Powder River Basin drilling program initiated by Uranerz

April 20, 2010

Source: Uranerz Energy Corporation

Uranerz Energy Corporation (URZ) announced the initiation of the 2010 exploration drilling program with two rotary rigs now turning at its advanced-stage uranium projects in the central Powder River Basin of Wyoming. This year's program will focus on identifying new uranium mineralization trends, further delineating known trends, and defining additional uranium resources. The scope of the program will comprise up to 400 drill holes with depths averaging approximately 700 feet.

Uranium mineralization in the PRB occurs along alteration-reduction trends and is frequently composed of multiple, stacked roll fronts that often contain associated uranium mineralization amenable to in-situ recovery ("ISR") mining techniques. Thus far, Uranerz has identified over 300 miles of alteration-reduction trends on its project areas. The Company plans to complete confirmation drilling on properties that are already in the NI 43-101 report-preparation process. The exploration drilling program is then expected to continue in the East Buck area of the Pumpkin Buttes District where a number of prospective targets have been identified.

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