Western Copper and GOLD Amends Private Placement

TSX: WRN

NYSE American: WRN

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

January 25, 2018 Release 02-2018

WESTERN COPPER AND GOLD AMENDS PRIVATE PLACEMENT

VANCOUVER, B.C. Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN;

NYSE American: WRN) announces that it has amended the terms of the non -brokered private placement

announced on January 22, 2018. The Company will now be issuing up to 3,043,480 units (each a "Unit") at

a price of $1.15 per Unit for gross proceeds of $3.5 million (the "Private Placement").

Each Unit will consist of one common share of the Company (a “Share”) and half of one non-transferable

warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional

Share at a price of $1.75 for a period of 24 months from closing.

Western plans to close the Private Placement as soon as practica ble subject to receipt of all necessary

regulatory approvals, including the approval of the TSX. Finders’ fees may be payable on a portion of the

Private Placement.

The Company intends to use the net proceeds from the Private Placement for permitting and development

of the Casino Project and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities

in the United States. The securities have not been and will not b e registered under the United States

Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be

offered or sold within the United States unless registered under the U.S. Securities Act and applicable

securities laws or an exemption from such registration is available.

ABOUT WESTERN COPPER AND GOLD CORPORATION

Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier copper-gold

mine in the Yukon Territory and one of the most economic greenfield copper -gold mining projects in the

world. For more information, visit www.westerncopperandgold.com.

On behalf of the board,

“Paul West-Sells”

Dr. Paul West-Sells

President and CEO

Western Copper and Gold Corporation

For more information, please contact:

Chris Donaldson

Manager, Corporate Development and Community

604.638.2520 or [email protected]

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward -looking statements concerning anticipated developments in

Western’s operations in future periods. S tatements that are not historical fact are “forward -looking

statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995

and “forward looking information” as that term is defined in National Instrument 51-102 (“NI 51-102”) of the

Canadian Securities Administrators (collectively, “forward -looking statements”). Forward -looking

statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”,

“intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions

or results “will”, “may”, “could” or “should” occur or be achieved. These forward -looking statements may

include, but are not limited to, statements regarding the anticipated closing date of and the use of proceeds

from the Private Placement . In making the forward -looking statements herein, the Company has applied

certain material assumptions including, but not limited to, the assumptions that all regulatory approvals will

be received in a timely manner and on acceptable terms; that general business conditions will note change

in a materially adverse manner and that the Private Placement will proceed as planned.

Forward-looking statements are statements about the future and are inherently uncertain, and actual

results, performance or achievements of Western and its subsidiaries may differ materially from any future

results, performance or achievements expressed or implied by the forward -looking statements due to a

variety of risks, uncertainties and other factors. Such risks and other factors inc lude, among others, risks

involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; the risks

and uncertainties related to the Private Placement not being completed in the event that the conditions

precedent thereto (including receipt of requisite regulatory approvals) are not satisfied; uncertainties related

to raising sufficient financing in a timely manner and on acceptable terms; and other risks and uncertainties

disclosed in Western’s AIF and Form 4 0-F, and other information released by Western and filed with the

applicable regulatory agencies.

Western’s forward-looking statements are based on the beliefs, expectations and opinions of management

on the date the statements are made, and Western does not assume, and expressly disclaims, any intention

or obligation to update or revise any forward -looking statements whether as a result of new information,

future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons

set forth above, investors should not place undue reliance on forward-looking statements.