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 approvals.
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 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 Results of operations for nine months ended September 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' 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