VANCOUVER,
Jan. 16, 2012 /PRNewswire/ - Western
Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN;
NYSE Amex:WRN) is pleased to announce the initiation of a bankable
feasibility study ("Feasibility Study") for the Casino Deposit
("Casino"), located in Yukon,
Canada.
The Company has engaged the services of M3
Engineering & Technology Corporation of Tucson, Arizona ("M3") to conduct the
Feasibility Study on Casino. M3, a full service engineering,
procurement, construction and management firm, is recognized for
its experience in copper processing and capabilities in the
development and construction of mines and mineral processing
plants. M3 also completed the prefeasibility study on the
Casino project issued in May
2011.
The Feasibility Study will update and better
define the costs outlined in the prefeasibility study, which
forecasts that the Casino project will have an after-tax, 8%
discounted NPV of $963 million and an
after-tax IRR of 16.2% at conservative long term commodity
prices*. It will also add the new LNG supply option from
Fort Nelson, and incorporate new
metallurgical testing which is currently underway.
It is estimated that the cost to complete the
Feasibility Study will be $5
million.
"We are very pleased to formally launch the Feasibility Study"
said Dale Corman, Chairman and CEO,
Western Copper and Gold, "Western's plan is to progressively
de-risk the Casino project and this will continue with the
Feasibility Study, expected to be complete in 2012"
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
*Casino Project: NI-43-101 Report
Pre-Feasibility Study Update, 17 May
2011, Qualified Person: Conrad Huss, P.E.
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
