Uranerz Announces Third Quarter 2012 Financial Results
CASPER, WYOMING -- (Marketwire) -- 11/08/12 -- Uranerz Energy
Corporation ("Uranerz" or the "Company") (TSX:URZ)(NYSE
Amex:URZ)(FRANKFURT:U9E) has released its financial results for the
quarter ended September 30, 2012 as filed with the United States
Securities and Exchange Commission ("SEC") and in Canada with the
Canadian securities administrators (on SEDAR).
Subsequent to the third quarter end, the Company received its Class I
Underground Injection Control (deep disposal well) permit from the
Wyoming Department of Environmental Quality for the Nichols Ranch ISR
Uranium Project located in the Powder River Basin of Wyoming, U.S.A.
The Company now has all of the regulatory permits and licenses needed
to construct and operate an ISR uranium mine in Wyoming. Construction
of the Nichols Ranch ISR Mine is nearing completion and uranium
production is targeted to commence in 2013.
On November 6, 2012, the Wyoming Business Council recommended
approval of the Company's application for a $20 million loan under
the State of Wyoming's Industrial Development Bond financing program.
The loan will be repayable over seven years and bear interest at a
rate of 4.25%. Final approval for the loan is subject to the
completion of due diligence and satisfaction of various other State
Quarterly Financial Results Highlights:
Financial Position at September 30, 2012
Cash and cash equivalents $ 11,784,479
Working capital $ 11,569,072
Total assets $ 43,139,934
Current liabilities $ 1,229,260
Long term debt $ Nil
Stockholders' Equity $ 40,784,169
Results of operations for three months ended September 30
Net Loss $ 1,668,910 $ 2,113,094
Basic and Diluted Net Loss Per Share $ 0.02 $ 0.03
Net Cash Used in Operating Activities $ 2,324,885 $ 1,874,546
Net Cash Used in Investing Activities(i) $ 5,329,642 $ 2,578,700
Net cash Provided by Financing Activities $ 186,083 $ 631,467
Results of operations for nine months ended September 30
Net Loss $ 4,948,437 $ 11,558,864
Basic and Diluted Net Loss Per Share $ 0.06 $ 0.15
Net Cash Used in Operating Activities $ 6,008,211 $ 6,772,101
Net Cash Used in Investing Activities(i) $ 17,329,054 $ 3,401,863
Net Cash Provided by Financing Activities $ 476,999 $ 14,767,575
(i) Capital assets including mine construction
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, 2012, including its management discussion and analysis, visit the
SEC, SEDAR or Uranerz websites.
The Nichols Ranch ISR Uranium Project is Uranerz' first ISR mine.
ISR, or in-situ recovery, 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. Uranerz controls a large strategic land
position in the central Powder River Basin. The Company's 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
firstname.lastname@example.org. 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 the
Company's expectation that it will commence commercial production at
the Nichols Ranch ISR Uranium Project in 2013, and all other
statements which describe future activities or express intentions or
expectations including without limitation the statement respecting
the potential grant by the Wyoming Business Council of a loan to the
Company and the Company's expectations regarding the amount and terms
of such loan. 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.
Uranerz Energy Corporation
Manager of Investor Relations
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