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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: WRN BFS is good

VANCOUVER, BC: Western Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN; NYSE MKT:WRN) announces that the Company and its wholly owned subsidiary, Casino Mining Corporation, have entered into a royalty sale agreement (the "Agreement") dated December 20, 2012 with 8248567 Canada Limited, an arm's length purchaser, (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 "Transaction").

In accordance with the terms of the Agreement, among other things:

  1. The Purchaser will obtain a 2.75% net smelter returns royalty (the "NSR Royalty") on the future sale of any metals and minerals derived from the Casino Project;
  2. The Purchaser will agree to cancel the 5% net profits interest in the Casino Project that it already owns on certain claims held by Western; and
  3. Western will receive a cash payment of US$32 million upon completion of the Transaction for Casino Project development expenditures and general working capital.
Western has the option to repurchase 0.75% of the NSR Royalty (resulting in a 2.00% remaining royalty) for the following amount:
  1. US$39 million if the amount is paid on or prior to December 31, 2013; or
  2. US$59 million if the amount is paid after January 1, 2014 but on or before December 31, 2017.
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