Uranerz Energy Corporation

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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.