Toll Free: 1 888 966 9995 Phone: 604 684 9497 Email: [email protected] TSX: WRN / NYSE Amex: WRN JANUARY 2012 JANUARY 2012 CAUTIONARY NOTES: Statements contained herein that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. For US Investors: SEC guidelines strictly prohibit U.S. registered companies from including certain terms, such as “measured”, “indicated”, “inferred”, and “resources”, in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Company’s Form 20-F. Company Overview Western Copper and Gold Corporation is an exploration and development company with large gold, copper and molybdenum resources and reserves in its billion-tonne Casino deposit. Casino is located 380 km northwest of Whitehorse, Yukon. The Western Copper and Gold team is currently advancing Casino towards full feasibility as well as exploring financing options. History In May 2006, Glamis Gold Ltd. purchased Western Silver Corporation primarily for the Peñasquito asset and spun off Western Copper Corporation as a separate company. Western Copper Corporation started trading on May 15, 2006 on the Toronto Stock Exchange (WRN). On November 30, 2006 Western Copper acquired Lumina Resources Corporation adding Casino, as well as two other properties to its portfolio. In October 2011, Western Copper and Gold was formed when Western Copper spun out all assets except Casino, and renamed the company to emphasize the significant gold resource. WORLD CLASS DEPOSIT Casino Project PROVEN MANAGEMENT 9 Experienced management and developers 9 Peñasquito: developed & sold to Glamis Gold for C$1.6 B while management was with Western Silver GOLD COPPER MOLY SILVER Reserves 8.4 M oz 4.4 B lb 494 M lb 61 M oz M+I* 0.5 M oz 0.3 B lb 65 M lb 4 M oz Inferred 9.0 M oz 5.4 B lb 723 M lb 76 M oz * Exclusive of Reserves Dale Corman, B.Sc., P.Eng. Chairman & CEO Paul West-Sells, Ph.D. President & COO Julien François, C.A. VP Finance & CFO Management TRANSFORMING RESOURCES INTO MINES CASINO CANADA Project Overview The Casino project is located 380 km northwest of Whitehorse, Yukon, 560 km from Skagway, Alaska - a year-round port, and within Selkirk First Nation Traditional Territory. Based on an updated pre-feasibility study completed in April 2011, the deposit will be developed as an open pit mine and a mill processing 120,000 tpd and producing an average of 435,000 ounces of gold, 234 million pounds of copper, 13 million pounds of molybdenum and 1.6 million ounces of silver per year over the first four years of production. The pre-feasibility study recommends development of the Casino deposit as a conventional, electrified truck-shovel open pit mine. The initial development will focus on the deposit’s oxide cap as a heap leach operation to recover gold and silver in doré form. The main sulphide deposit will be processed using a conventional concentrator to produce copper-gold and molybdenum concentrates. Additionally, a pyrite rich stream from the concentrator will be leached in a CIL circuit for recovery of gold and silver. Gold-silver doré and copper-gold and molybdenum concentrates will be produced, and the concentrates will be transported to the port of Haines or Skagway, Alaska for shipping to smelters. Higher ore grades and greater concentrate production during the initial 4 years of operation provide an accelerated cash flow during this period resulting in a timely payback of 3.3 years at long term prices. Development History The Casino deposit was discovered in 1969. Between 1992 and 1995 Pacific Sentinel Gold Corp. performed a major drilling program and completed a scoping study. After obtaining the property, Western Copper reworked the project significantly and issued an initial pre-feasibility study in August 2008. Between 2008 and 2010, 26,000 m of additional drilling was carried out at Casino cumulating in a new resource released in November 2010. This new resource expanded the near surface supergene mineralization by 90% and added an additional 7.4 million ounces of gold, 4.4 billion lbs of copper and 615 million lbs of moly to the resource at the inferred level. The new resource was incorporated into an updated pre-feasiblity study released in April 2011. This study indicates that the economic returns from the project justify further development of the Casino project - development of a full feasibility study and securing the required permits and licenses for operation. Casino camp Y1 to Y4 LOM Gold Production (k oz/y) 435 262 Copper Production (M lb/y) 234 157 Molybdenum Production (M lb/y) 13 12 Silver Production (k oz/y) 1,560 1,370 Strip Ratio 0.51 0.72 % of Revenue - Copper 46% 45% % of Revenue - Gold 39% 35% % of Revenue - Moly 13% 8% % of Revenue - Silver 2% 2% NSR ($/t ore milled) 26.84 19.33 Average Mill Grade CuEQ (%) 0.71% 0.50% Mill Operating Costs (C$/t) 9.70 Based on Feasibility Study - April 2011 CASINO World Class Deposit In The Yukon Cameron Brown, P.Eng. VP Engineering Jack McClintlock, MBA, P.Eng. Consulting Geologist 2050 - 1111 West Georgia Street Vancouver, British Columbia Canada, V6E 4M3 Contact: Julie Kim Pelly Mgr, Corporate Communications & Investor Relations [email protected] www.westerncopperandgold.com