Uranerz discovers new uranium trend in the Powder River basin
CASPER, WYOMING–(Marketwire – June 21, 2012) – Uranerz Energy Corporation (TSX:URZ)(NYSE Amex:URZ)(NYSE MKT:URZ)(FRANKFURT:U9E) ("Uranerz" or the "Company") is pleased to announce that recent drill results from the 2012 exploration drilling program have confirmed the discovery of a new uranium trend at the Monument project in the Powder River Basin, Wyoming, U.S.A. The Monument project is proximal to the Company's other projects in the Powder River Basin. A total of 30 new uranium trend and delineation holes were drilled in a single section of the Monument project area. The 30 new holes followed up on the 48 widely spaced exploration holes drilled last year throughout the Monument area. A total of 120 exploration holes are planned for 2012.
Selected best drilling results from 2011 & 2012 are provided below:
|Hole Number||Thickness (ft)||Grade % *||GT **||Depth (ft to top)|
|22 – 2011||5.5||0.365||2.01||852|
|31 – 2012||14.0||0.074||1.04||857|
|33 – 2012||10.5||0.108||1.13||841|
|53 – 2012||25.0||0.159||3.98||845|
|55 – 2012||15.0||0.049||0.74||852|
|56 – 2012||14.5||0.075||1.09||865|
* All exploration 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.
"We are very pleased to see the level of mineralization at this stage of the exploration drilling in the Monument project area," said Kurtis Brown, the Company's Sr. Vice President, Geology & Development.
Drilling on the Monument project began in April on the Arkose Mining Venture property, a joint venture between the Company (81%) and United Nuclear, LLC (19%). The Monument project is located approximately 15 miles southeast of the Nichols Ranch project where the Company is building its first ISR uranium mine. Please see Figure 1 below for the location of the Monument project.
To view "Figure 1: Powder River Basin Property Map" accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/urz621.pdf
Mr. Kurtis Brown is a "qualified person" as defined by Canadian National Instrument 43-101. He has reviewed the technical disclosure related to the Company's results that are provided in this news release.
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 (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.
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 the Company's exploration results, 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.