Information Circular Mailed, Shareholder
Vote Scheduled for October 3,
2011
VANCOUVER, Sept. 7, 2011 /PRNewswire/ - Western Copper
Corporation ("Western Copper" or the "Company") (TSX:WRN; NYSE
Amex:WRN) is pleased to announce that further to the Company's News
Release dated August 19, 2011, it has mailed a detailed Information
Circular (the "Circular") describing the business to be conducted
at a special meeting of shareholders to be held October 3, 2011 with respect to the spin-out of
certain assets of the Company into two new companies: Copper North
Mining Corp. ("Copper North") and NorthIsle Copper and Gold Inc.
("NorthIsle") by plan of arrangement (the "Arrangement").
Both companies to be spun-out were incorporated for the purposes of
the amended and restated Arrangement Agreement (the "Agreement")
dated August 30, 2011. As previously
announced, as part of the Arrangement, the Company will change its
name from "Western Copper Corporation" to "Western Copper and Gold
Corporation".
Upon successful completion of the Arrangement, Copper North will
hold all of the Company's interest in the Carmacks Copper Project
located in the Yukon Territory,
Canada, as well as the Redstone Project located in the
Northwest Territories, Canada.
NorthIsle will hold the Company's Island Copper Project located on
Northern Vancouver Island, British
Columbia, Canada. The Company will continue to hold and
focus on advancing its flagship Casino Project, located in the
Yukon Territory, Canada.
Dr. Sally Eyre is to assume the
position of President and Chief Executive Officer for Copper North.
Dr. Eyre has 19 years' experience in the global resource sector.
Prior to joining Copper North, she served as Chief Executive
Officer of Etruscan Resources Inc. (now Endeavour Mining Corp.), a
gold company with assets in West
Africa. Dr. Eyre has a Ph.D in Economic Geology from the
Royal School of Mines, Imperial College, London and is a member of the Society of
Economic Geologists. Dr. Eyre will be responsible for overseeing
operations and new acquisitions for Copper North.
John McClintock is to assume the
position of President and Chief Executive Officer for NorthIsle.
Mr. McClintock has over 35 years' experience in exploration and
acquisitions of gold and base mineral deposits. He has held
positions of increasing responsibility in major mining companies
including Rio Algom, Billiton and BHP Billiton including
Exploration Manager global exploration with BHP Billiton. Mr.
McClintock played key roles in the discovery and acquisition of
several deposits including BHP Billiton's Spence Mine in
Chile. Mr. McClintock will be
responsible for overseeing operations and new acquisitions for
NorthIsle.
The management and board of Western Copper will remain the same.
Full biographies for the proposed management and board for both
Copper North and NorthIsle, along with detailed information
respecting the matters contemplated by the Arrangement are set out
in the Circular, which was mailed on Friday,
September 2, 2011.
At the meeting the Company will seek 66 2/3% shareholder
approval of the Arrangement, which will result in shareholders of
Western Copper as of the effective date of the Arrangement (the
"Effective Date") being entitled to receive, for each common share
of Western Copper (a "Western Copper share") held at such date: one
post-arrangement common share of Western Copper and Gold
Corporation, one-half of a common share of Copper North and
one-half of a common share of NorthIsle.
The Arrangement is expected to close following receipt of all
required consents and approvals, including Western Copper
shareholder approval, receipt of the Final Order, Toronto Stock
Exchange ("TSX") approval and satisfaction of certain
closing conditions. Applications have been made to list
Copper North and NorthIsle shares on the TSX Venture Exchange
following completion of the Arrangement, which are subject to
meeting the listing requirements of the TSX Venture Exchange.
Please refer to the Circular for more detailed information,
available on SEDAR www.sedar.com and on the Company's website
www.westerncoppercorp.com
ABOUT WESTERN COPPER CORPORATION
Western Copper is a Vancouver-based exploration and development
company with properties containing significant copper, gold and
molybdenum resources and reserves. The Company has 100% ownership
of four Canadian properties. The two most advanced projects are the
Casino Project and the Carmacks Copper Project, both located in the
Yukon Territory. The Casino
Project is one of the world's largest open-pittable gold, copper,
silver and molybdenum deposits. For more information, visit
www.westerncoppercorp.com.
On behalf of the board,
"Dale Corman"
F. Dale Corman
Chairman & CEO
Cautionary Disclaimer Regarding
Forward-Looking Statements and Information
Certain of the statements and information in
this press release constitute "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities laws.
Forward-looking statements and information generally express
predictions, expectations, beliefs, plans, projections, or
assumptions of future events or performance and do not constitute
historical fact. Forward-looking statements and information
tend to include words such as "may," "expects," "anticipates,"
"believes," "targets," "forecasts," "schedules," "goals,"
"budgets," or similar terminology. Forward-looking statements
and information herein include, but are not limited to, statements
with respect to the completion of the Proposed Arrangement and the
expected structure thereof; anticipated shareholder, court and
regulatory approvals; and the expected timing of closing of the
Arrangement. All forward-looking statements and information
are based on Western Copper's or its consultants' current beliefs
as well as various assumptions made by and information currently
available to them. These assumptions include, without
limitation that shareholder and court approvals to the Proposed
Arrangement will be obtained in a timely manner, and that
regulatory approvals will be available on acceptable terms.
Although management considers these assumptions to be reasonable
based on information currently available to it, they may prove to
be incorrect. Forward-looking statements and information are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies and are subject to
important risk factors and uncertainties, both known and unknown,
that are beyond Western Copper's ability to control or
predict. Actual results and future events could differ
materially from those anticipated in forward-looking statements and
information. Examples of potential risks are set forth in
Western Copper's annual report most recently filed with the U.S.
Securities and Exchange Commission and the Canadian Securities
Administrators as of the date of this press release.
Accordingly, readers should not place undue reliance on
forward-looking statements or information. Western Copper
expressly disclaims any intention or obligation to update or revise
any forward-looking statements and information whether as a result
of new information, future events or otherwise, except as otherwise
required by applicable securities legislation.
SOURCE Western Copper Corporation
