Uranerz Energy Corporation: Corporate Update

Uranerz Energy Corporation ("Uranerz") (OTCBB: URNZ)(FWB:U9E) is pleased to announce that it has opened its new office in Casper, Wyoming. The Casper office will be Uranerz' main base for its U.S. activities, and will also serve as the field office for Wyoming operations.

The process of hiring staff to work out of the Casper office is underway. Uranerz is pleased to announce the hiring of Mike Thomas to fill the position of Manager, Environment and Safety. Mr. Thomas will work out of the company's Casper, Wyoming office. He has a bachelor's degree in chemical engineering (with environmental emphasis) from the University of Wyoming, and has nine years of work experience in the Wyoming mining industry. Most recently he was the Safety Director at Monsanto's coke calcining plant in Rock Springs, Wyoming. Prior to his job at Monsanto, he spent eight years working at FMC's conventional and in-situ leach soda ash mine in southwest Wyoming. While working at FMC he had considerable experience in water chemistry, and he holds a Level One Water Distribution license from the State of Wyoming.

Mr. Thomas' chemical engineering degree with environmental emphasis, and his extensive water chemistry experience are particularly well suited to the environmental permitting and permit compliance for uranium in-situ recovery mines. Documentation of baseline groundwater quality, and restoration of the groundwater quality following in-situ recovery mining operations are critical aspects of this type of mining. Mr. Thomas' education and experience will allow Uranerz to efficiently and properly restore the water quality following recovery operations in each well field. His primary initial responsibility is to direct and manage the preparation of the commercial state and federal permit applications for specific Uranerz uranium properties located in the Powder River Basin of Wyoming. He will also immediately put in place a safety program for the company's exploration and environmental field activities as safety of employees and the public is of the highest priority at Uranerz.

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 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 Wyoming uranium properties are advanced, and the Company has initiated environmental licensing and mine planning for the development of two of these projects, with the possibility of adding a third property in the near future.

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.

Contacts: Uranerz Energy Corporation Glenn Catchpole President and CEO 604) 689-1659 or Toll Free: 1-877-662-8308 (604) 689-1722 (FAX) www.uranerz.com