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Uranerz Energy Corp
Symbol C : URZ
Shares Issued 77,163,074
Close 2012-11-07 C$ 1.46
Recent Sedar Documents

Uranerz loses $1.66-million in Q3 2012

2012-11-08 13:26 ET - News Release

Mr. Derek Iwanaka reports

URANERZ ANNOUNCES THIRD QUARTER 2012 FINANCIAL RESULTS

Uranerz Energy Corp. has released its financial results for the quarter ended Sept. 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 in-situ recovery uranium project located in the Powder River basin of Wyoming, United States. The company now has all of the regulatory permits and licences 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 Nov. 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 per cent. Final approval for the loan is subject to the completion of due diligence and satisfaction of various other state approvals.

                  QUARTERLY FINANCIAL RESULTS HIGHLIGHTS

                       Results of operations for three months ended Sept. 30,                   
                                                         2012           2011
                                                                           
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
                                                                            
                                              For nine months ended Sept. 30,                   
                                                         2012           2011
                                               
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's quarterly report on form 10-Q for the fiscal quarter ended Sept. 30, 2012, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.

We seek Safe Harbor.

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