Uranerz Files NI 43-101 Technical Report on Potential Uranium Exploration Target for Arkose Property

Market Wire, February, 2008

Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX: URZ)(AMEX: URZ)(FRANKFURT: U9E) is pleased to announce, in connection with its January 15, 2008 acquisition of the Arkose Property, that an independent National Instrument 43-101 technical report for the Arkose Property (the "NI 43-101 Technical Report") has been filed by Uranerz and will soon be available on the System for Electronic Document Analysis and Retrieval ("SEDAR"). The NI 43-101 Technical Report presents an estimate of the potential uranium exploration target on the Arkose Property pursuant to NI 43-101, Section 2.3(2), which states that, subject to the provisions thereof, an issuer may disclose the potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of further exploration by the issuer. Based on a conceptual model developed by the Authors of the NI 43-101 Technical Report, the potential exploration target of uranium mineralized alteration-reduction fronts is approximately 105 miles and, in aggregate, has the potential to contain from 41 million to 79 million pounds of U308 at a potential grade ranging from 0.059% to 0.114%. Alteration-reduction trends in the Powder River Basin of Wyoming are typically composed of multiple, stacked roll front deposits that often contain associated uranium mineralization amenable to in-situ recovery (ISR) mining techniques.

Investors are cautioned that the potential quantity and grade described in the NI 43-101 Technical Report is conceptual in nature and does not meet the NI 43-101 classification of "measured", "indicated" or "inferred" mineral resources as defined by NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definitions Standards incorporated by reference therein, and that the potential quantity and grades presented are based on a lower level of certainty than the "inferred" mineral resource category of NI 43-101. There has been insufficient exploration to define a NI 43-101 categorized "inferred", "indicated" or "measured" mineral resource on the Arkose Property, and it is uncertain if further exploration will result in the target being delineated as such a categorized mineral resource. Further, no economic evaluation of the potential uranium exploration target for the Arkose Property was completed by the Authors. U.S. investors are referred to the cautionary statement below for further cautionary information regarding mineral "reserves" as defined under United States securities laws.

The NI 43-101 Technical Report was authored by Mr. Douglass Graves, P.E. of TREC, Inc. and Mr. Don Woody, P.G. of Woody Enterprises (collectively, the "Authors"), each an independent "qualified person" as defined by NI 43-101 who have reviewed and verified the technical disclosure provided in this news release.

On January 16, 2008, Uranerz announced the closing of its acquisition of an undivided eighty-one percent (81%) interest in approximately 82,200 acres (33,266 hectares) of property in the central Powder River Basin of Wyoming, U.S.A. (collectively, the "Arkose Property") and the related formation of the "Arkose Mining Venture" pursuant to which Uranerz will be the operator of the Arkose Property. The Arkose Property is located in close proximity to the Company's 100% owned properties in the Powder River Basin, including adjacent Collins Draw and Doughstick and other nearby properties that have been the subject of the Company's recent exploration efforts.

The Company, as operator of the Arkose Mining Venture, has not yet completed its own exploration of the Arkose Property. However, the Authors utilized gamma log data from Coal Bed Methane exploration/production wells and various other sources of data and information obtained from geologic investigations from within and around the Arkose Property (as described in the filed NI 43-101 Technical Report) to develop a conceptual model believed to provide a reasonable approach to estimating the potential uranium exploration target based on available data. The conceptual model was used to identify mineralized trend fronts (areas of uranium mineralization) and estimate potential mineralization parameters such as potential grade, trend width and quantity of uranium along these fronts.

As manager/operator of the Arkose Property, the Company has developed an aggressive 2008 exploration drilling program to commence drilling to confirm the potential exploration target and establish NI 43-101 categorized mineral resources on the Arkose Property. A portion of the initial drilling program will be targeted to explore resource and mineralization extensions near or adjacent to at least three Uranerz projects known to have uranium mineralization: Nichols Ranch, Doughstick and Collins Draw. Uranerz plans to operate up to five drill rigs and two electric log probing units on the Arkose Property and anticipates that each drill rig could drill two 600-foot holes per day for a total of approximately 1,500 holes during the year, or 900,000 feet of total exploration drilling. The Arkose Property technical committee has recently approved this 2008 program. The Authors are of the opinion that the Arkose Property has merit and warrants the proposed 2008 exploration drilling program. Investors are referred to the entirety of the NI 43-101 Technical Report filed on the Company's profile on SEDAR at www.sedar.com for further details and information.