane Dough, resulting in considerable savings in capital and time, and should serve to greatly enhance the project economics and extend the mine life at the Nichols Ranch facility.

Paul Goranson, President and Chief Operating Officer, stated, "Now that the Nichols Ranch facility is fully operational, we see the Jane Dough unit as being the next project to be developed. Given that this application is being filed as an amendment to the existing Nichols Ranch ISR Uranium Project license, we expect to see considerable time savings in the NRC review and approval process."

The Jane Dough unit was formed by combining the Doughstick, South Doughstick and North Jane uranium properties. Jane Dough is one of several advanced-stage projects within the Uranerz portfolio that has yet to be developed. The Company has reported NI 43-101 resources for six projects which include Nichols Ranch, Jane Dough, Hank, Reno Creek, West North-Butte and North Rolling Pin. National Instrument 43-101 reports have been prepared for the three properties that comprise the Jane Dough unit and the resource information is summarized in the table below:

Property Name(1)	Pounds eU3O8 Measured(2)	Average Grade % eU3O8	Pounds eU3O8 Indicated(2)	Average Grade % eU3O8	Pounds eU3O8 Measured & Indicated(2)	Average Grade % eU3O8
South Doughstick	583,684	0.122	1,268,989	0.120	1,852,673	0.121
Doughstick	112,140	0.074	407,603	0.074	519,743	0.074
North Jane	117,413	0.103	245,580	0.088	362,993	0.092
TOTALS	813,237		1,922,172		2,735,432	0.108
(1) Some of the properties included in the table above are owned by the Arkose Mining Venture and some are owned 100% directly by Uranerz. Uranerz owns an 81% interest in the Arkose Mining Venture and is the project operator. The pounds included in this table are directly attributable to Uranerz.
(2) The estimated mineral resources above are based on a grade range of >0.01% to 2.65% with a grade cut-off of 0.03% and grade-thickness ("GT") cut-off of 0.20. GT represents grade multiplied by the thickness and is calculated by multiplying eU3O8 grade (in percent) by gamma anomaly thickness (in feet) as determined from down-hole radiometric probing. For example, a drill hole that has 10 feet of 0.10% uranium mineralization has a GT of 1.0 and would be considered a good hole by ISR mining standards.

To view "Figure 1: Jane Dough Map" accompanying this press release, please visit the following link:
http://media3.marketwire.com/docs/947177.pdf


About Uranerz

Uranerz Energy Corp. is a U.S.-domiciled uranium company. The Company's Nichols Ranch unit is its first ISR uranium 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 (+79,000 acres). 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.

The disclosure of a scientific or technical nature contained in this news release was approved by Bruce Larson, Uranerz' Vice President, Exploration and Geology, who is a qualified person for the purpose of National Instrument 43-101.


Cautionary statement

All mineral resources disclosed in this press release and in the NI 43-101 technical reports referenced herein have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as "NI 43-101". The NI 43-101 technical reports referred to herein include estimations of potential mineral resources for further development by the issuer, disclosed pursuant to the applicable provisions of NI 43-101. As a company listed on the TSX, we are required by Canadian law to provide disclosure in accordance with NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the Industry Guide 7 ("Guide 7") of the U.S. Securities and Exchange Commission (the "SEC"). NI 43-101 and Guide 7 standards are substantially different. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101. These definitions differ from the definitions in Guide 7. Under Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

This press release and the NI 43-101 technical reports referenced herein use or may use the terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource", "potential uranium exploration target", "potential mineral resource", "potential mineral deposit" and "potential target mineral resource". We advise investors that these terms are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into Guide 7 reserves. "Potential target mineral resources" are strictly uncertain as to their existence, and strictly uncertain as to their economic and legal feasibility. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a potential target resource or an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of any mineral resource exists or is economically or legally mineable. Disclosure of "contained pounds" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures.


Forward-looking statements

This press release contains or refers to "forward-looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities laws, which may include, but is not limited to, statements with respect to the Company's expectations that it will install only wellfields at Jane Dough and will transfer mining solutions to the Nichols Ranch processing plant through pipelines, the Company's projection that there will be considerable savings in capital and time and that the economics and mine life of Nichols Ranch will be enhanced or extended, the Company's expectation that there will be considerable time savings in the NRC review and approval process, and all other statements expressed in the future tense or setting out expectations, plans or projections, as well as all resource estimates, and descriptions of future permitting and development activities and planned exploration and drilling programs. 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