VANCOUVER, B.C. Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN; NYSE American: WRN) is pleased to announce that it has closed the previously announced offering (the “Offering”) of common shares of the Company (the “Common Shares”), with a syndicate of underwriters led by Cormark Securities Inc. as sole bookrunner, and including CIBC World Markets Inc., H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC (collectively the “Underwriters”).

With the Underwriters having exercised in full the over-allotment option, the Company has issued a total of 19,828,300 Common Shares at a price of $1.45 per Common Share for aggregate gross proceeds of approximately $28.75 million.

In connection with the Offering, the Company paid the Underwriters a cash commission equal to 2.5% of $12.0 million in gross proceeds raised pursuant to sales to members of the president’s list and 5.0% of the gross proceeds from the remainder of the Offering, including proceeds received from the exercise of the over-allotment option.

The Company intends to use the net proceeds from the sale of the Common Shares to fund its exploration, engineering and permitting activities and for general working capital purposes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon by the accuracy or adequacy of the Prospectus Supplements, the Base Shelf Prospectuses or the Registration Statement.

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 & CEO
Western Copper and Gold Corporation