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Last updated on April 16, 2014 at 17:34 EDT

Western Copper Closes Spin-out of Assets and Receives Conditional Listing Approval From TSX

October 17, 2011

VANCOUVER, Oct. 17, 2011 /PRNewswire/ – Western Copper and Gold Corporation
(“Western Copper”) (TSX: WRN) (NYSE Amex: WRN) is pleased to announce
the spin-out of Copper North Mining Corp. (“Copper North”) and
NorthIsle Copper and Gold Inc. (“NorthIsle”) and the re-naming of
Western Copper from Western Copper Corporation to Western Copper and
Gold Corporation (“Western Copper and Gold”) have been completed. 
Copper North and NorthIsle have also received conditional listing
approval from the TSX Venture Exchange (“TSXV”).

Western Copper anticipates that its common shares will continue trading
on the Toronto Stock Exchange as new Western Copper and Gold
Corporation shares (“New WRN Shares”) on or about October 20, 2011. 
Its common shares will continue trading on the Toronto Stock Exchange
as old Western Copper Corporation shares with an entitlement to New WRN
Shares, Copper North shares and NorthIsle shares until the New WRN
Shares begin trading on the TSX, despite the fact that the plan of
arrangement has been completed. In order to receive New WRN Shares,
Copper North Shares and NorthIsle Shares, an investor must execute a
trade to purchase Existing WRN Shares on the TSX before the New WRN
Shares commence trading on the TSX.

Western Copper anticipates that its common shares will commence trading
on the NYSE Amex as New WRN Shares at the market opening on Tuesday, October 18, 2011.
Common shares of Western Copper will no longer trade on the NYSE Amex
as old Western Copper Corporation Shares with an entitlement to New WRN
Shares, Copper North Shares and NorthIsle Shares.

Note that Copper North and NorthIsle will not be listed on the NYSE
Amex. Copper North and NorthIsle have received conditional listing
approval from the TSX Venture Exchange. It is anticipated that the
common shares of Copper North and NorthIsle will commence trading on
the TSX Venture Exchange on or about October 21, 2011 under the trading
symbols “COL” and “NCX”.

Copper North Mining Corp.

In connection with the transaction, Copper North became a reporting
issuer or the equivalent in British Columbia, Alberta, Saskatchewan,
Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island,
Newfoundland and Labrador, the Northwest Territories and the Yukon
Territory. The financial year-end of Copper North has been set at
December 31. Copper North expects to file audited financial statements
for the financial period ended December 31, 2011 and thereafter
unaudited financial statements for the three, six and nine month
periods ending March 31, 2012, June 30, 2012, September 30, 2012,
respectively, and audited financial statements for the year ending
December 31, 2012. Upon completion of the spin-out transaction, Copper
North now holds Western Copper’s interests in the Carmacks Copper
Project in the Yukon and the Redstone Project in the Northwest
Territories.

Based on there being 93,002,503 common shares of Western Copper
outstanding immediately prior to the effective time of the spin-out
transaction, the issued capital of Copper North will be approximately
46,501,252 common shares.

NorthIsle Copper and Gold Inc.

In connection with the transaction, NorthIsle became a reporting issuer
or the equivalent in British Columbia, Alberta, Saskatchewan, Manitoba,
Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland
and Labrador, the Northwest Territories and the Yukon Territory. The
financial year-end of NorthIsle has been set at December 31. NorthIsle
expects to file audited financial statements for the financial period
ended December 31, 2011 and thereafter unaudited financial statements
for the three, six and nine month periods ending March 31, 2012, June
30, 2012, September 30, 2012, respectively, and audited financial
statements for the year ending December 31, 2012. Upon completion of
the spin-out transaction, NorthIsle now holds Western Copper’s
interests in the Island Copper and Gold Project located on Vancouver
Island, British Columbia.

Based on there being 93,002,503 common shares of Western Copper
outstanding immediately prior to the effective time of the spin-out
transaction, the issued capital of NorthIsle will be approximately
46,501,252 common shares.

COMPANY OVERVIEW

Western Copper and Gold Corporation, formerly Western Copper Corporation (TSX:WRN / NYSE Amex:WRN), is a
Vancouver based exploration and development company directly engaged in
advancing its Casino Project, located in the Yukon.

www.westerncopperandgold.com

Contacts: Paul West-Sells, President & COO
Julie Kim, Manager Corporate Communications & Investor Relations
Tel: 604-684-9497
Email: info@westerncopperandgold.com

NorthIsle Copper and Gold Inc. (TSX.V:NCX) is a Vancouver based junior resource company spun out from
Western Copper Corporation in October 2011. NorthIsle is committed to
the exploration and development of the Island Copper-Gold Project on
Northern Vancouver Island.

www.northisle.ca

Contacts: Jack McClintock, President & CEO   
David Douglas, Chief Financial Officer   
Tel: 604-638-2515   
Email: info@northisle.ca

Copper North Mining Corp. (TSX.V:COL) was spun out from Western Copper Corporation in October
2011. Copper North’s key asset is the Carmacks Copper Project, located
in the Yukon Territory, Canada. Carmacks is permitted for construction.
Copper North also holds the early stage, high-grade Redstone deposit
located in the Northwest Territories, Canada.

www.coppernorthmining.com

Contacts: Sally Eyre, President & CEO   
Julie Kim, Manager, Corporate Communications   
Tel: 604-638-2505   
Email: info@coppernorthmining.com

On behalf of the board,

“Dale Corman”

F. Dale Corman


    Chairman & CEO        Chairman            Chairman

    Western Copper & Gold Copper North Mining NorthIsle Copper & Gold
    Corporation           Corp.               Inc.

Cautionary Disclaimer Regarding Forward-Looking Statements and
Information

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 anticipated listings and trading and the expected timing
thereof; anticipated regulatory approvals; anticipated exploration and
development programs; and resource and reserve estimates.  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 regulatory approvals to
proposed listings will be obtained in a timely manner, that regulatory
approvals will be available on acceptable terms, that exploration and
development programs will proceed as planned 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’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 and Gold Corporation


Source: PR Newswire