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Uranerz Reports Production Well Installation Update

Casper, Wyoming, January 18, 2012 - Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE Amex: URZ and TSX: URZ; Frankfurt: U9E is pleased to report that it has received good uranium grades in holes drilled for well-field installation. "Although we were aware of the grade of mineralization in Production Area 1 from our previous exploration and delineation drilling, we are very pleased to find the level and extent exceeds our original expectations", said Kurtis Brown, the Company's Sr. Vice President, Geology and Development.

The Company began installing production wells at its Nichols Ranch ISR Uranium Project in Production Area 1 on December 5, 2011, after completing the installation of monitor wells. Drilling began with three rigs and ramped up to six rigs by months end. A total of 34 production well casings had been installed through January 12. The wells are being installed in modified 5-spot patterns. Before casing, the Company uses geophysical technology to log each hole drilled to determine the productive zone at each location. The northern end of Production Area 1 is located in the 'nose' area of the Nichols Ranch permit boundary.

Selected drilling results from the 34 cased wells and 2 associated infield monitor wells are provided below:

Well Number	Thickness (ft)	Grade% *	GT**	Including (best thickness/grade%*)
A1	14.0	0.432	6.05	4.5' of 0.87% with 1.0' of 2.08%
A4	7.5	0.316	2.37	2.0' of 0.77%
A7	6.0	0.794	4.76	1.0' of 3.85%
B5	11.5	0.210	2.42	2.0' of 0.73%
B6	8.5	0.275	2.34	3.5' of 0.48%
B15	8.5	0.754	6.41	2.5' of 1.99% with 1.0' of 4.08%
B18	11.0	0.160	1.76	1.0' of 0.61%
MPN 2	10.0	0.390	3.90	5.0' of 0.66%
MPN 8.1	8.0	0.931	7.45	4.5' of 1.45% with 1.0' of 2.52%

* All well pilot holes are electric logged with a standard suite of logs including resistivity, self-potential, and natural gamma expressed as eU₃O₈. eU₃O₈ is the equivalent (e) to chemical U₃O₈ when the ratio of uranium to its decay daughter products is equal to 1. The gamma detection instruments are calibrated in the Casper, Wyoming, US Department of Energy test pits every 60 days.

** 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.

Mr. Kurtis Brown is a "qualified person" as defined by Canadian National Instrument 43-101 and oversees the Company's well installation programs. He has reviewed the technical disclosure related to the Company's results that are provided in this news release.

About Uranerz

Uranerz is a U.S. mining company focused on near-term commercial in-situ recovery ("ISR") uranium production, and 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. The Company controls a large strategic land position in 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.

Further Information

For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at investor@uranerz.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.

Forward-looking Statements

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 development drilling programs, 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.