Uranerz Announces Third Quarter Financial Results
Casper, Wyoming, November 10, 2011 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE Amex: URZ and TSX: URZ; Frankfurt: U9E) has released its financial results for the third quarter ended September 30, 2011 as filed with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR).
Uranerz recently commenced construction of its first uranium mine, the Nichols Ranch ISR Uranium Project, and is continuing its exploration programs in the Powder River Basin of Wyoming.
Third Quarter Highlights:
During the third quarter of 2011 the Company:
- commenced construction on the Nichols Ranch production facility;
- installed 39 monitor wells at the Nichols Ranch property;
- constructed a bulk cement silo and acquired ancillary service equipment;
- hired four new employees for well-field development at Nichols Ranch;
- purchased well-field construction equipment;
- continued preparation of permit applications for a third mining unit (Jane Dough); and
- drilled a total of 186 uranium exploration holes for a total of 140,000 feet, with three drill rigs.
|Financial Results Highlights:|
Financial Position at September 30, 2011
|Cash and cash equivalents||$||41,030,981|
|Long term debt||$||0|
|Results of Operations:|
|Net Income (Loss) (Three Months)||$||(2,113,094||)||$||(4,063,598||)|
|Basic and diluted (Loss) per share (Three Months)||$||(0.03||)||$||(0.06||)|
|Net cash used in operating activities(Nine Months)||$||(6,772,101||)||$||(8,562,245||)|
|Net cash used in investing activities (Nine Months)||$||(3,401,863||)||$||8,622,618|
|Net cash provided by financing activities (Nine Months)||$||14,767,575||$||597,558|
The financial information presented is in accordance with U.S. generally accepted accounting principles. To review Uranerz' quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2011, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.
Uranerz is a U.S. mining company focused on near-term commercial in-situ recovery ("ISR") uranium production which 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.
For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at email@example.com. Alternatively, please refer to the Company's website at www.uranerz.com, review the Company's filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.
This press release may contain or refer to "forward-looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities laws, which may include, but are not limited to, statements with respect to its exploration and construction plans, all statements setting out projections or estimates or describing future plans or expectations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements, except as required by law.