Uranerz Initiates Drilling on Arkose Property

Market Wire, March, 2008

Cautionary Statement regarding "Forward-Looking" Information and Statements

This news 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, statements with respect to potential uranium exploration targets, future exploration and drilling programs and results, and planned permitting activities, as well as resource estimates, projections, the Company's exploration, and other plans, projections, estimates and 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 United States Securities and Exchange Commission (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.

Contacts: Uranerz Energy Corporation Lloyd Jacobs Investor Relations 1-800-689-1659 Website: www.uranerz.com