Rights associated with the Investor Rights
Agreement have been Extended
VANCOUVER, BC, Nov. 23,
2022 /PRNewswire/ - Western Copper and Gold
Corporation ("Western" or the "Company") (TSX: WRN); (NYSE
American: WRN) announces that Rio Tinto Canada Inc. ("Rio Tinto")
has exercised its right to extend certain rights under the investor
rights agreement (the "Agreement") between the Company and Rio
Tinto dated May 28, 2021.
By exercising of the extension rights, Rio Tinto continues to
have the right to appoint:
- one member to a Casino Project Technical Committee until the
earlier of: (a) Rio Tinto's ownership falling below 5.0%; and (b)
November 28, 2023.
- one non-voting observer to attend all meetings of the board of
directors of the Company until the earlier of (a) Rio Tinto's
ownership falling below 5.0%; (b) November
28, 2023; and (c) such time as Rio Tinto may appoint a
director.
- one director of the Company, if Rio Tinto's ownership increases
to at least 12.5% before November 28, 2023.
- up to three secondees to the Casino Project until the earlier
of: (a) Rio Tinto's ownership falling below 5.0%; and (b) November
28, 2023.
Additionally, Rio Tinto's rights regarding access to information
about the Casino Project and review of technical disclosure are
also extended.
"We are pleased that Rio Tinto has elected to extend its rights
as an investor in the Company," said Paul
West-Sells, President and CEO. "We look forward to extending
our great working relationship with Rio Tinto as they continue to
work to assess the Casino Project."
"We are pleased to continue our evaluation of the Casino
Project," said Bold Baatar, Chief Executive, Copper, Rio Tinto.
A copy of the Agreement can be found on SEDAR (www.sedar.com)
under the Company's profile.
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,
"Paul West-Sells"
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements
and Information
This news release contains certain forward-looking
statements, including statements with respect to the extended
rights provided to Rio Tinto. 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. In making the forward-looking statements
herein, the Company has applied certain material assumptions
including, but not limited to, the assumption that general business
conditions will not change in a materially adverse manner.
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