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September 17, 2013
VANCOUVER, BC: Western Copper and Gold Corporation (“Western” or the “Company”) (TSX:WRN; NYSE MKT:WRN) is pleased to provide an update on the progress being made at its Casino Project located in the Yukon Territory.
The 2013 field program is now complete. This marks the end of a six year engineering and baseline data collection program to support the Yukon permitting process. The work includes engineering, hydrology, hydrogeology, fisheries research, wildlife surveys and analysis, socio-economic analysis, heritage and archaeology studies and water quality sampling for both the mine site and along the proposed access road.
Preparation of the Project Proposal, for review by the Yukon Environmental and Socioeconomic Assessment Board (“YESAB”), is well advanced and expected to be ready for submission on schedule later this year. Once the project receives positive recommendation from YESAB, licenses can be issued to allow construction and operation of the mine.
Western is continuing to engage First Nation governments about the project and working to ensure that all matters of interest to stakeholders are reflected in the Project Proposal. Meetings also continue to be held with Yukon and Federal Government agencies to review aspects of the proposed project that require their approval.
Engineering on the Casino project has advanced in preparation for formal initiation of basic and detailed engineering in 2014. More detailed planning and scheduling on the access road and airstrip were key aspects of the work completed since the issue of the Feasibility Study in January.
Discussions continued with the Alaska Industrial Development and Export Authority (“AIDEA”) on the use of the existing concentrate storage and load-out facilities at Skagway, AK to store and load-out Casino concentrates.
The use of liquefied natural gas (“LNG”) to generate electrical energy continues to be an increasingly attractive power generation option to supply power for the Casino Project and for the Yukon in general.
Western was pleased to see that both Yukon Energy Corporation (“Yukon Energy”) and Yukon Electrical Company Ltd. (“Yukon Electrical”) submitted applications to YESAB earlier this year to generate power from truck-transported LNG. Yukon Energy plans on converting power stations in Whitehorse, YT to LNG and Yukon Electrical will be generating power from LNG in Watson Lake, YT. Both projects are expected to be approved, built, and generating electricity before the end of next year.
Western continues to work with existing and potential suppliers of LNG to develop the best solution for providing LNG to the Casino Project.
Western Copper and Gold began the third quarter with $29.8 million in cash and short-term investments. These funds should be sufficient for permitting and engineering activities over the next three years when the Company expects to initiate construction of the Casino mine.
“I am very pleased with the progress being made at Casino,” said Dale Corman, Chairman and CEO of Western. “The permitting application is on schedule to be submitted this year, which is in line with the schedule that we presented in the Feasibility Study that anticipates construction beginning in 2016.”
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,
F. Dale Corman
Chairman & CEO
For more information please contact Paul West-Sells, President & COO or Julie Kim Pelly, Manager Corporate Communications & Investor Relations, at 604.684.9497 or email [email protected].
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