Uranerz Energy Corporation (URZ)

[hardcore holly]

Uranerz Receives Draft NRC Materials License for Nichols Ranch ISR Project

CASPER, WYOMING--(Marketwire - 11/23/10) - Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX:URZ - News)(AMEX:URZ - News)(Frankfurt:U9E - News) is pleased to announce that the United States Nuclear Regulatory Commission ("NRC") has issued in draft form the Materials License Number SUA-1597 to the Company on its Nichols Ranch In-Situ Recovery ("ISR") Project located in Campbell and Johnson Counties, Wyoming, U.S.A.

The draft Materials License is a fundamental step in obtaining the final NRC Materials License that, along with the State of Wyoming Permit To Mine, currently in the final stages of approval, will allow the Company to develop its first ISR uranium mine in Wyoming. "The issuance of this critical document indicates substantial progress in the permitting process," stated George Hartman, Uranerz Chief Operating Officer. "We are now preparing to initiate the construction stage."

The issuance of the NRC Materials License in draft form allows the Company to review the document to determine if there have been any material errors or omissions, or if there are any operational, procedural, monitoring or reporting requirements in the draft Materials License that are contrary to the requirements stated in the Company's current revised application on file with the NRC. If there are material differences in the requirements between those stated in the draft Materials License and those stated in the revised application, the Company will have the opportunity to discuss these differences with the NRC and come to a mutually acceptable resolution. After the draft Materials License review process is completed and thirty days after the final Supplemental Environmental Impact Statement is published, the NRC can then issue the final Materials License for the Nichols Ranch ISR Project; however, there can be no assurance as to when or if the NRC will issue the final Materials License for the Nichols Ranch ISR Project. The issuance of the draft Materials License does not constitute a final licensing decision by the staff of the NRC.