Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN) (NYSE American: WRN) is pleased to announce the initiation of a Preliminary Economic Assessment (the “PEA”) for the Casino Deposit (“Casino”), located in Yukon, Canada.

The Company has engaged the services of M3 Engineering & Technology Corporation of Tucson, Arizona (“M3”) to conduct the PEA on Casino. M3, a full-service engineering, procurement and construction management firm, recognized for its experience in copper processing and capabilities in the development and construction of mines and mineral processing plants. M3 also completed an updated Mineral Resource Statement on the Casino Project on July 14, 2020 (the “Resource”). Targeted completion of the PEA is 2nd quarter of 2021.

The PEA will be based on the 2020 Mineral Resource Statement and various engineering studies completed to-date. Scope of the project to be evaluated in the PEA will include: a large open-pit operation, a concentrator to recover copper, gold, silver and molybdenum minerals, and a solid waste facility to store mine waste rock and mill tailings. The project will also include a heap leach facility to recover gold, silver, and copper from oxide ore. Project infrastructure will include approximately 130 km of access road, and a captive power generation facility to meet the project electrical power demand.  The project will also include a relocated airport and some re-routed roads to lower the overall footprint.

The principal objective of the PEA will be to demonstrate positive economic indicators that justify further project development steps. In anticipation of positive outcomes from the PEA, Western is developing a plan for engineering, field investigations, test work, permitting and community relations activities to support the development of a feasibility study for the project.

“We are very pleased to formally launch a PEA on Casino” said Paul West-Sells, President and CEO, “Starting with a PEA will allow the Company to quickly assess changes to the project and outline updated economic returns of the Casino Project before launching a full updated feasibility study.”