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Powder River Basin Uranium Resources


Uranerz Energy Corporation has reported NI 43-101 uranium resources for seven of its over 30 uranium projects in the Powder River Basin area of Wyoming, U.S.A. The table below shows the Company's total estimated uranium resources as of October 14, 2010, on those seven projects.

Table 1. Uranerz Attributable NI 43-101 Resources(1,2,3,4,5)

Property Name

Pounds eU3O8 Measured & Indicated

Average Grade
% eU3o8

Pounds eU3o8 Inferred

Average Grade
% eU3o8

Date of 43-101 Report or Update

Reno Creek

4,292,948

0.056

142,167

0.039

October 13, 2010

South Doughstick

1,852,673

0.121

153,337

0.096

February 25, 2010

Doughstick Properties

882,736

0.081

86,909

0.055

January 26, 2010

Nichols Ranch

2,949,546

0.114

-

-

June 5, 2009

Hank

2,236,050

0.123

246,753

0.087

May 1, 2008

West
North-Butte

2,837,015

0.153

2,681,928

0.120

December 9, 2008

North Rolling Pin

664,521

0.058

32,522

0.042

June 4, 2010

TOTALS

15,715,489

0.103

3,343,616

0.111

 

  1. These estimates meet the "measured", "indicated" or "inferred" mineral resources classifications as defined by National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definitions Standards incorporated by reference therein.
  2. These mineral resource estimates are based on a grade range of <0.01% to 2.65% with a grade cut-off of 0.03% and grade-thickness(1) ("GT") cut-off of 0.20.
  3. GT represents grade multiplied by the thickness and is calculated by multiplying eU3O8 grade (in percent) by gamma anomaly thickness (in feet) as determined from down-hole radiometric probing. For example, a drill hole that has 10 feet of 0.10% uranium mineralization has a GT of 1.0 and would be considered a good hole by ISR mining standards.
  4. The pounds included in this table are directly attributable to Uranerz.
  5. The South Doughstick and Doughstick properties (including the North Jane property) have been combined and are now called the Jane Dough Unit for permitting purposes.
Cautionary Note to U.S. Investors

The mineral resource information provided herein is a Canadian law requirement of National Instrument 43-101. The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this summary such as "measured," "indicated," and "inferred" "resources", which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml
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