Base Metals

Emerita Intersects 46.6 M Grading 0.3 % Copper; 1.7 % Lead; 2.7 % Zinc; 4.21 g/t Gold, 84.4 g/t Silver and 32.0 M Grading 0.4 % Copper; 3.6 % Lead; 8.2 % Zinc; 1.9 g/t Gold, 119.7 g/t Silver at La Romanera Deposit

Emerita Intersects 46.6 M Grading 0.3 % Copper; 1.7 % Lead; 2.7 % Zinc; 4.21 g/t Gold, 84.4 g/t Silver and 32.0 M Grading 0.4 % Copper; 3.6 % Lead; 8.2 % Zinc; 1.9 g/t Gold, 119.7 g/t Silver at La Romanera Deposit

Emerita Resources Corp. (TSX V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") is pleased to announce assay results from seven additional drill holes from the delineation drilling program at La Romanera Deposit at its wholly owned Iberian Belt West project ("IBW" or the "Project"). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth.

Assay results have been received from 7 drill holes (LR060, LR075, LR106, LR107, LR108, LR111 and LR116) at La Romanera deposit (Figures 1, 2 and 3 below). Complete drill hole data is compiled in Table 1 below.

Five of these holes (LR060, LR075, LR108, LR111 and LR116) are in the upper-central part of the deposit, between +100 and -50 m elevation. This area is characterized by thick, polymetallic massive sulfides. Gold, copper, and silver are ubiquitously associated with the polymetallic sulphides but appear to be particularly concentrated within this part of the deposit. Thickness of some of the drill intercepts exceeds 20 meters in this area.

Two of these holes (LR106 and LR107) are in the lower-central part of the deposit between -300 and -400 m elevation. In this area of the deposit similar thicknesses and grades as occur in the upper-central portion of the deposit are also present. According to Ian Parkinson, Executive Vice President of Corporate Development for Emerita, "These deeper holes are particularly noteworthy in that they represent some of the higher grade and thickest intercepts drilled to date and remain open for further expansion of the deposit at depth. It is very exciting to see such wide mineralized intercepts. The excellent gold and silver grades are expected to add significant value to the deposit. These results will be included in our maiden resource estimate."

Following is a summary of the drill hole results:

Drill Hole LR060:

The Upper Lens was intersected at 195.4 m down the hole and comprises 3.3 m of polymetallic mineralization grading 0.1 % Cu; 1.6 % Pb; 3.7 % Zn; 0.68 g/t Au and 68.6 g/t Ag . The Lower Lens was intersected at 217.4 m down the hole and comprises 51.7 m of polymetallic mineralization grading 0.6 % Cu; 0.6 % Pb; 1.3 % Zn; 1.74 g/t Au and 33.3 g/t Ag ; including 4.0 m grading 0.9 % Cu; 2.0 % Pb; 8.1 % Zn; 3.46 g/t Au and 42.5 g/t Ag, from 242.2 m; and 9.0 m grading 1.4 % Cu; 0.9 % Pb; 2.0 % Zn; 2.83 g/t Au and 47.8 g/t Ag, from 256.5 m.

Drill Hole LR075:

The mineralization was intersected at 125.2 m down the hole and comprises 19.4 m grading 0.2 % Cu; 3.1 % Pb; 6.4 % Zn; 2.28 g/t Au and 118.6 g/t Ag .

Drill Hole LR108:

The mineralization was intersected at 102.4 m down the hole and comprises 13.6 m grading 0.3 % Cu; 2.4 % Pb; 5.9 % Zn; 2.12 g/t Au and 138.5 g/t Ag .

Drill Hole LR111:

The mineralization was intersected at 167.7 m down the hole and comprises 46.6 m grading 0.3 % Cu; 1.7 % Pb; 2.7 % Zn; 4.21 g/t Au and 84.4 g/t Ag, including 6.0 m grading 0.5 % Cu; 2.4 % Pb; 0.7 % Zn; 9.29 g/t Au and 214.7 g/t Ag, from 171.8 m; and also including 3.1 m grading 0.3 % Cu; 5.1 % Pb; 7.4 % Zn; 6.40 g/t Au and 162.74.5 g/t Ag, from 187.4 m.

Drill Hole LR116:

The mineralization was intersected at 119.8 m down the hole and comprises 5.3 m grading 0.4 % Cu; 0.5 % Pb; 1.8 % Zn; 0.92 g/t Au and 70.2 g/t Ag.

Drill Hole LR106:

The lower lens was intersected at 493.8 m down the hole and comprises 15.6 m of polymetallic mineralization grading 0.3 % Cu; 1.5 % Pb; 2.8 % Zn; 1.3 g/t Au and 100.1 g/t Ag, including 3.8 m grading 0.3 % Cu; 4.0 % Pb; 9.4 % Zn; 2.2 g/t Au and 236.5 g/t Ag.

Drill Hole LR107:

The lower lens was intersected at 637.6 m down the hole and comprises 32.0 m of polymetallic mineralization grading 0.4 % Cu; 3.6 % Pb; 8.2 % Zn; 1.9 g/t Au and 119.7 g/t Ag, including 12.7 m grading 0.2 % Cu; 4.9 % Pb; 10.7 % Zn; 2.7 g/t Au and 191.1 g/t Ag, from 640.9 m.

230302_EMO_Fig 1

Figure 1: Plan map showing drill hole trace surface projections, La Romanera deposit

View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/6e38eb23-83dd-4ded-9933-21fd3f581505


230302_EMO_Fig 2

Figure 2: Longitudinal section showing intercepts in the Upper Lens, La Romanera Deposit

View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/42cfc46a-71ce-4452-87cb-0a8b4f4fd48a

230302_EMO_Fig 3

Figure 3: Longitudinal section showing intercepts in the Lower Lens, La Romanera Deposit

View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/13b2b708-b59f-4960-856c-bd3e6945289f

DDH Easting Northing Elevation azimuth dip depth
(m)
FROM TO Width
(m)
Cu_% Pb_% Zn_% Au_g/t Ag_g/t LENS
LR060 646748 4172458 152 222 -57 282.6 195.4 198.7 3.3 0.1 1.6 3.7 0.68 68.5 UL
LR060 217.4 269.0 51.7 0.6 0.6 1.3 1.74 33.3 LL
incl. 242.2 246.2 4.0 0.9 2.0 8.1 3.46 42.5 LL
incl. 256.5 265.5 9.0 1.4 0.9 2.0 2.83 47.8 LL
LR075 646567 4172435 146 187 -57 181.6 125.2 144.6 19.4 0.2 3.1 6.4 2.28 118.6 LL
LR106 646716 4172736 146 191 -56 542.5 493.8 509.4 15.6 0.3 1.5 2.8 1.3 100.1 LL
incl. 493.8 497.6 3.8 0.3 4.0 9.4 2.2 236.5 LL
LR107 646751 4172871 154 187 -54 691.4 637.6 669.5 32.0 0.4 3.6 8.2 1.9 119.7 LL
incl. 640.9 653.5 12.6 0.2 4.9 10.7 2.7 191.1 LL
LR108 646567 4172435 146 186 -41 151.8 102.4 115.9 13.6 0.3 2.4 5.9 2.12 138.5 LL
LR111 646618 4172447 146 189 -64 238.4 167.7 214.2 46.5 0.3 1.7 2.7 4.21 84.4 LL
incl. 171.8 177.8 6.0 0.5 2.4 0.7 9.29 214.7 LL
incl. 187.4 190.5 3.1 0.3 5.1 7.4 6.40 162.7 LL
LR116 646712 4172405 150 195 -63 230.0 119.8 125.1 5.3 0.4 0.5 1.8 0.92 70.2 LL

Table 1: Diamond drill hole data, La Romanera deposit. LL= Lower Lens La Romanera, UL= Upper Lens La Romanera


Quality Assurance/Quality Control

Drilling at La Romanera is HQ size and core is placed into core trays at the drill site and transported directly from the site to Emerita's coreshack (15Km) from Romanera and (8Km) from Infanta. Once the cores are received at Emerita's coreshack they are photographed and geotechnical logging is performed. Geological, mineralogical and structural logging follows and mineralized zones are identified. The samples are marked every 1m or less, and respecting lithological contacts, with most of the samples 1.0m long. The zone immediately above and below the mineralized zones are also sampled. Core samples are sawed in half and half of the core is returned to the core tray for future reference. Once the core samples are cut, bagged and tagged, they are shipped to the ALS laboratory in Seville by Emerita personnel where sample preparation is done. In Seville, ALS performs the mechanical preparation of the samples and then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire assay). The analysis at ALS Lab corresponds to the ME-ICPore (19 elements) package, together with the Au-AA23 fire assay (Gold).

10% of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high, medium and low grade standards). In addition, 10% of pulps are reanalyzed at a second independent certified laboratory (AGQ Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory and the QA/QC protocol identifies any deviation or anomaly in the results and the entire batch is reassayed in such case. Once the data is approved by the QA/QC protocol assays are entered digitally directly into the database.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.

For further information, contact:

Vincent Chen
+1 778 990 9433 (Toronto)
info@emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization of the IBW Project; the timing of assay results; the prospectivity of the Project; the timing and ability of the Company to produce an NI 43-101 compliant mineral resource estimate and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



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Emerita Announces Closing of $20 Million Bought Deal Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Emerita Resources Corp. (" Emerita " or the " Company ") (TSXV: EMO) is pleased to announce that it has closed its previously announced bought deal private placement of units of the Company (the " Units ") pursuant to which the Company issued 18,182,500 Units at a price of $1.10 per Unit (the " Offering Price ") for aggregate gross proceeds of $20,000,750 (the " Offering "), which included the full exercise of the Underwriters' option to purchase additional Units. The Offering was led by Clarus Securities Inc. and Research Capital Corporation, as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the " Underwriters ") that included iA Private Wealth Inc.

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Emerita Resources Corp. Announces Increase to "Bought Deal" Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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(TheNewswire)

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WESTERN COPPER AND GOLD ANNOUNCES STRATEGIC INVESTMENT BY MITSUBISHI MATERIALS CORPORATION

WESTERN COPPER AND GOLD ANNOUNCES STRATEGIC INVESTMENT BY MITSUBISHI MATERIALS CORPORATION

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces a strategic equity investment by Mitsubishi Materials Corporation ("Mitsubishi Materials") to further advance the Company's copper-gold Casino Project in the Yukon .

Western Copper and Gold Corporation logo (CNW Group/Western Copper and Gold Corporation)

Mitsubishi Materials has agreed to acquire that number of common shares of the Company (the "Shares") that will represent approximately 5.0% of Western's issued and outstanding Shares, on an undiluted basis, following completion of the investment, at a price of C$2.63 per Share.

The exact number of Shares to be issued, and proceeds to be received, by the Company will depend on whether Rio Tinto Canada Inc. ("Rio Tinto") elects to exercise its pre-existing right to participate on a pro rata basis in equity financings by the Company to maintain its current ownership interest, which based on public filings is approximately 7.84%.

Assuming Rio Tinto elects to exercise its participation right in full, then it is expected that 8,091,390 Shares will be issued to Mitsubishi Materials for aggregate gross proceeds of C$21.3 million and 878,809 Shares will be issued to Rio Tinto for aggregate gross proceeds of C$2.3 million .

"We are pleased to welcome Mitsubishi Materials as a strategic investor in the Company," said Paul West-Sells , President and CEO. "The investment by Mitsubishi Materials is a strong endorsement of the Casino Project. We look forward to working with Mitsubishi Materials to advance Casino."

Western remains the sole owner of the Casino Project and will continue to be the operator. The Company will use the proceeds of the strategic investment to advance the project and to fund specific areas of study, developed with input from Mitsubishi Materials, with the aim of progressing to a development phase for the Casino Project.

In connection with the strategic investment by Mitsubishi Materials, the Company and Mitsubishi Materials will enter into an investor rights agreement whereby, subject to certain conditions, Mitsubishi Materials will have certain rights until the earlier of (a) its ownership falling below 3.0%, and (b) the date that is 24 months following completion of the investment (the "Expiry Date"), including:

  • the right to appoint one member to a Casino Project Technical and Sustainability Committee
  • the right to appoint the greater of one director of the Company or 17% of the number of directors (rounding to the nearest whole number), if Mitsubishi Materials' ownership increases to at least 12.5%

In addition, until the Expiry Date, Mitsubishi Materials will have a right to participate in future equity issuances to maintain its ownership in the Company and, in the event its ownership increases to 8.0%, will be provided with a one-time "demand registration right" and "piggy-back registration rights."

Under the investor rights agreement, for a period of 24 months, Mitsubishi Materials will agree:

  • not to sell, transfer, offer or otherwise dispose of any Shares without first notifying the Company
  • to abstain from voting or vote any Shares in favor of each director nominated by the board of directors of the Company for election by shareholders
  • not to acquire any securities of the Company, subject to certain exceptions

Mitsubishi Materials will have the right of first negotiation, until the later of (a) its ownership falling below 3.0%, and (b) the date that is 24 months following completion of the investment, to offtake at least its proportionate share of minerals produced from the Casino Project.

The Company and Mitsubishi Materials will negotiate in good faith new rights and restrictions attaching to its share ownership on the earlier of (a) 18 months following completion of the investment, and (b) Mitsubishi Materials' ownership reaching 12.5% or greater.

The closing of the strategic investment is expected to occur on or about April 14, 2023 and is subject to regulatory approval, including that of the Toronto Stock Exchange and the NYSE American LLC. The Shares will be subject to a statutory hold period in accordance with applicable securities legislation.

BMO Capital Markets and RBC Capital Markets are acting as financial advisors to Western Copper and Gold.

Western will host a conference call on March 24, 2023 at 8:00 am (Pacific Time) for senior management to discuss this investment by Mitsubishi Materials.

Canada/USA:

1-800-319-4610

International Callers:

1-604-638-5340

Conference ID:

10021576



Replay of the conference call is available at 1-800-319-6413 or 1-604-638-9010, access code 0022.

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 .

ABOUT MITSUBISHI MATERIALS CORPORATION

Mitsubishi Materials Corporation, founded in 1871, is a Japan -based company principally engaged in the processing and manufacturing of non-ferrous metals and products. The group operates businesses in over 30 countries across the world and employs around 23,000 people. Its extensive scope of operations ranges from mining, smelting/refining and recycling, to high-performance processed products, providing solutions for a sustainable society. For more information, visit www.mmc.co.jp .

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, including statements with respect to whether Rio Tinto will exercise its pre-existing right to participate on a pro rata basis in equity financings of the Company, the expected number of Shares to be issued and proceeds to be raised, the anticipated use of proceeds, the rights to be provided to Mitsubishi Materials and the restrictions imposed on Mitsubishi Materials pursuant to the investor rights agreement, and the expected closing date for the strategic investment . 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 "plans", "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 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 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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WESTERN COPPER AND GOLD FILES FORM 40-F AND ANNUAL FILINGS

WESTERN COPPER AND GOLD FILES FORM 40-F AND ANNUAL FILINGS

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) has filed its Annual Report on Form 40-F for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission (the "SEC").

Western Copper And Gold logo (CNW Group/Western Copper and Gold Corporation)

The Company filed Form 40-F for the year ended December 31, 2022 with the SEC on March 23, 2023 . The Form 40-F includes Western's Annual Information Form ("AIF"), audited consolidated financial statements and management's discussion and analysis ("MD&A"). The Form 40-F is available for viewing and retrieval through EDGAR at www.sec.gov/edgar.shtml .

The Company has also filed its AIF, audited consolidated financial statements, and MD&A for the year ended December 31, 2022 with the appropriate Canadian regulatory bodies. These filings are available for viewing on SEDAR at www.sedar.com .

The filings described above are also available on the Company's website: westerncopperandgold.com/investors/forms . Western will also provide a copy of the filings to any shareholder, without charge, upon request. Requests may be made by email, telephone, or regular mail.

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.

SOURCE Western Copper and Gold Corporation

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