Last updated on April 19, 2014 at 18:42 EDT

Western Copper and Gold Completes Sale of Royalty

December 21, 2012

VANCOUVER, Dec. 21, 2012 /PRNewswire/ – Western Copper and Gold Corporation
(“Western” or the “Company”) (TSX:WRN; NYSE MKT:WRN) and its wholly
owned subsidiary, Casino Mining Corporation, are pleased to announce
that, further to its news release dated December 20, 2012, it has met
all of the escrow conditions related to the royalty sale agreement with
8248567 Canada Limited, (the “Purchaser”) whereby the Purchaser agrees
to cancel its 5% net profits interest royalty in the Casino Project and
pay US$32 million in exchange for a 2.75% net smelter returns royalty
in the Casino Project.

The sale is now closed and the net proceeds from the sale have been
received by the Company.


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,

“Dale Corman”
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 Transaction; completion of permitting and detailed
engineering; and resource and reserve estimates.  All forward-looking
statements and information are based on Western’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 any necessary regulatory approvals and all conditions
precedent to the proposed transaction will be obtained and/or satisfied
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’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’s most recently filed Form 40-F with the
U.S. Securities and Exchange Commission and its most recently filed
Annual Information Form with 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 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