uranerz doing a pen

Uranerz following PEN's lead...


Tuesday, August 03, 2010Uranerz Acquires Extensive Drill Data for Powder River Basin AreaCasper, Wyoming, August 3, 2010 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE Amex: URZ; TSX: URZ; Frankfurt: U9E) is pleased to announce the acquisition of a significant uranium exploration data library from Excalibur Industries and its subsidiary Mountain West Mines, Inc. The data library is comprised of a large collection of drill logs, drill hole location maps, cross-sections and geologic and technical reports, and covers a significant portion of the Pumpkin Buttes uranium district located in the central Powder River Basin. With the acquisition of the Excalibur data library, Uranerz now possesses one of the largest uranium data bases in Wyoming. "This data library will be very helpful in identifying prospective uranium targets and will save the Company a substantial amount of exploration expense, not to mention considerable savings in time", said George Hartman, Executive Vice President and Chief Operating Officer for Uranerz. "This deal was over three years in the making but was well worth the effort considering the advantage the exploration data will provide in developing potential resources". The data library contains electric logs, lithology logs, grade print-outs, cross sections, drill hole maps, and summary reports for over 12,000 exploration holes drilled by Mountain West and by the Cleveland Cliffs Iron Company under contract with Mountain West from the 1960s to the 1980s. These drill holes are located on over 340 square miles encompassing nearly the entire Pumpkin Buttes Mining District. The historic data base includes exploration drilling on lands controlled by Uranerz. The data base also covers uranium projects within the Powder River Basin controlled by third parties such as: North Butte, Greasewood Creek, Fourmile, North Bing, Bing Trends, Ruby Ranch, and Pine Tree.Under the terms of the agreement, Uranerz has agreed to issue Excalibur Industries and Mountain West a total of 2,000,000 warrants. Each warrant will be exercisable for the purchase of one common share of the Company at a price of US$3.00 and will have a term of four years. The warrants become exercisable in four equal annual installments, as to 25% upon closing, and as to 25% in each of the next three years.