News2006April 27, 2006Mongolian Field Season CommencedUranerz Energy Corp. is pleased to announce that it has been notified by its joint venture partner, Bluerock Resources Ltd. that the Mongolian joint venture field season has commenced. The Mongolian joint venture projects consist of eight properties subdivided into four regional groups. The exploration targets range from an advanced-stage deposit with a historical resource of 5.2 million pounds U3O8, to exploration targets in highly prospective Cretaceous and Neocene basins.
Uranerz has been informed that:
• At the newly opened Exploration Office in Ulaanbataar, the Bluerock employees and contactors are assembling trenching and drill equipment for a comprehensive summer program;
• An initial field visit in early April confirmed the potential of the Khavtsal Project where work will target the delivery of a N.I. 43-101-compliant resource; and
• Work continues on the other seven exploration properties which are targeted for focused geophysical and scout drilling programs.
Under the terms of the agreement, which is subject to regulatory approval, Bluerock is to issue 150,000 Bluerock Resources Ltd. shares to Uranerz and make cash payments of US $205,000 over the four-year earn-in period. Bluerock has the option to earn a 55% interest in these projects by spending US $3,000,000 on the properties over four years. The work program during this period will be managed by Bluerock. Uranerz retains the right to earn back 6% of the joint venture by spending US $300,000, at which time a Joint Venture would be formed with Uranerz holding 51% and Bluerock holding 49%. Uranerz Energy Corporation looks forward to an aggressive exploration season carried out by Bluerock.
The joint venturing of the exploration of these Mongolian projects will allow Uranerz to focus on its more advanced Wyoming projects, many of which have known uranium resources and have the potential of being mined by the low cost in-situ leach mining method. Uranerz has initiated environmental licensing and mine planning for the development of two of its Wyoming projects, with the possibility of adding a third property in the near future.
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 and business plan 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.
For more information contact the Company at 604-689-1659 or 877-662-8308. 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
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.
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