VANCOUVER,
Dec. 5, 2011 /PRNewswire/ - Western
Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN;
NYSE Amex:WRN) is pleased to provide an update on the activities
underway to bring the Casino project closer to production.
FEASIBILITY STUDY ACTIVITIES
Initial engineering activities required before
starting the feasibility study are currently underway. It is
expected that the feasibility study will commence in early 2012 and
is on track to be completed by the end of 2012.
One of the major feasibility study focus areas
is defining the liquefied natural gas ("LNG"), supply for the
Casino project. Western has partnered with Yukon Energy
Corporation ("YEC"), Yukon's crown
energy utility, to evaluate alternative strategies to supply LNG to
the Yukon and the Casino
project.
Berger-ABAM and Breamar-Wavespec, have been
engaged as lead consultants to evaluate LNG supply chain
options. The study has established that the best-value supply
chain alternative is to construct a fit-for-purpose LNG
liquefaction facility in the vicinity of Fort Nelson, BC and to truck LNG to the
Yukon from this facility.
The estimated cost of LNG delivered to Casino, as determined by
this recent study, is consistent with the cost of fuel used as the
basis for the pre-feasibility study update issued in 2011.
Western and YEC have held encouraging,
exploratory discussions with potential natural gas and LNG
providers interested in establishing facilities to supply LNG to
meet the project requirements. The opportunity to out-source the
supply of LNG will continue to be explored through the first
quarter of 2012.
A comprehensive geotechnical field program to
support the feasibility study was completed by Knight Piesold over
the past summer. The program included geotechnical site
investigations for the mine site facilities (plant site, tailings
management facility, heap leach facility), open pit, air strip and
access road. A total of approximately 3,300 metres of
drilling, about 180 test pits, and a geophysics program were
carried out as part of this work.
A metallurgical test program commenced at the
beginning of November at G&T Metallurgical under the direction
of International Metallurgical and Environmental Inc. and FLSmidth,
Inc. and is on track to be completed by Q1 2012. The goal of
the metallurgical program is to provide engineering data to support
preparation of the feasibility study, optimize the process design,
and reduce the project capital and operating costs.
PERMITTING
Western is pleased to announce that it has
retained Knight Piesold, Ltd. to lead the final preparation of an
application to the Yukon
Environmental and Socioeconomic Assessment Board ("YESAB"), the
first step in Yukon's
environmental assessment process. Knight Piesold will direct
the team of consultants that have been with the project since 2008
that have been collecting baseline environmental data and
developing the project description, closure plans, and other key
information that will form the basis of the YESAB application.
"I am extremely pleased that the Casino project
is on track to have a complete feasibility study by the end of
2012", said Dale Corman, Chairman
and CEO of Western, "The Casino project is a World Class copper and
gold deposit in an excellent location, and we are excited about
bringing this project closer to production."
ABOUT WESTERN COPPER AND GOLD
CORPORATION
Western Copper and Gold Corporation is a
Vancouver-based exploration and
development company with significant copper, gold and molybdenum
resources and reserves. The Company has 100% ownership of the
Casino Project located in the Yukon
Territory. The Casino Project is one of the world's largest
open-pit gold, copper, silver and molybdenum deposits. For more
information, visit www.westerncopperandgold.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 plan of arrangement
and the expected timing and structure thereof; anticipated listings
and trading and the expected timing thereof; anticipated regulatory
approvals; and resource and reserve estimates. All
forward-looking statements and information are based on Western
Copper and Gold'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
regulatory approvals to the proposed plan of arrangement and
proposed listings will be obtained in a timely manner, that
regulatory approvals will be available on acceptable terms and
assumptions made in the Company's technical report(s) disclosing
resources and reserves. 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 and Gold'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 and
Gold'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 and Gold 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 and Gold Corporation
