VANCOUVER, Jan. 16, 2012 /CNW/ - 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
"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,
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
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
For further information:
Paul West-Sells, President & COO or Julie Kim Pelly, Manager Corporate Communications & Investor Relations, at 604.684.9497 or email firstname.lastname@example.org.