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$1.8 billion After-Tax NPV (8%) at long term metal prices After-Tax IRR 20.1% at long term metal prices Long term metal prices: Cu: US$3.00/lb, Au: US$1,400/oz, Ag: US$25/oz, Mo: US$14/lb 8.9 million ounce gold reserve - an increase of 0.5 million ounces 4.5 billion pound copper reserve

Western Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN; NYSE MKT:WRN) is pleased to release the results of its definitive feasibility study (the "Feasibility Study", or "Study") on its wholly-owned Casino copper-gold-molybdenum deposit in the Yukon ("Casino" or the "project"). This Study recommends that the project be constructed as an open pit mine, with a concentrator processing nominally 120,000 tonnes per day and a gold heap leach facility processing nominally 25,000 tonnes per day. Under the Study these facilities would produce an average of 399,000 ounces of gold, 245 million pounds of copper, 15 million pounds of molybdenum, and 1.8 million ounces of silver per year during the first four years of production.

The Study succeeds the pre-feasibility study dated May 17, 2011 (the "Pre-Feasibility Study"). The Study incorporates an updated reserve, significant updated engineering, particularly in the areas of energy supply, metallurgy, and flow sheet design, and brings the engineering on the project to a feasibility level.

"We are enormously pleased with the Casino Feasibility Study", said Dale Corman, Chairman and Chief Executive Officer. "This Study establishes Casino as one of the very few world-class, long life, copper-gold projects with robust economics at a feasibly study level. The Yukon is a top mining district, and we look forward to securing permits as our next step of development."

In this news release, unless otherwise indicated, references to "$" are to Canadian dollars and references to "US$" are to United States dollars.

HIGHLIGHTS

Initial Capital Investment           $2.46 billion

Payback period*                      3.0 years



NPV pre-tax* (8% discount)           $2.82 billion

NPV after-tax* (8% discount)         $1.83 billion



IRR pre-tax* (100% equity)           24.0%

IRR after-tax* (100% equity)         20.1%



Total Reserve                        1.12 billion tonnes

Mill operation                       22 years

Heap leach operation                 18 years

*Based on Long Term metal prices (discussed under "Financial Results" below).

KEY CHANGES FROM PRE-FEASIBLITY STUDY