Uranerz Announces First Quarter 2012 Financial Results

CASPER, WYOMING -- (Marketwire) -- 05/09/12 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX: URZ)(NYSE Amex: URZ)(FRANKFURT: U9E) has released its financial results for the quarter ended March 31, 2012 as filed with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR).

Uranerz is building 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 of the central processing plant and installation of the environmental monitor and production wells for ISR mining are proceeding on schedule for targeted completion in late 2012. Concurrently, the Company is pursuing the final authorizations required for commencement of uranium production, including the permit for waste water disposal facilities.

Quarterly Financial Results Highlights:
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Financial Position at March 31, 2012

  Cash and cash equivalents                        $ 27,577,410
  Working capital                                  $ 25,202,084
  Total assets                                     $ 47,941,664
  Current liabilities                              $  3,344,887
  Long term debt                                   $        Nil
  Stockholders' Equity                             $ 43,940,045

Results of operations for three months ended March 31
                                                           2012         2011
                                                    -----------  -----------

Net Loss                                           $  1,706,920 $  5,260,710
Basic and Diluted Net Loss Per Share               $       0.02 $       0.07
Net Cash Used in Operating Activities              $  2,035,366 $  2,091,839
Net Cash Used in Investing Activities(i)           $  5,093,328 $    404,899
Net cash Provided by Financing Activities          $     61,359 $ 13,453,046

(i)Capital assets including mine construction

The financial information presented is in accordance with U.S. generally accepted accounting principles. To review Uranerz' quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2012, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.

About Uranerz

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 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 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 the projection as to the completion date of the central processing plant and all other statements setting out projections or estimates or describing future plans 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.

Contacts:

Uranerz Energy Corporation

Derek Iwanaka

Manager of Investor Relations

(604) 689-1659 or Toll-Free: 1-800-689-1659

(604) 689-1722 (FAX)
investor@uranerz.com
www.uranerz.com