VANCOUVER, June 5, 2012 /CNW/ - 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.
M3 Engineering and Technology Corporation, Tucson, Arizona, continue to
advance the feasibility study and are on schedule to complete the study
by the end of the year as previously announced. At this point in the
development of the feasibility study, several aspects of the design
outlined in the pre-feasibility study have been confirmed.
Recent metallurgical test work to investigate the milling
characteristics of the ore was carried out at G&T Metallurgical
Services Ltd., Kamloops, BC and Dawson Metallurgical Laboratories, Salt
Lake City, Utah, under the direction of Starkey and Associates and
FLSmidth, Inc. This test work confirmed the pre-feasibility study
design basis of a single grinding line to process ore at a nominal
capacity of 120,000 tonnes per day. Mills sizes have been confirmed for
the feasibility study that is in progress.
An updated flotation test program is planned. A small drill campaign
has been initiated to obtain new drill core for the flotation test
work. This drill campaign is expected to be complete by mid-June and
flotation testing is expected to commence shortly after this time.
The preliminary front-end engineering and design ("Pre-FEED") study
report on evaluation of best available vendor technology for a
small-mid scale liquefied natural gas ("LNG") facility to be located in
the vicinity of Fort Nelson, BC is expected shortly. The LNG from this
facility will be gasified onsite to feed the onsite 150 MW power plant
which will provide the electrical energy to operate the concentrator,
mine, and ancillary facilities. Preliminary study results indicate that
the available LNG technology will provide a cost effective and reliable
fuel supply for the project. A transportation study is also underway to
optimize the LNG haulage from Fort Nelson to the Casino mine site.
Results of the haulage optimization study will be available in July.
Baseline data acquisition and other permitting activities continued in
the first part of 2012. Community meetings were held in Whitehorse and
the Village of Carmacks during the week of May 28th, and the project was well received. Western Copper and Gold has
prioritized engagement with communities, First Nations and other
governments in preparation for formal submission of its application to
the Yukon Environmental and Socio-economic Act Board - the first step
of the Yukon permitting process.
Western Copper and Gold began the second quarter with $7.6 million cash
on hand, which is sufficient capital to fund our activities in 2012,
including completion of the feasibility study.
"I am very pleased with the progress being made at Casino," said Dale
Corman, Chairman and CEO of Western. "The feasibility study is
advancing and is on target for completion by the end of this year.
Environmental and permitting activities are being conducted in parallel
with the feasibility study and we do not foresee any obstacles in our
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
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 email@example.com