Western Copper and Gold'S Casino Project to Have Significant Impact ON Yukon'S Economy
WESTERN COPPER AND GOLD'S CASINO PROJECT TO HAVE
SIGNIFICANT IMPACT ON YUKON'S ECONOMY
VANCOUVER, BC
,
Feb. 2, 2023
/CNW/ - Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American:
WRN) is pleased to announce the results of an updated study on the potential economic impact of the development of its wholly owned Casino
Copper-Gold Project ("Casino" or the "Project") on the
Yukon
and
Canada
recently completed by MNP LLP (the "Report").
The Report incorporates the results from the Casino Feasibility Study dated
August 8, 2022
.
The Report highlights the impressive cumulative economic effect that developing Casino will have on the
Yukon
and
Canada
during the project's
construction, operation, closure, and reclamation. The Casino project is estimated to contribute
$44.3 billion
to
Canada's
Gross Domestic Product
("GDP"), create 132,280 full-time equivalent positions ("FTE"), and generate
$12.8 billion
in wages and salaries over the entire life of the Project.
Note that the use of FTEs is a method to account for partial employment or employment for different durations and 1.0 FTE is equivalent to a full-time
job for one year of employment.
The Report estimates the GDP generated in
Yukon
by the construction of Casino at
$1.7 billion
. The construction phase is estimated to contribute
$3.6 billion
to
Canada's
economy while generating 25,580 FTEs resulting in
$2.1 billion
in wages and salaries across
Canada
.
During each of its 27 years of operation, the Casino Project is expected to contribute
$1.3 billion
to
Yukon's
economy. Operation of the mine is
estimated to contribute
$1.5 billion
to
Canada's
GDP annually while creating 3,880 FTEs and generating
$391 million
in wages and salaries across
Canada
.
The Casino Project is also expected to generate
$11.2 billion
in taxes and royalties to various governments during the life of mine.
"The Casino Project is one of the most significant critical minerals projects in
Canada
and in addition to providing much needed minerals to assist the
energy transition will provide great economic benefit to the
Yukon
and
Canada
," said Dr.
Paul West-Sells
, President and CEO of Western.
"Additionally, the Casino project will provide additional benefits such as training, education, and infrastructure enhancements, which will benefit the
Yukon
over the longer term. Importantly, we can do this while developing the Casino Project in a way that reflects Yukoners environmental and socio-
cultural values."
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.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally
recognized responsible mining technologies and practices.
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
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.
Statements 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. In making the forward-looking statements herein, the Company has
applied certain material assumptions including, but not limited to, the assumption that general business conditions will not change in a materially
adverse manner.
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 include, among others, risks involved in
fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and
estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the
development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property
and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting
anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties
disclosed in Western's AIF and Form 40-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.
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SOURCE
Western Copper and Gold Corporation
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For further information:
Sandy Noyes, Director, Investor Relations, 604.638.2520 or [email protected]
CO: Western Copper and Gold Corporation
CNW 06:30e 02-FEB-23