Western Copper and Gold Provides Update on Casino Project

VANCOUVER, BC--(Marketwired - September 22, 2017) - Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) (NYSE MKT: WRN) is pleased to provide an update on Casino Project activities. During the past few months, the Company has confirmed that the expected economic returns from its Feasibility Study are still relevant and current, received commitment from the Yukon and Federal Governments on key road infrastructure, and has continued engagement with local communities as part of its permitting efforts.

CASINO PROJECT FEASIBILITY STUDY PRICING REVIEW

In association with M3 Engineering & Technology Corp., the Company has conducted a pricing review (the "Review") of the January 25, 2013 Casino Project Feasibility Study (the "Feasibility Study"). The Review indicates that the Casino Project's economic metrics, such as internal rate of return and net present value, at current commodity prices and exchange rates are comparable to the base case metrics in the Feasibility Study. Capital and operating costs were updated as part of the analysis, including updated costs for mining and major process equipment, power plant costs, major bulk materials (e.g. structural steel), and construction and operating labour rates. There has been no change to the mineral resource or reserve estimate or to other technical information contained in the Feasibility Study.

The Feasibility Study showed that the Casino Project is expected to have an after-tax net present value of $1.83 billion (8% discount rate), an after-tax internal rate of return of 20.1% and a 3.0 year pay-back period over its 22 year mine life. Commodity prices used in the Feasibility Study base case were as follows: Copper -- US$3 per lb; Gold -- US$1,400 per oz; Molybdenum -- US$14 per lb; and Silver -- US$25 per oz. The exchange rate applied to commodity prices was US$0.95 to $1.00.

The full text of the Feasibility Study is available under the Company's profile on SEDAR.

ROAD FUNDING

As previously announced on September 5, 2017, the Yukon Government and the Federal Government have committed to fund the upgrade of the existing access road and 30% of the new access road to the Casino Project as part of the Yukon Resource Gateway Application ("Gateway"). Recent discussions with the Yukon Government indicate that work towards building these roads is underway, starting with permitting for construction of a by-pass that will allow mining-related traffic to avoid the town of Carmacks, a key mitigation measure identified by the local community.