Uranerz Energy Corporation: Closing of Private Placement

Business Wire,  March 17, 2006  

Tags: Uranerz Energy Corp.

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VANCOUVER, British Columbia -- Uranerz Energy Corporation ("Uranerz") (OTCBB:URNZ)(FWB:U9E) is pleased to announce that it has closed a private placement of 7,140,000 units at a price of $1.00 per unit for total gross proceeds of $7,140,000. Each unit is comprised of one share of the Corporation's common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional share for a period of two years at an exercise price of $1.75 per share in the first year and at an exercise price of $2.50 in the second year. The Company has issued 7,140,000 shares and 3,570,000 warrants. Uranerz has also paid a commission on a portion of the funds raised from the sale of the units. In aggregate the Company has paid total commissions in cash of $88,660 and issued 178,750 units. There are now 29,313,750 shares issued and outstanding and there is over $8 million in the Company's treasury.

Uranerz Energy Corporation is a natural resource company engaged in the acquisition, exploration and development of properties in the uranium sector. The Company's goal is to produce uranium. The Company has an experienced team of mining executives, many of whom are former senior management and employees of the original Uranerz Exploration and Mining group of companies. This team has direct experience in licensing, designing, constructing and operating several separate in-situ leach uranium mines. The Company also has an Advisory Board that consists entirely of ex-Uranerz Exploration and Mining professionals. Uranerz Exploration and Mining was acquired by Cameco, the world's largest primary uranium producer, in 1998.

Currently, Uranerz has uranium properties in Wyoming (USA), Saskatchewan (Canada) and Mongolia. The Wyoming uranium properties are advanced, and the Company has initiated environmental licensing and mine planning for the development of three of these projects. Uranerz has hired a full-time geologist and is planning to hire a full-time environmental permitting specialist in the near future. The Company plans for these individuals to work out of the Uranerz office in Casper, Wyoming.

The Canadian and Mongolian uranium properties are in the exploration stage, and Uranerz has joint ventured these projects to other companies to minimize Uranerz Energy's exploration risk.

The Company has a web site at www.uranerz.com. However, the web site is currently being redesigned and may not be up to date.

ON BEHALF OF THE BOARD

Glenn Catchpole, President and CEO

This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are:

(i) the inability of the Company to complete the acquisition of any interest in any new mineral exploration properties;

(ii) the inability of the Company to achieve the financing required to pursue the acquisition of exploration of any new mineral properties;

(iii) the inability of the Company to raise the financing necessary to conduct exploration or development of its properties; and

(iv) the presence of commercial mineralization on its properties.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Uranerz Energy Corporation (OTC Bulletin Board:URNZ) (FRANKFURT:U9E)

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