VANCOUVER, BC, Feb. 22,
2024 /CNW/ - Western Copper and Gold Corporation
("Western" or the "Company") (TSX: WRN) (NYSE American:
WRN) is pleased to announce the appointment of Mr.
Sandeep Singh as Chief Executive
Officer of the Company, effective immediately. Mr. Singh will
work closely with Dr. Paul
West-Sells, who will continue in the role of President in
connection with the succession process. Further, Mr. Kenneth Williamson has retired from his role as
Director and Interim Chairman. Current board member, Dr.
Bill Williams, has taken on the role
of Interim Chairman as the Company searches for a replacement.
As a highly respected mining professional with 20 years of
sector expertise, Mr. Singh adds meaningful capital markets and
strategic expertise to the Company. He was previously the President
and CEO of Osisko Gold Royalties, where he led the successful
turnaround of the company. For the fifteen years prior, Mr. Singh
was an investment banker focusing on the North American metals and
mining sector with BMO Capital Markets, Dundee Securities, and
ultimately co-founding Maxit Capital, a leading independent M&A
firm. He has advised numerous mining companies on financing
alternatives and strategic matters as well as having acted on some
of the most complex and value-enhancing M&A transactions in the
mining sector. Mr. Singh holds a Bachelor of Mechanical Engineering
degree from Concordia
University and a Masters of Business Administration
degree from Oxford University.
Dr. Bill Williams, Interim
Chairman, commented "The Board would like to thank Ken for his
dedication, and contributions to the Company. We wish him the best
as he focuses his energy on his family and retirement. I'd also
like to commend Paul on playing an active role in the succession
planning efforts that led to the appointment of Mr. Singh. Paul has
been the driving force behind the Casino project since
the very beginning and we are hopeful he will continue to play an
important role as we build out the management team necessary for
the next phases of the Company's growth.
The Board is delighted to have someone of Sandeep's caliber
joining the team. Throughout his impressive career, he has shown a
dedication to stakeholder value, above all else, and will be
aligned with shareholders through a significant personal investment
into the Company. With Sandeep's addition, we are strengthening the
Company's management capabilities to better unlock the value
potential of the Casino project."
Mr. Singh commented "I see tremendous value in
Casino as one of very few viable assets in the
copper-gold development space. Casino strikes a unique
balance of important scale, attractive commodity mix, low
jurisdictional risk, and quick payback through the higher-grade
core of the deposit. The credible data, underpinning a thorough
feasibility study, and remaining upside from additional resources
or optimizations to the project provide tangible upside potential.
I am excited to be joining the Western Copper and Gold team at a
pivotal time for the Company."
The Company also announces a C$3
million private placement (the "Placement") with Mr. Singh
for the purchase of 2.22 million common shares at a price of
C$1.35 per common share. The closing
of the Placement is subject to entering into a customary
subscription agreement and the receipt of approvals of the Toronto
Stock Exchange and the NYSE American LLC. The shares issued
pursuant to the Placement will be subject to a statutory hold
period in accordance with applicable Canadian securities laws.
ABOUT WESTERN COPPER AND GOLD
CORPORATION
Western Copper and Gold Corporation is developing the
Casino Project, Canada's premier copper-gold mine in the
Yukon Territory and one of the
most economic greenfield copper-gold mining projects in the
world.
The Company is committed to working collaboratively with our
First Nations and local communities to progress the
Casino project using internationally recognized
responsible mining technologies and practices.
For more information,
visit www.westerncopperandgold.com.
On behalf of the board,
"Dr. Bill Williams"
Dr. Bill Williams
Interim Chairman
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements
and Information
This news release contains certain forward-looking statements
concerning anticipated developments in Western's operations in
future periods. Statements that are not historical fact are
"forward-looking statements" as that term is defined in
the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" as that term is defined in National Instrument 51-102
("NI 51-102") of the Canadian Securities Administrators
(collectively, "forward-looking statements"). Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible" and similar expressions, or statements that
events, conditions or results "will", "may", "could" or "should"
occur or be achieved. These forward-looking statements may include,
but are not limited to, statements regarding: strengthening
the Company's management capabilities to better unlock the value
potential of the Casino project, the remaining upside
from additional resources or optimizations to the project and
the expected closing of the Placement; or other statements that
are not statement of fact. The material factors or assumptions used
to develop forward-looking statements include prevailing and
projected market prices and foreign exchange rates, exploration
estimates and results, continued availability of capital and
financing, construction and operations, the Company not
experiencing unforeseen delays, unexpected geological or other
effects, equipment failures, permitting delays, and general
economic, market or business conditions and as more specifically
disclosed throughout this document, and in the AIF and Form
40-F.
Forward-looking statements are statements about the future
and are inherently uncertain, and actual results, performance or
achievements of Western and its subsidiaries may differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements due to a variety of
risks, uncertainties and other factors. Such risks and other
factors include, among others, risks involved in fluctuations in
gold, copper and other commodity prices and currency exchange
rates; uncertainties relating to interpretation of drill results
and the geology, continuity and grade of mineral deposits;
uncertainty of estimates of capital and operating costs, recovery
rates, production estimates and estimated economic return; risks
related to joint venture operations; risks related to cooperation
of government agencies and First Nations in the development of the
property and the issuance of required permits; risks related to the
need to obtain additional financing to develop the property and
uncertainty as to the availability and terms of future financing;
the possibility of delay in construction projects and uncertainty
of meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals; and other
risks and uncertainties disclosed in Western's AIF and Form 40-F,
and other information released by Western and filed with the
applicable regulatory agencies.
Western's forward-looking statements are based on the
beliefs, expectations and opinions of management on the date the
statements are made, and Western does not assume, and expressly
disclaims, any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as otherwise required by
applicable securities legislation. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements.
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SOURCE Western Copper and Gold Corporation