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2007February 08, 2007Powder River Basin Property Acquisitions ClosedUranerz Energy Corporation is pleased to announce the closing of the acquisition of three separate uranium properties located in northeast Wyoming in the central portion of the Powder River Basin. The three properties are named West Flank, North Rolling Pin and C-line. The locations of these three properties are adjacent to, or nearby, mining claims already owned by Uranerz Energy, including our West North Butte, Nichols Ranch, Hank, and Doughstick properties, thus providing synergistic opportunities for potential in-situ recovery mining. The surface area covered by these acquisitions is on land already covered by Uranerz Energy's surface use agreement with the rancher.

All three of these properties were originally staked in the late 1960s and considerable exploration was performed on them during the late 1970s and early 1980s by the Cleveland-Cliffs Iron Company. Uranerz Energy has much of these data, which leads us to believe significant value is present on the properties. It is known that uranium mineralization is present in at least four different stratagraphic zones on the West Flank property. The total purchase price for the acquisition of the three properties was $3,120,000.

Uranerz Energy Corporation is engaged in the acquisition, exploration and development of properties in the uranium sector, with the goal of becoming a mid-tier producer of uranium. The Company has an experienced team of ten mining personnel who were former officers, senior management and employees of the original Uranerz Exploration and Mining Limited and related companies (the "Uranerz Group"). The Uranerz Group was acquired in 1998 by Cameco, the world's largest primary uranium producer.

Uranerz Energy Corporation's management team has expertise in the in-situ recovery mining method and has direct experience in licensing, designing, constructing or operating seven separate in-situ recovery uranium mines located in Wyoming, Texas, Nebraska, and Kazakhstan. The Company's Powder River Basin uranium properties are advanced, and the Company has initiated environmental licensing and mine planning for the development of two of these projects.

Uranerz Energy Corporation also has uranium properties in Saskatchewan (Canada), Mongolia, and the Great Divide Basin of Wyoming. The Canadian, Mongolian and Great Divide Basin uranium properties are in the exploration stage and Uranerz has joint ventured these projects to other companies as a means of reducing its exploration risk. These projects are operated and funded by our joint venture partners.

To obtain more information, contact investor relations at Uranerz, telephone 1-800-689-1659, or visit our web site at www.uranerz.com .

ON BEHALF OF THE BOARD

"Glenn Catchpole"

Glenn Catchpole
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 or 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;
(iv) the lack of presence of commercial mineralization on its properties; and
(v) the inability of the Company to establish commercial deposits or reserves of uranium 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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