Uranerz Announces Fourth Quarter and 2011 Financial Results

Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE Amex and TSX: URZ; Frankfurt: U9E) has released its financial results for the year ended December 31, 2011 as filed with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR).

Uranerz is building its first in-situ recovery ("ISR") uranium mine, called the Nichols Ranch ISR Uranium Project, in the Powder River Basin area of Wyoming, U.S.A. Construction of the central processing plant and installation of the environmental monitor and production wells for ISR mining are proceeding on schedule. Construction has continued throughout the winter, and completion is expected in the second half of 2012.

Annual Financial Results Highlights:

Financial Position at December 31, 2011

Results of Operations:

The financial information presented is in accordance with U.S. generally accepted accounting principles. To review Uranerz' annual report on Form 10-K for the year ended December 31, 2011, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.

About Uranerz
Uranerz is a U.S. mining company focused on near-term commercial in-situ recovery ("ISR") uranium production, and is currently constructing its first ISR mine in Wyoming. ISR is a mining process that uses a "leaching solution" to extract uranium from sandstone uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming (ISR comprised 41% of world uranium production in 2010). The Company controls a large strategic land position in the Pumpkin Buttes Uranium Mining District of the central Powder River Basin of Wyoming. Uranerz' management team has specialized expertise in the ISR uranium mining method, and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.