Uranerz Energy
Corporation URZ has determined that certain costs incurred in constructing
its Nichols Ranch In-Situ Recovery ("ISR") Uranium Project should
have been accounted for as exploration expenses, rather than
capitalized as construction in progress.
Uranerz is an exploration stage uranium mining company currently
constructing its first mine, its Nichols Ranch ISR Uranium Project,
in the Powder River Basin of Wyoming. After receiving the State
permit needed to begin construction and operation of the mine,
Uranerz began to capitalize various costs associated with mine
construction. However, to comply with the U.S. Securities and
Exchange Commission's Industry Guide 7, as an exploration stage
company, certain costs should have continued to be expensed as
exploration costs, rather than capitalized. All previous exploration activities had been so expensed by the Company.
To make the adjustment, the Company will restate its financial
statements for the year ended December 31, 2011 and for the first
three fiscal quarters of 2012. These costs will be expensed in the
2012 year end financial statements which will be filed in March of
2013. Accordingly, investors should rely on the Company's forthcoming
restated financial statements and the forthcoming financial
statements for the year ended 2012, rather than the previously filed
statements for such periods.
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