URANERZ RELOCATES MANAGEMENT POSITIONS TO SASKATOON

Released on October 12, 1995

Premier Roy Romanow confirmed today that Uranerz Exploration and Mining
Limited, one of the largest uranium producing companies in the world,
is consolidating its management responsibilities for worldwide mineral
exploration, production and marketing in Saskatoon.

The consolidation will result in the creation of several new management
positions in the company's Saskatoon office. Some of these positions
will be staffed by the relocation of existing personnel, as well as
through new hiring.

Romanow made the announcement after meeting with representatives of
Uranerz shareholders in Cologne, Germany, on the weekend. This was the
final meeting of the premier's trade and investment mission to western
Europe and Ukraine, focusing on key economic sectors including
ag-biotech, agricultural machinery, energy and cultural industries.

"Uranerz has been an active and important participant in Saskatchewan's
mining industry, with investments including uranium, gold, and, more
recently, diamond exploration," Romanow said. "This move is a vote of
confidence in Saskatchewan's future. The development of a high-skilled
workforce with a global outlook is exactly what the Government of
Saskatchewan's economic strategy is working toward."



Uranerz is jointly owned by two German companies, Preussag Energie GmbH
and Rheinbraun AG. Uranerz has been active in Saskatchewan since 1968,
and moved its North American head office to Saskatoon in 1990.

"Uranerz makes a valuable contribution to the provincial economy,
through the investments and expenditures it makes, the employment
opportunities it creates, and the revenue it generates, and we look
forward to the continued involvement and success of Uranerz in
Saskatchewan," Romanow said.

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For more information, contact:

Roland Loewer, Communications Manager
Uranerz Exploration and Mining Limited
1300, 410-22nd Street East
Saskatoon, Sask. S7K 5T6
Phone: (306) 668-1744
Fax: (306) 652-3731