Information Circular Mailed, Shareholder Vote Scheduled for October 3, 2011
VANCOUVER, Sept. 7, 2011 /CNW/ - Western Copper Corporation ("Western
Copper" or the "Company") (TSX:WRN; NYSE Amex: WRN) is pleased to
announce that further to the Company's News Release dated August 19, 2011, it has mailed a detailed Information Circular (the "Circular")
describing the business to be conducted at a special meeting of
shareholders to be held October 3, 2011 with respect to the spin-out of
certain assets of the Company into two new companies: Copper North
Mining Corp. ("Copper North") and NorthIsle Copper and Gold Inc.
("NorthIsle") by plan of arrangement (the "Arrangement"). Both
companies to be spun-out were incorporated for the purposes of the
amended and restated Arrangement Agreement (the "Agreement") dated
August 30, 2011. As previously announced, as part of the Arrangement,
the Company will change its name from "Western Copper Corporation" to
"Western Copper and Gold Corporation".
Upon successful completion of the Arrangement, Copper North will hold
all of the Company's interest in the Carmacks Copper Project located in
the Yukon Territory, Canada, as well as the Redstone Project located in
the Northwest Territories, Canada. NorthIsle will hold the Company's
Island Copper Project located on Northern Vancouver Island, British
Columbia, Canada. The Company will continue to hold and focus on
advancing its flagship Casino Project, located in the Yukon Territory,
Dr. Sally Eyre is to assume the position of President and Chief
Executive Officer for Copper North. Dr. Eyre has 19 years' experience
in the global resource sector. Prior to joining Copper North, she
served as Chief Executive Officer of Etruscan Resources Inc. (now
Endeavour Mining Corp.), a gold company with assets in West Africa. Dr.
Eyre has a Ph.D in Economic Geology from the Royal School of Mines,
Imperial College, London and is a member of the Society of Economic
Geologists. Dr. Eyre will be responsible for overseeing operations and
new acquisitions for Copper North.
John McClintock is to assume the position of President and Chief
Executive Officer for NorthIsle. Mr. McClintock has over 35 years'
experience in exploration and acquisitions of gold and base mineral
deposits. He has held positions of increasing responsibility in major
mining companies including Rio Algom, Billiton and BHP Billiton
including Exploration Manager global exploration with BHP Billiton. Mr.
McClintock played key roles in the discovery and acquisition of several
deposits including BHP Billiton's Spence Mine in Chile. Mr. McClintock
will be responsible for overseeing operations and new acquisitions for
The management and board of Western Copper will remain the same. Full
biographies for the proposed management and board for both Copper North
and NorthIsle, along with detailed information respecting the matters
contemplated by the Arrangement are set out in the Circular, which was
mailed on Friday, September 2, 2011.
At the meeting the Company will seek 66 2/3% shareholder approval of the
Arrangement, which will result in shareholders of Western Copper as of
the effective date of the Arrangement (the "Effective Date") being
entitled to receive, for each common share of Western Copper (a
"Western Copper share") held at such date: one post-arrangement common
share of Western Copper and Gold Corporation, one-half of a common
share of Copper North and one-half of a common share of NorthIsle.
The Arrangement is expected to close following receipt of all required
consents and approvals, including Western Copper shareholder approval,
receipt of the Final Order, Toronto Stock Exchange ("TSX") approval and satisfaction of certain closing conditions.
Applications have been made to list Copper North and NorthIsle shares
on the TSX Venture Exchange following completion of the Arrangement,
which are subject to meeting the listing requirements of the TSX
Please refer to the Circular for more detailed information, available on
SEDAR www.sedar.com and on the Company's website www.westerncoppercorp.com
ABOUT WESTERN COPPER CORPORATION
Western Copper is a Vancouver-based exploration and development company
with properties containing significant copper, gold and molybdenum
resources and reserves. The Company has 100% ownership of four Canadian
properties. The two most advanced projects are the Casino Project and
the Carmacks Copper Project, both located in the Yukon Territory. The
Casino Project is one of the world's largest open-pittable gold,
copper, silver and molybdenum deposits. For more information, visit www.westerncoppercorp.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 Arrangement and the expected structure
thereof; anticipated shareholder, court and regulatory approvals; and
the expected timing of closing of the Arrangement. All forward-looking
statements and information are based on Western Copper'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 shareholder and court approvals to the Proposed
Arrangement will be obtained in a timely manner, and that regulatory
approvals will be available on acceptable terms. 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'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'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 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 Corporation
For further information:
please contact Paul West-Sells, President & COO or Julie Kim, Manager Corporate Communications & Investor Relations, at 604.684.9497 or email firstname.lastname@example.org.