Exhibit 99.1

NYSE Amex: URZ
Toronto Stock Exchange: URZ
Frankfurt Stock Exchange: U9E
Tel: (604) 689-1659
Fax: (604) 689-1722

Uranerz Announces Closing of Financing

Casper, Wyoming, October 27, 2009 — Uranerz Energy Corporation (“Uranerz” or the “Company”) (NYSE Amex: URZ; TSX: URZ; Frankfurt: U9E) is pleased to announce the closing of its previously announced public offering of Units, comprised of one share of the Company’s common stock and one-half of one share purchase warrant, with each whole warrant exercisable to purchase one additional share of the Company’s common stock for a period of 30 months at an exercise price of $3.00, subject to adjustment and early termination. The Company sold 8,500,000 Units at a price of $2.00 per Unit, for gross proceeds of $17,000,000.

The Company anticipates that the net proceeds from the offering will be used: (i) to continue development of commercial mining facilities at the Company’s Nichols Ranch project, including site and infrastructure preparations, finalization of mine design and completion of engineering and construction drawings, (ii) for further exploration of the Company’s properties in the Powder River Basin, Wyoming, including its Arkose Mining Venture properties, (iii) for the advancement of environmental activities, applications and licenses, including the advancement of the Nichols Ranch federal and state mining applications, and (iv) for acquisitions and further development of acquired properties, working capital requirements and/or for other general corporate purposes.

Haywood Securities Inc. and Dahlman Rose & Company, LLC acted as co-lead placement agents in relation to the offering of the Units. The syndicate of placement agents included GMP Securities L.P., Dundee Securities Corporation and Versant Partners Inc.

The Units were offered directly by the Company pursuant to a prospectus supplement to the Company’s effective shelf registration statement on Form S-3 (File No. 333-160504) previously filed with the Securities and Exchange Commission and pursuant to a prospectus supplement to the Company’s shelf prospectus filed with securities regulators in each of the provinces of Canada, except Quebec, pursuant to the multi-jurisdictional disclosure system. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission website at http://www.sec.gov, from the System for Electronic Document Analysis and Retrieval (SEDAR) website at http://www.sedar.com or from the co-lead placement agents at:

Haywood Securities Inc.
Suite 2000-400 Burrard Street
Vancouver, BC
V6C 3A6
Attention: Michelle Jankovich
Telephone: 604-697-7126
E-mail: mjankovich@haywood.com

Dahlman Rose & Company, LLC
142 West 57^th Street
New York, New York 10019

Attention: Prospectus Dept., 18^th Floor
Telephone: 212-702-4521
E-mail: ecm@dahlmanrose.com

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration of qualification under the securities laws of any state or jurisdiction.

About Uranerz

Uranerz Energy Corporation is an exploration stage company engaged in the acquisition and exploration of uranium properties. The Company is principally focused on the exploration of its properties in the Powder River Basin area of Wyoming. The Company is listed on the NYSE Amex and the Toronto Stock Exchange under the symbol “URZ”, and is also listed on the Frankfurt Stock Exchange under the symbol “U9E”.

Further Information

For further information, contact the Company’s Investor Relations department at 1-800-689-1659, review the Company’s filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company’s profile on the SEDAR website 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 is not limited to, statements with respect to the anticipated use of proceeds, future production, planned development, capital and operating cost and other projections, resource estimates, our planned exploration and drilling programs and results, commodity recovery rates, the availability of future financing for exploration, the regulatory approval of our planned operations, the expected advantages of in-situ mining in relation to capital costs, operating costs and environmental impact and other plans, estimates and expectations. 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 United States Securities and Exchange Commission (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.