Western copper and gold completes sale of royalty

Monday, Dec 24, 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.

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.

SOURCE Western Copper and Gold Corporation