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<SEC-DOCUMENT>0001062993-10-001130.txt : 20100408
<SEC-HEADER>0001062993-10-001130.hdr.sgml : 20100408
<ACCEPTANCE-DATETIME>20100408151701
ACCESSION NUMBER:		0001062993-10-001130
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100408
DATE AS OF CHANGE:		20100408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Copper CORP
		CENTRAL INDEX KEY:			0001364125
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52231
		FILM NUMBER:		10739658

	BUSINESS ADDRESS:	
		STREET 1:		#2050 - 1111 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E4M3
		BUSINESS PHONE:		6046849497

	MAIL ADDRESS:	
		STREET 1:		#2050 - 1111 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E4M3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
<TITLE>Western Copper Corp.: Form 6-K - filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">

<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>April, 2010</b></p>

<p align="center">Commission File Number: <strong>000-52231</strong></p>

<p align="center"><b><u><font size=5>WESTERN COPPER CORPORATION</font></u></b><br>
  (Translation of registrant's name into English) </p>

<p align="center"><b>Suite 2050 - 1111 West Georgia Street<br>
  <u>Vancouver, BC Canada V6E 4M3</u></b><br>
  (Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[ x ] Form 20-F &nbsp;&nbsp;[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form
  6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>



<p align="center"> Indicate by check mark if the registrant is submitting the
  Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>



<p align="center">Indicate by check mark whether by furnishing the information
  contained in this Form, the registrant is also thereby furnishing the information
  to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
  of 1934.</p>

<p align="center">Yes [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]&nbsp;&nbsp;&nbsp;&nbsp;No
  [ x ]</p>

<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="logo-wco.gif" width="135" height="184"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm"></a></td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">2009 MD&amp;A Amendment Cover Letter </a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm"></a></td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">2009 MD&amp;A Amendment</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Western Copper Corporation</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: April 8, 2010</td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" ><I>/s/ Julien Fran&ccedil;ois</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Julien Fran&ccedil;ois</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>VP Finance</td>
  </tr>
</table>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>2009 MD&A AMENDMENT COVER LETTER
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper Corp.:  Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><img src="wclogol.gif" width="360" height="135"></P>
<P align=justify>April 8, 2010 </P>
<P align=justify><B>VIA EDGAR</B></P>
<P align=justify>Christine Zenith <BR>Corporate Disclosure <BR>British Columbia
Securities Commission<BR>P.O. Box 10142, Pacific Centre <BR>701 West Georgia
Street <BR>Vancouver, BC V7Y 1L2 <BR></P>
<P align=justify>Dear Ms. Zenith:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>RE: </B></TD>
    <TD align=left width="95%"><B>Western Copper Corporation (the &#147;Company&#148;)
      </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Annual Filings for the year ended December
      31, 2009 </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" ><STRONG>SEDAR Project Number:
      1553401, 1553404</STRONG>&nbsp;&nbsp;</TD></TR></TABLE>
<P align=justify>Further to your correspondence dated April 7, 2010, please be
advised that the Company has amended its previously filed Management&#146;s
Discussion and Analysis (&#147;MD&amp;A&#148;) for the financial year ended December 31,
2009 to correct the following deficiencies: </P>
<P style="MARGIN-LEFT: 5%" align=justify>NI 51-102F1 (1.1): The date of the
MD&amp;A must be no earlier than the date of the auditor&#146;s report on the
financial statements for your company&#146;s most recently completed financial year.
</P>
<P align=justify>The date of the Company&#146;s annual MD&amp;A has been changed from
March 25, 2010 to March 26, 2010, the date of the auditor&#146;s report on the
financial statements for the financial year ended December 31, 2009.</P>
<P align=justify>The Company&#146;s certifying officers have also updated their NI
52-109 Certification of Disclosure to match the amendment filing date.</P>
<P align=justify>I trust that the revised documents satisfy our deficiencies
accordingly. Should you have further questions or comments, please contact the
undersigned at your earliest convenience. </P>
<P align=justify>Regards,</P>
<P align=justify><B>WESTERN COPPER CORPORATION</B></P>
<P align=justify><I><U>&#147;Julien Fran&#231;ois&#148; (signed)</U></I><BR>Julien Fran&#231;ois
<BR>Chief Financial Officer <BR></P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>2009 MD&A AMENDMENT
<TEXT>



<HTML>
<HEAD>
   <TITLE>Western Copper Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration
      stage company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For
      the year ended December 31, 2009 </TD></TR></TABLE>
<P align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B><BR>
  <B>FOR THE YEAR ENDED DECEMBER 31, 2009 </B></P>
<P align=justify>The following management discussion and analysis of Western
Copper Corporation (&#147;Western Copper&#148; or the &#147;Company&#148;) is dated March 26, 2010,
and provides an analysis of the Company&#146;s results of operations for the year
ended December 31, 2009.<B> </B></P>
<P align=justify>This discussion is intended to provide investors with a
reasonable basis for assessing the financial performance of the Company as well
as certain forward looking statements relating to its potential future
performance. The information should be read in conjunction with the Western
Copper Corporation December 31, 2009 audited annual consolidated financial
statements and the related notes for the year then ended which have been
prepared in accordance with Canadian generally accepted accounting principles.
Western Copper&#146;s accounting policies are described in note 2 of the December 31,
2009 audited annual consolidated financial statements. All of the financial
information presented herein is expressed in Canadian dollars, unless otherwise
indicated. </P>
<P align=justify>Western Copper is listed on the Toronto Stock Exchange under
the symbol &#145;WRN&#146; and is registered under Form 20-F with the United States
Securities and Exchange Commission (&#147;SEC&#148;). At March 26, 2010, the Company had
79,404,036 common shares outstanding. </P>
<P align=justify>Additional information on the Company can be found in the
Company&#146;s Annual Information Form (&#147;AIF&#148;), filed with Canadian regulators on
SEDAR at <U><FONT color=#0000ff>www.sedar.com</FONT></U> and with the United
States Securities and Exchange Commission at <U><FONT
color=#0000ff>www.sec.gov</FONT></U> on Form 20-F.</P>
<P align=justify><B>DESCRIPTION OF BUSINESS </B></P>
<P align=justify>Western Copper Corporation is a Canadian-based publicly-traded
mineral exploration company with a primary focus of advancing its mineral
properties towards production.</P>
<P align=justify>All of Western Copper&#146;s properties are located in Canada. The
Company&#146;s two most advanced projects are located in the Yukon. The Carmacks
Copper Project is in the last phase of permitting. The Company&#146;s Casino project
is one of the largest undeveloped porphyry deposits in Canada. Western Copper
completed a pre-feasibility study on the property in June 2008. </P>
<P align=justify><B>CORPORATE DEVELOPMENTS</B></P>
<P align=justify><B>Permitting </B></P>
<P align=justify>On April 15, 2009, Western Copper received the Quartz Mining
License (&#147;QML&#148;) for the Carmacks Copper Project. This license permits the
Company to begin building the Carmacks Copper Mine and establishes many of the
terms and conditions under which the mine will operate.</P>
<P align=justify>The Water Use License (&#147;WUL&#148;) establishes how the project can
use and discharge water and is the final major permit required before commencing
operation. The Yukon Water Board hearing, required for issuance of a WUL,
concluded on March 2, 2010. Western Copper anticipates that the WUL will be
issued within two to six months from the hearing conclusion date. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 1 -
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name="page_2"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
<B>Private placements </B></P>
<P align="justify">
On July 10, 2009, Western Copper issued 4,000,000 units, comprised of one flow-through common share of the Company at a price of &#36;1.00 and one-half of one warrant. Each whole warrant will be exercisable for one non flow-through common share of
the Company at a price of &#36;1.25 per common share and will expire three years following closing. If, commencing on the date that is four months plus one day following the closing of the transaction, the weighted average trading price of the
Company&#146;s common shares is at a price equal to or greater than &#36;2.00 for twenty consecutive trading days, the Company will have the right to accelerate the expiry date of warrants by giving thirty days written notice to the holder.</P>
<P align="justify">
The agent received a cash commission equal to 6.0% of the gross proceeds and that number of warrants (&#147;agent warrants&#148;) which is equal to 6.0% of the number of units sold.  Each agent warrant will be exercisable for one non flow-through
common share of the Company at a price of &#36;1.25 per common share and will expire two years following closing. If, commencing on the date that is four months plus one day following the closing of the transaction, the weighted average trading
price of the Company&#146;s common shares is at a price equal to or greater than &#36;1.75 for fifteen consecutive trading days, the Company will have the right to accelerate the expiry date of the agent&#146;s warrants by giving thirty days written
notice to the agent.</P>
<P align="justify">
On December 4, 2009, Western Copper issued 2,150,000 units at a price of &#36;2.50.  Each unit was comprised of one flow-through common share of the Company and one warrant (&#147;investor warrant&#148;). Each warrant is exercisable for one non
flow-through common share of the Company at a price of &#36;2.60 per common share and expires three years following closing. If, commencing on the date that is four months plus one day following the closing of the transaction, the weighted average
trading price of the Company&#146;s common shares is at a price equal to or greater than &#36;5.00 for twenty consecutive trading days, the Company has the right to accelerate the expiry date of the investor warrants by giving thirty days written
notice to the holder.</P>
<P align="justify">
The agent received a cash commission equal to 6.0% of the gross proceeds and that number of warrants (&#147;agent warrants&#148;) which is equal to 4.0% of the number of units sold. Each agent warrant is exercisable for one non flow-through common
share of the Company at a price of &#36;2.50 per common share and expires two years following closing. If, commencing on the date that is four months plus one day following the closing of the transaction, the weighted average trading price of the
Company&#146;s common shares is at a price equal to or greater than &#36;4.00 for a period of fifteen consecutive trading days, the Company has the right to accelerate the expiry date of the agent&#146;s warrants by giving thirty days written notice
to the agent.</P>
<P align="justify">
<B>PROPERTY OVERVIEW </B></P>
<P align="justify">
<B>Casino (Yukon, Canada) </B></P>
<P align="justify">
The Casino porphyry copper-gold-molybdenum deposit is located, by road, 380 kilometres northwest of Whitehorse, Yukon. It has been the subject of considerable exploration going back to 1967.</P>
<P align="justify"> In June 2008, Western Copper announced that an independent
  pre-feasibility study on the Casino property supports the development of the
  project. Based on the mill proven and probable reserve estimate of 914 million
  tonnes, the mine has an estimated 30 year ore production life.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 2 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_3"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
The financial model formed as part of the pre-feasibility study used commodity prices of US&#36;2.95 per pound for copper, US&#36;647 per ounce for gold, and US&#36;31 per pound of molybdenum and an exchange rate of 1 US&#36;/&#36; to assess the
viability of the project. Initial capital development costs were estimated to be &#36;2.1 billion, including &#36;550 million for a power plant. Based on these factors, the pre-feasibility study suggested a pre-tax IRR of 20.4% . </P>
<P align="justify">
Management has updated the financial model with current commodity prices and the current US&#36;/&#36; exchange rate.  The analysis, which uses recent spot commodity prices (copper - US&#36;3.20/lb, gold - US&#36;1,100/oz, molybdenum - US&#36;16/lb)
and an exchange rate of 0.94 US&#36;/&#36;, suggests a pre-tax IRR of 24%.</P>
<P align="justify">
Following the positive results of the pre-feasibility study, the Company has begun preparing for the submission of a Project Proposal to the Yukon Environmental and Socio-economic Assessment Board (&#147;YESAB&#148;).  As part of this process,
Western Copper has initiated a baseline environmental and socioeconomic data collection program to update and complement environmental information collected in the early 1990&#146;s. The Company has also had a number of meetings with various
government departments and First Nations Governments to introduce them to the project.</P>
<P align="justify">
During 2009, the Company has continued its permitting efforts by continuing its dialogue with various government agencies and by continuing the 2009 data collection program that will form part of the Project Proposal. Discussions with local
communities and First Nations have also continued.</P>
<P align="justify">
The Company continues to work on further engineering studies relating to road access and power supply. The aim of these studies is to further improve the economics of the project. </P>
<P align="justify">
The Company completed a major drilling program in October 2009.  The program was aimed at converting inferred resources into measured and indicated and examining targets identified by the geophysical survey to potentially extend the known area of
mineralization. Including the 11,000 metres drilled in 2009, approximately 102,000 metres have been drilled on property to date.</P>
<P align="justify">
The drilling program significantly increased the known area of mineralization and identified a new molybdenum zone.</P>
<P align="justify">
A deep penetrating geophysical survey conducted in July 2009 identified a number of promising drill targets. These targets were drilled as part of the 2009 drilling program. Several promising zones were discovered, including a lead-zinc-silver zone
to the south of the deposit.</P>
<P align="justify">
The Company raised &#36;9.4 million in flow-through funds in 2009. A portion of this money was spent on the 2009 drilling program, and the remainder will be spent on further exploration at the Casino property in 2010. Western Copper is mobilizing
equipment via winter road and plans to start drilling in early Q2 2010. </P>
<P align="justify"> Should it make a production decision on the property, Western
  Copper is required to make a cash payment of &#36;1 million. Production on the
  claims is also subject to a 5% net profits interest. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 3 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_4"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
<B>Carmacks Copper Project (Yukon, Canada) </B></P>
<P align="justify">
The Carmacks Copper Project is located 220 kilometres north of Whitehorse, Yukon. </P>
<P align="justify">
In 2007, Western Copper reported the key findings of its feasibility study on the project and announced that the study supports the development of the mine.  Based on the proven and probable reserve estimate of 10.6 million tonnes, the mine has an
estimated six year ore production life. The feasibility study indicated initial capital development costs of &#36;144 million, including a contingency of &#36;14.1 million. An additional sum of &#36;7.3 million is attributable to owner&#146;s costs,
which include the Company&#146;s project team salaries, spare parts, and bond costs. The life-of-mine operating costs were estimated to be &#36;0.98/lb. of copper (US&#36;0.84/lb. of copper at 0.85 US&#36;/&#36;). Using a copper price of US&#36;2.32
per pound and an exchange rate of 0.85 US&#36;/&#36;, the feasibility study indicated a pre-tax IRR of 21.1% for the project. </P>
<P align="justify">
Management has updated the financial model to reflect the current spot copper price and the current US&#36;/&#36; exchange rate. The analysis, which uses a copper price of US&#36;3.20 per pound and an exchange rate of 0.94 US&#36;/&#36;, results in
a pre-tax IRR of 34%.</P>
<P align="justify">
On April 15, 2009, Western Copper received the Quartz Mining License (&#147;QML&#148;) for the Carmacks Copper Project. This license permits the Company to begin building the Carmacks Copper Mine and establishes many of the terms and conditions
under which the mine will operate. As a condition of the QML, the Company was required to provide security in the amount of &#36;80,300 representing the estimated reclamation cost for work performed to date on the property.  The Company holds a
Guaranteed Investment Certificate in this amount in safekeeping for the Yukon Government. </P>
<P align="justify">
The Water Use License is the next and final major milestone of the permitting process and will allow the mine to operate. The Yukon Water Board public hearing concluded on March 2, 2010. Western Copper awaits the decision from the Yukon Water Board
within two to six months from the hearing conclusion date. </P>
<P align="justify">
During 2009, the Company focused on permitting with engineering activities limited to those necessary to support the permitting. No further exploration took place in 2009 and none is planned for 2010. </P>
<P align="justify">
Any production from the Carmacks Copper Project is subject to either a 15% net profits interest or a 3% net smelter royalty, at Western Copper&#146;s election. If Western Copper elects the net smelter royalty, it has the right to purchase the
royalty for &#36;2.5 million, less any advance royalty payments made to that date. The Company is required to make an advance royalty payment of &#36;100,000 for any year in which the average daily copper price reported by the London Metal Exchange
is US&#36;1.10 per pound or greater. As at the date of this report, Western Copper has made &#36;700,000 in advance royalty payments.</P>
<P align="justify">
<B>Island Copper/Hushamu (British Columbia, Canada) </B></P>
<P align="justify">
The Island Copper property consists of three blocks of mineral claims in a prospective copper-gold porphyry belt located on northern Vancouver Island, approximately 25 kilometres west of Port Hardy and 360 kilometres northwest of Vancouver, British
Columbia. The mineral claim blocks are referred to as the Hushamu claims, the Apple Bay claims, and the Rupert Block.</P>
<P align="justify"> On January 31, 2008, Western Copper made the final payment
  required under its option agreement with Electra Gold Ltd. (&#147;Electra&#148;)
  in the amount of &#36;80,000. As a result, the Company acquired 100% interest
  in the Apple Bay mineral claims previously held by Electra. Electra maintains
  the right to explore the Apple Bay claims for non-metallic minerals.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 4 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_5"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
On August 25, 2008, Western Copper signed an option and joint venture agreement with IMA Exploration Inc. (&#147;IMA&#148;) that gives IMA the option to earn a 70% interest in the Island Copper property. Pursuant to the terms of the agreement, IMA
has agreed to expend a minimum of &#36;1.9 million in the first year of a three year option period. Over years two and three IMA is required to spend an additional &#36;13.1 million towards the completion of a pre-feasibility study on the Hushamu
deposit located on the Hushamu claim block. These expenditures, a total of &#36;15 million, and the completion of a pre-feasibility study will earn IMA a 49% interest in the project. IMA can earn an additional 16% by funding a subsequent feasibility
study by the end of the fourth year and an additional 5% by completing mine permitting. The option period began on the execution date of the option and joint venture agreement. </P>
<P align="justify">
On February 23, 2009, IMA released the results of their 2008 exploration program. IMA reported that the four holes drilled in the NW Expo zone contained copper, gold, molybdenum and rhenium mineralization consistent with that found by Western Copper
previously. The two holes drilled in the main Hushamu deposit contained copper grades consistent with previous results, but slightly higher gold grades. IMA also assayed for molybdenum and rhenium and found significant values of both metals.
Molybdenum had not been assayed for on a consistent basis in the past and previous programs had not assayed for rhenium. </P>
<P align="justify">
On September 30, 2009, Kobex Resources Ltd. and International Barytex Resources Ltd. merged with IMA as part of a plan of arrangement.  Pursuant to the transaction, IMA changed its name to Kobex Minerals Inc. (&#147;Kobex&#148;). </P>
<P align="justify">
Kobex has met the minimum expenditure obligations required in the first year of the agreement and is currently performing an order of magnitude study to assist it in making future decisions regarding the project.</P>
<P align="justify">
Should a production decision be made on the Hushamu claims, Western Copper is required to make a cash payment of &#36;1 million to an unrelated third party within 60 days of the production decision. These mineral claims are also subject to a 10% net
profits interest. </P>
<P align="justify">
Should a production decision be made on the Apple Bay claims, Western Copper is required to pay &#36;800,000 in cash or in Western Copper stock to Electra. The payment method is at the election of Western Copper.</P>
<P align="justify">
<B>Redstone (Northwest Territories, Canada) </B></P>
<P align="justify">
The Redstone property comprises five mining leases and 16 mineral claims in six distinct areas in the Nahanni Mining District southwest of Norman Wells in the Northwest Territories.</P>
<P align="justify">
In September 2007, the Company signed an agreement with the Mineral Deposits Research Unit at the University of British Columbia (&#147;MDRU&#148;) to fund a research project that will aim to provide a better understanding of the regional geology
and to identify areas covered by the Company&#146;s existing claims and leases that offer the most exploration potential. No work was possible in 2008. </P>
<P align="justify"> MDRU spent approximately two months this summer studying the
  geology in the area covered by the Redstone claims and leases. A progress report
  was made to Western Copper in September. The geological modeling will continue
  with a second site visit in 2010.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 5 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_6></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align=justify>The only area that presently has a NI 43-101 compliant resource
estimate is the Coates Lake area. This area consists of the five mining leases
noted above. Should production be initiated at Coates Lake, the five mining
leases are subject to a net smelter royalty of between 3-4% depending on the
monthly average of the final daily spot price of copper reported on the New York
Commodities Exchange relating to each production month, as follows:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>3% if the price is less than, or equal to US$0.75 per pound;
  <LI>3.5% if the price is greater than US$0.75 per pound, but less than, or
  equal to US$1.00 per pound; and
  <LI>4% if the price is greater than US$1.00 per pound. </LI></UL>
<P align=justify><B>SELECTED QUARTERLY FINANCIAL INFORMATION </B></P>
<P align=justify>The following quarterly information has been extracted from the
Company&#146;s unaudited interim consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>As at and for the quarter ended</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>31-Dec-09</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>30-Sep-09</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>30-Jun-09</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>31-Mar-09</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expressed in Canadian dollars </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss and comprehensive loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>233,672 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>509,122 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>594,590 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>522,773 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>loss per share &#150; basic and diluted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mineral properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>72,790,644 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>70,960,998 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>67,117,675 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65,970,008 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash, cash equivalents, and short- term investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,667,179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,786,066 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,931,098 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,177,922 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>86,876,176 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>83,316,052 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>78,478,161 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>78,503,650 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>As at and for the quarter ended</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>31-Dec-08</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>30-Sep-08</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>30-Jun-08</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>31-Mar-08</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expressed in Canadian dollars </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss and comprehensive loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>599,667 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>530,503 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>544,160 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>484,919 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>loss per share &#150; basic and diluted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mineral properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65,702,582 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>64,047,426 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>61,664,820 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>58,853,128 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash, cash equivalents, and short-term investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,062,366 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,460,243 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">18,527,233 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">21,963,631 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>79,216,492 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>80,708,309 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>80,414,978 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>80,977,997 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The quarterly fluctuations are due to the following: </P>
<P align=justify>Cash is being spent to fund ongoing operations and to increase
the value of the Company&#146;s mineral properties. This has led to a decrease in
cash, cash equivalents and short-term investments and an increase in mineral
properties in each quarter presented above, except Q3 and Q4 2009. Cash, cash
equivalents and short-term investments increased from June 30, 2009 to December
31, 2009 because the Company raised $4 million through a private placement in
July 2009 and $5.4 million through a private placement in December 2009. </P>
<P align=justify>Loss and comprehensive loss in Q4 2009 is lower than the other
  quarters due to a future income tax recovery of $396,000 recorded in Q4 2009.
  A similar recovery was recorded in Q4 2008, but at that time, the future income
  tax recovery of $452,000 was off-set by the $405,000 write-down of the Company&#146;s
  Sierra Almoloya mineral property. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 6 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align=justify><B>RESULTS OF OPERATIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>For the year ended December 31,</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2008</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2007</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expressed in Canadian dollars </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>EXPLORATION EXPENSES </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,512,439 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>ADMINISTRATIVE EXPENSES </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounting and legal </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">196,078 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">400,035 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">462,340 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Filing and regulatory fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>72,728 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>78,101 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>84,101 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office and administration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,800,325 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,921,138 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,281,152 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Promotion and travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>414,303 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>354,521 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>663,978 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LOSS BEFORE OTHER ITEMS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"><B>2,483,434</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"><B>2,753,795</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"><B>6,004,010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>OTHER ITEMS </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Interest income </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">(238,166</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">(599,575</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">(1,276,014</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10,786 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">51,731 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">19,249 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Write-off of
      mineral properties </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">405,001 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>LOSS BEFORE
      TAXES</B> </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>2,256,054</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>2,610,952</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>4,747,245</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Future income tax
      recovery </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">(395,897</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">(451,703</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">(1,521,279</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>LOSS AND
      COMPREHENSIVE LOSS</B> </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>1,860,157</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>2,159,249</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>3,225,966</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>Western Copper had a loss of $1.86 million ($0.02 per common
share) for the year ended December 31, 2009 compared to a loss of $2.16 million
($0.03 per common share) in 2008. Although the Company performed a large
exploration program in 2009, the scale and nature of the Company&#146;s
administrative activity have remained consistent throughout the three years
presented above. This trend is expected to continue next year despite the fact
that the Company will continue its significant exploration and environmental
assessment programs at the Casino property in 2010. </P>
<P align=justify>A number of factors led to the loss and comprehensive loss
being lower in 2009 than in 2008.</P>
<P align=justify>Western Copper recorded a future income tax recovery of
$396,000 in Q4 2009. A similar recovery was recorded in Q4 2008, but at that
time, the future income tax recovery of $452,000 was partially off-set by the
$405,000 write-down of the Sierra Almoloya mineral property when the Company
abandoned those claims. The 2009 future income tax recovery was a result of
assets and tax benefits transferred between subsidiaries during the year and a
reduction in provincial tax rates expected to apply in 2012.</P>
<P align=justify>Decreasing interest bearing balances and lower interest rates
  led to a decline in interest income of $362,000 in 2009 as compared to 2008.
  Western Copper continues to earn interest on its short-term investments, but
  as the Company uses its working capital to fund operations and mineral property
  development, its interest bearing balances decrease. These balances increased
  significantly in July and December, however, as Western Copper raised funds
  through private placements.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 7 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align=justify>Costs are generally lower in 2009 because until the market
improved around mid-year, the Company made efforts to conserve capital and was
in a period of low activity. Once markets began improving, the Company increased
its activity, especially in investor relations. Current year professional fees
are $204,000 lower than in 2008 due to lower activity in these areas during
2009. Office and administrative expenses declined $121,000 in 2009 due to
decreases in information technology, rent, and stock-based compensation costs.
Promotion and travel expenditures increased by $60,000 as the Company augmented
its marketing efforts.</P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left><B>For the quarter ended December 31,</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2008</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expressed in Canadian dollars </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>ADMINISTRATIVE EXPENSES </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounting and legal </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">36,949 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">102,158 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Filing and regulatory fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,655 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,496 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office and administration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">482,521 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">502,851 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Promotion and travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>143,528 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>92,783 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LOSS BEFORE OTHER ITEMS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"><B>669,653</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"><B>704,288</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>OTHER ITEMS </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Interest income </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">(40,327</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">(88,623</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">243 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">30,704 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Write-off of
      mineral properties </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">405,001 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>LOSS BEFORE
      TAXES</B> </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>629,569</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>1,051,370</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Future income tax
      recovery </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">(395,897</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">(451,703</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>LOSS AND
      COMPREHENSIVE LOSS</B> </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>233,672</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>599,667</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR></TABLE>

<P align=justify>Western Copper had a loss of $234,000 (less than $0.01 per
common share) for the three months ended December 31, 2009. For the same period
in 2008, the Company had a loss of $600,000 ($0.01 per common share). The
fluctuations in line item amounts are due to the same factors discussed in the
2009 year-to-date analysis above.</P>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>For the year ended December 31,</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2008</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2007</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expressed in Canadian dollars </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>CASH PROVIDED BY (USED IN) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating activities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,793,475</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,735,717</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,051,687</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financing activities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,956,411 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>447,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Investing
      activities </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">(8,764,009</TD>
    <TD align=left width="2%"
    >) </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">(16,954,526</TD>
    <TD align=left width="2%"
    >) </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">25,040,912 </TD>
  <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
  <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid"><B>INCREASE
      (DECREASE) IN CASH AND CASH EQUIVALENTS</B> </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>(1,601,073</B></TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    ><B>)</B> </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>(18,689,743</B></TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    ><B>)</B> </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>21,436,925</B> </TD>
  <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash
      equivalents &#150; beginning </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">5,037,204 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">23,726,947 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">2,290,022 </TD>
  <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
  <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>CASH AND CASH
      EQUIVALENTS &#150; ENDING</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>3,436,131</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>5,037,204</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>23,726,947</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>In addition to its cash and cash equivalents, the Company had
  $10.2 million in short-term investments as at December 31, 2009. Cash, cash
  equivalents, and short-term investments totaled $13.7 million. Working capital
  at December 31, 2009 is $12.7 million. This figure is consistent with the working
  capital of $12.4 million the Company had at December 31, 2008.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 8 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name="page_9"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
Working capital is consistent with prior year-end because Western Copper raised &#36;9.4 million in 2009 though the issuance of shares pursuant to private placements. The money raised offset the capital used to finance the Company&#146;s
administrative and mineral property expenditures. </P>
<P align="justify">
Cash and cash equivalents comprise cash deposits held at banks.  Short-term investments consist of Guaranteed Investment Certificates (&#147;GIC&#148;) from Canadian chartered banks that are cashable at the Company&#146;s discretion without interest
penalty.</P>
<P align="justify">
Western Copper is an exploration stage enterprise.  As at December 31, 2009, the Company has not earned any production revenue. It depends heavily on its working capital balance and its ability to raise funds through capital markets to finance its
operations.</P>
<P align="justify">
Based on its current estimates, management expects that Western Copper will have sufficient working capital to fund its administrative expenses and its mineral property costs in 2010. The Company will have to raise additional capital prior to
building any of its projects in order to fund construction costs.</P>
<P align="justify">
The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company&#146;s ability to continue as a going concern is
substantially dependent on its ability to raise funds necessary to acquire assets, perform exploration and development activities, and conduct its corporate affairs primarily through the issuance of its common shares. There is a risk that in the
future the Company may not be able to raise the capital required to fund operations.</P>
<P align="justify">
<B>Operating activities  </B></P>
<P align="justify">
The significant components of operating activities are discussed in the Results of Operations section above.</P>
<P align="justify">
<B>Financing activities </B></P>
<P align="justify">
Western Copper raised &#36;9.4 million dollars through two private placements in 2009. On July 10, 2009, the Company issued 4 million units at a price of &#36;1.00 per unit. Each unit comprised one flow-through common share and half of a warrant. On
December 4, 2009, the Company issued 2.15 million units at a price of &#36;2.50 per unit. Each unit comprised one flow-through common share and a whole warrant. </P>
<P align="justify">
During the year ended December 31, 2009, the Company also received &#36;106,583 from the exercise of employee stock options and &#36;251,250 from the exercise of broker warrants. </P>
<P align="justify">
There was no significant financing activity in 2008. </P>
<P align="justify">
<B>Investing activities </B></P>
<P align="justify">
The Company expended a net amount of &#36;6.5 million on mineral property expenditures during the 2009. This compares with &#36;8.7 million during 2008. The majority of these costs were spent on the Casino property and the Carmacks Copper Project.
</P>
<P align="justify"> The mineral property additions shown below represent costs
  incurred, not necessarily cash spent, on mineral property expenditures during
  the year ended December 31, 2009. Despite not taking into account changes in
  working capital balances, mineral property costs incurred are a good representation
  of Western Copper&#146;s mineral property expenditures during the period.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 9 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<BR>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%"><B>Carmacks Copper</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%"><B>Casino</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%"><B>Project</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
      <TD align=right width="20%">&nbsp; $</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
      <TD align=right width="20%">&nbsp; $</TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      >Expressed in Canadian dollars </TD>
    <TD align=right width="1%"
    >&nbsp;</TD>
      <TD align=right width="20%"></TD>
    <TD align=right width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%"
    >&nbsp;</TD>
      <TD align=right width="20%"></TD>
    <TD align=right width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
      <TD width="20%" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
      <TD width="20%" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"
    ><B>DECEMBER 31, 2008</B> </TD>
    <TD width="1%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>20,821,505</B> </TD>
    <TD width="2%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>14,645,143</B> </TD>
    <TD width="2%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
      <TD width="20%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
      <TD width="20%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >CASH ITEMS </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="20%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="20%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Advance royalty </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">100,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Claims maintenance </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>10,363 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>4,408 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Detailed engineering </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">93,945 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Engineering studies </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>112,991 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>1,470 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">3,657,287 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Permitting </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>1,652,334 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>673,916 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Reclamation obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">80,300 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff
    >Salary and wages </TD>
    <TD align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%"
    bgColor=#e6efff>224,775 </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%"
    bgColor=#e6efff>215,625 </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
      <TD width="20%" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
      <TD width="20%" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"
    ><B>CASH ITEMS</B> </TD>
    <TD width="1%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>5,657,750</B> </TD>
    <TD width="2%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>1,169,664</B> </TD>
    <TD width="2%" align=left
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
      <TD width="20%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
      <TD width="20%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >NON-CASH ITEMS </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="20%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="20%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">54,709 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="20%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Future income tax </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>46,434 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="20%" bgColor=#e6efff>42,427 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      >Stock-based compensation </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
      <TD align=right
      width="20%">108,346 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
      <TD align=right
      width="20%">98,997 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid"
      ><B>NON-CASH ITEMS</B> </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD
      width="20%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>209,489</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD
      width="20%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>141,424</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="20%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid"
      ><B>DECEMBER 31, 2009</B> </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD
      width="20%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>26,688,744</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD
      width="20%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>15,956,231</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
</TR></TABLE>
<P align=justify>Western Copper incurred $2.2 million less mineral property
expenditures during 2009 than it did in 2008 because the Company made a
conscious decision at the beginning of the year to reduce its spending due to
the uncertainty in the capital markets.</P>
<P align=justify>In 2008, Western Copper was progressing quickly on detailed
engineering of the Carmacks Copper Project and was working towards completion of
the Casino Project pre-feasibility study.</P>
<P align=justify>During the first half of 2009, Western Copper limited its
efforts to performing only necessary permitting activities relating to the
Carmacks Copper Project and the Casino Project. It was not until capital market
conditions somewhat improved around mid-year and the Company had raised some
capital that it initiated significant expenditures such as the exploration
program at the Casino Project.</P>
<P align=justify>Another factor that led to lower spending this year compared to
2008 is that in Q1 2009 the Company received a mineral exploration tax credit in
the amount of $331,000 relating to previous exploration work on its Island
Copper property. This amount was credited to mineral properties.</P>
<P align=justify>A summary of activities relating to each project is available
under the Business and Overview section at the beginning of this document. </P>
<P align=justify><B>RELATED PARTY TRANSACTIONS </B></P>
<P align=justify>Related party transactions were in the normal course of business.
  There was no material transaction with related parties during the years presented.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 10 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align=justify><B>CONTRACTUAL OBLIGATIONS </B></P>
<P align=justify>In April 2009, the Company signed a new lease agreement for its
head office in Vancouver. The new lease began on June 1, 2009 and expires on May
31, 2014. The Company also has a commitment to lease office space in the Yukon.
The lease expires in 2011.</P>
<P align=justify>The future minimum lease payments by calendar year are
approximately as follows: </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%"><B>Vancouver</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%"><B>Yukon</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Expressed in Canadian dollars </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="22%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="22%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2010 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>196,637 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>28,635 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >2011 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">205,816 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">28,635 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>207,841 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >2013 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">210,677 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>88,626 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      >Thereafter </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="22%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="22%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>TOTAL</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="22%"><B>909,597</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="22%"><B>57,270</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company must spend approximately $5.91 million on
qualifying Canadian exploration expenditures by December 31, 2010. Otherwise,
the Company is required to pay the investors who purchased flow-through shares
the difference between the amount of tax benefit that they would have realized
had the Company incurred all expenditures renounced in February 2010 by December
31, 2010 and the amount that the investors actually realized. </P>
<P align=justify>The Company has no material off-balance sheet arrangements, no
material capital lease agreements and no material long term obligations other
than those described above or in the description of mineral properties. </P>
<P align=justify><B>SIGNIFICANT ACCOUNTING ESTIMATES </B></P>
<P align=justify><B>Use of estimates </B></P>
<P align=justify>The preparation of the consolidated financial statements in conformity
  with generally accepted accounting principles requires management to make estimates
  and assumptions that affect the amounts reported in the financial statements
  and the related notes. Significant areas where management&#146;s judgment is
  applied include the assessment of impairment to the carrying value of mineral
  properties, the determination of the likelihood that future income tax benefits
  can be realized, the assumptions used to calculate the fair value of warrants
  and stock options, amounts and likelihood of contingent liabilities, and the
  cost allocation methodologies used to determine results of operations, the value
  of financing components, and the value of purchased assets. Actual results could
  differ from the estimates by a material amount. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 11 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name="page_12"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
<B>Mineral properties </B></P>
<P align="justify">
Direct costs related to the acquisition, exploration, and development of mineral properties owned or controlled by the Company are deferred on an individual property basis until the viability of a property is determined or until the property is
sold, abandoned, placed into production or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. If a property is placed into commercial production, deferred costs will be amortized using the unit-of
production method based on proven and probable reserves. The carrying amount for mineral properties represents costs net of write-downs to date and does not necessarily reflect present or future values. Recovery of capitalized costs is dependent on
successful development of economic mining operations or the disposition of the related mineral properties.</P>
<P align="justify">
Cost recoveries, including tax credits and funds received as part of government assistance programs, are recognized as a reduction in the carrying value of the related asset when the money is received. If the applicable property has been
written-off, the amount received is recorded as a credit to the statement of loss in the period in which the payment is received.</P>
<P align="justify">
Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company&#146;s title.  Such properties may be subject to prior agreements or transfers, or title may be
affected by undetected defects. </P>
<P align="justify">
<B>Impairment of long-lived assets</B></P>
<P align="justify">
The Company reviews the carrying value of mineral properties and deferred exploration costs when there are events or changes in circumstances that may indicate impairment. Where estimates of future cash flows are available, an impairment charge is
recorded if the undiscounted future net cash flows expected to be earned from the property are less than the carrying amount. Reductions in the carrying value of properties are recorded to the extent the net book value of the property exceeds
management&#146;s estimate of fair values. </P>
<P align="justify">
Fair value is determined with reference to discounted estimated future cash flow analysis or on recent transactions involving dispositions of similar properties. </P>
<P align="justify">
The estimated cash flows used to assess recoverability of certain of the Company&#146;s mineral property carrying values are developed using management&#146;s projections for long-term average copper, gold and molybdenum prices, recoverable
reserves, operating costs, capital expenditures, reclamation costs, and applicable foreign currency exchange rates. Management makes estimates relating to current and future market conditions. There are inherent uncertainties related to these
factors and management&#146;s judgment when using them to assess mineral property recoverability. </P>
<P align="justify"> The Company believes that the estimates applied in the impairment
  assessment are reasonable; however such estimates are subject to significant
  uncertainties and judgments. Although management has made its best estimate
  of these factors based on current conditions, it is possible that the underlying
  assumptions can change significantly and impairment charges may be required
  in future periods. Such charges could be material. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 12 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_13"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
<B>Stock-based compensation and warrant valuation </B></P>
<P align="justify">
The fair value of stock-based compensation awards and warrant issuances is calculated using the Black-Scholes option pricing model. Option pricing models require the input of highly subjective assumptions including the expected price volatility.
Changes in the subjective input assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of stock options granted and warrants issued by the
Company. </P>
<P align="justify">
<B>CHANGE IN ACCOUNTING POLICIES </B></P>
<P align="justify">
<B>Goodwill and intangible assets </B></P>
<P align="justify">
Effective January 1, 2009, the Company adopted Canadian Institute of Chartered Accountants (&#147;CICA&#148;) Handbook Section 3064, Goodwill and intangible assets.  This section replaces Section 3062, Goodwill and Other Intangible Assets and
Section 3450, Research and Development Costs.  Section 3064 establishes revised standards for recognition, measurement, presentation and disclosure of goodwill and intangible assets. The provisions relating to the definitions and initial recognition
of intangible assets are equivalent to the corresponding provisions of International Accounting Standard 38. The adoption of this standard did not impact the Company&#146;s results or disclosures. </P>
<P align="justify">
<B>Accounting by mining enterprises for exploration costs </B></P>
<P align="justify">
In March 2009, the CICA issued EIC Abstract 174, Mining Exploration Costs (&#147;EIC &#150; 174&#148;), which supersedes EIC-126, Accounting by Mining Enterprises for Exploration Costs. The publication of EIC-174 covers all guidance in EIC-126 and
provides additional guidance for mining exploration enterprises in circumstances where a test for impairment is required. EIC-174 is applicable for the Company&#146;s interim and annual financial statements issued after March 27, 2009.  Adoption of
this new standard had no effect on the Company&#146;s financial statements. </P>
<P align="justify">
<B>INTERNATIONAL FINANCIAL REPORTING STANDARDS (&#147;IFRS&#148;) </B></P>
<P align="justify">
Western Copper expects to adopt IFRS effective January 1, 2011. In 2011, the Company will have to present 2010 comparative figures restated using IFRS for each comparative period after the transition date. As a result, the Company began to execute
its IFRS implementation plan in 2009.</P>
<P align="justify">
During 2009, Western Copper compared its current accounting policies under Canadian Generally Accepted Accounting Principles (&#147;GAAP&#148;) to IFRS and identified differences between the two standards. Based on its review of historical
transactions and its current and expected business activities, the Company identified the treatment of Exploration and Evaluation (&#147;E&amp;E&#148;) costs, income taxes, and asset impairment as areas with the greatest potential to create
significant differences in the Company&#146;s financial statements as a result of adopting IFRS.</P>
<P align="justify">
Western Copper performed a comprehensive analysis of these areas to determine the potential impact that adopting IFRS will have on the Company&#146;s financial statements.</P>
<P align="justify"> The International Accounting Standards Board (&#147;IASB&#148;)
  has still not made a definitive determination as to whether E&amp;E costs should
  be capitalized or expensed. IFRS 6 allows companies to choose a policy that
  capitalizes these costs. The policy must be disclosed in the notes to the financial
  statements. The Company expects to continue capitalizing its E&amp;E costs in
  a manner consistent with its current accounting policy.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 13 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_14"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
The method of accounting for income taxes under IFRS is similar to Canadian GAAP, but one of the exemptions under IFRS may have a significant impact on the Company&#146;s financial reporting.  Under current IFRS guidelines, the recognition of future
income tax (&#147;FIT&#148;) assets or liabilities that arise from the initial recognition of assets or liabilities that do not impact profit or loss and other than in a business combination is prohibited. The Company&#146;s FIT liability balance is
almost exclusively due to the difference between the carrying value and the tax value of the properties that Western Copper acquired as a result of its acquisition of Lumina Resources Corp. in 2006. Western Copper accounted for the transaction as an
acquisition of assets, not as a business combination. As a result, the exemption under IFRS would apply and would eliminate the majority of the Company&#146;s FIT liability balance recognized under Canadian GAAP. It would also decrease the carrying
value of mineral properties by a similar amount because when the FIT liability was recognized, the carrying values of the related mineral properties were grossed up by the same amount. The IASB has recently issued an exposure draft suggesting
changes to its income tax standard. The exposure draft has received a significant number of comments and it is uncertain what changes, if any, will be made before Western Copper&#146;s adoption date.</P>
<P align="justify">
Under Canadian GAAP, mineral property impairment testing is performed using a two-step test. The first step is to determine if there is an impairment loss by using an undiscounted cash flow analysis. If that analysis identifies an impairment loss,
the loss is measured as the amount by which carrying value exceeds fair value.  The fair value is often based on discounted cash flows.  Under IFRS, assets are tested for impairment using a one-step process based on discounted cash flows. IFRS also
allows the reversal of impairment charges from previous years if the fair value exceeds the carrying value of long-lived assets.</P>
<P align="justify">
Other IFRS that apply to the Company&#146;s operations, but that are not expected to have a significant effect on 2010 financial results based on the Company&#146;s current and expected activities are functional currency, business combinations,
share based payments, and decommissioning and retirement obligations.</P>
<P align="justify">
The Company is still considering the impact that the adoption of IFRS will have on its financial statements.</P>
<P align="justify">
Western Copper has performed its review of IFRS based on standards applicable as of the date of this report. The IASB is still developing IFRS and may propose changes to the standards between the date of this report and the date the Company adopts
IFRS. Western Copper&#146;s assessment of differences between Canadian GAAP and IFRS is based on its historical, current, and expected business activities. Changes in business activities could also lead to unexpected differences to the
Company&#146;s financial statements, notes, and other disclosures as reported under Canadian GAAP and IFRS. Changes to business activities or transactions and/or IFRS could have material effects on Western Copper&#146;s analysis discussed above.
</P>
<P align="justify"> Western Copper will track the difference between Canadian
  GAAP and IFRS on individual transactions throughout 2010. It will also analyze
  the effect of changes in IFRS as they occur. At the end of 2010, the Company
  will prepare two sets of financial statements. One set will comply with Canadian
  GAAP for reporting purposes. The other set will comply with IFRS for use as
  comparative figures once Western Copper adopts IFRS on January 1, 2011. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 14 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_15"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
<B>DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING </B></P>
<P align="justify">
Management is responsible for designing, establishing, and maintaining a system of internal controls over financial reporting to provide reasonable assurance that the financial information prepared by the Company for external purposes is reliable
and has been recorded, processed, and reported in an accurate and timely manner in accordance with generally accepted accounting principles. </P>
<P align="justify">
Management is also responsible for designing, establishing, and maintaining a system of disclosure controls and procedures.  Disclosure controls and procedures are designed to provide reasonable assurance that material items requiring disclosure by
the Company are identified and reported in a timely manner. </P>
<P align="justify">
<B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS </B></P>
<P align="justify">
The Chief Executive Officer and the Chief Financial Officer evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and assessed the design and the operating effectiveness of the Company&#146;s internal control over
financial reporting as of December 31, 2009. </P>
<P align="justify">
Based on that assessment, management concluded that, as at December 31, 2009, the Company&#146;s internal control over financial reporting was not effective due to the existence of a material weakness. A material weakness existed in the design of
internal control over financial reporting caused by a lack of adequate segregation of duties in the financial close process. The Chief Financial Officer is responsible for preparing, authorizing, and reviewing information that is key to the
preparation of financial reports. He is also responsible for preparing and reviewing the resulting financial reports. This weakness has the potential to result in material misstatements in the Company&#146;s financial statements, and should also be
considered a material weakness in its disclosure controls and procedures. </P>
<P align="justify">
Management has concluded, and the audit committee has agreed that taking into account the present stage of Western Copper&#146;s development, the Company does not have sufficient size and scale to warrant the hiring of additional staff to correct
the weakness at this time.</P>
<P align="justify">
There has been no significant change in disclosure controls or in internal controls over financial reporting from October 1 to December 31, 2009 that has materially affected, or is reasonably likely to affect, the Company&#146;s disclosure controls
or its internal controls over financial reporting.</P>
<P align="justify">
<B>FINANCIAL INSTRUMENTS </B></P>
<P align="justify">
<B>Designation and fair value </B></P>
<P align="justify">
Western Copper has designated its financial instruments as follows:</P>
<UL style="text-align:justify;">
<LI>
Cash and cash equivalents, short-term investments, and reclamation bonds are classified as &#147;Held-for-Trading&#148; and are recorded at their fair value with changes in fair value recorded in the statement of loss;</LI>
<LI>
Other receivables are classified as &#147;Loans and Receivables&#148;. These financial assets are recorded at their amortized cost using the effective interest method; and</LI>
<LI>
Accounts payable and accrued liabilities are classified as &#147;Other Financial Liabilities&#148;. These financial liabilities are recorded at their amortized cost using the effective interest method.</LI>
</UL>

<P align=justify></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 15 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_16"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
Due to the short-term nature of other receivables and accounts payable and accrued liabilities, the Company estimates that their carrying value approximates their fair value. </P>
<P align="justify">
<B>Market and liquidity risk </B></P>
<P align="justify">
The Company&#146;s principal source of funds is the issuance of common shares. It uses the capital raised from the issuance of its common shares to explore and develop its mineral properties with the goal of increasing the price of the
Company&#146;s common shares.  The Company&#146;s common shares are publicly traded. As such, the price of its common shares is susceptible to factors beyond management&#146;s control including, but not limited to, fluctuations in commodity prices
and foreign exchange rates and changes in the general market outlook. Should the Company require funds during a time when the price of its common shares is depressed, the Company may be required to accept significant dilution to maintain enough
liquidity to continue operations. </P>
<P align="justify">
<B>Credit risk </B></P>
<P align="justify">
Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and short-term investments.  To limit its credit risk, the Company uses a restrictive investment policy.  It deposits cash and
cash equivalents in Canadian chartered banks and purchases short-term investments that are guaranteed by the Canadian government or by Canadian chartered banks. </P>
<P align="justify">
<B>Currency risk </B></P>
<P align="justify">
The Company raises funds in Canadian dollars. The majority of the Company&#146;s expenditures are incurred in Canadian dollars.  To limit its exposure to currency risk, the Company maintains the majority of its cash and cash equivalents in Canadian
dollars. The Company did not have a material amount of financial instruments denominated in foreign currencies as at December 31, 2009 or December 31, 2008.</P>
<P align="justify">
<B>Interest rate risk </B></P>
<P align="justify">
The Company is exposed to interest rate risk on its cash and cash equivalents and its short-term investments. Generally, the Company&#146;s interest income will be reduced during sustained periods of lower interest rates as higher yielding cash
equivalents and short-term investments mature and the proceeds are invested at lower interest rates. Changes in interest rates do not have a material effect on the Company&#146;s operations. </P>
<P align="justify">
<B>RISKS AND UNCERTAINTIES </B></P>
<P align="justify">
The following is a list of the most significant risks and uncertainties that affect the Company. This list is not exhaustive.  More information on risks and uncertainties is available in Western Copper&#146;s Annual Information Form which is
available on the Company&#146;s website and at www.sedar.com. </P>
<P align="justify">
<B>Mineral property development</B></P>
<P align="justify"> Based both on exploration results to date and reports of independent
  consultants, the Company&#146;s management believes that the pursuit of additional
  exploration programs on its mineral properties is justified. The recoverability
  of amounts shown for mineral rights and the related deferred costs for any property
  is dependent on the development of economically recoverable ore reserves, the
  Company&#146;s ability to obtain necessary permits, financing, and expertise
  to successfully place the property into production, and upon future profitable
  production.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 16 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_17"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
The Company complies with National Instrument 43-101 when reporting mineral resources. </P>
<P align="justify">
<B>Metal prices </B></P>
<P align="justify">
The value of the Company&#146;s properties and the prospects for their successful development are subject to favourable prices for the metals involved, such as copper, gold, silver, and molybdenum. Metal prices fluctuate widely and are affeted by
numerous factors beyond the Company&#146;s control. These prices may not remain at levels required to make development of any given property feasible.</P>
<P align="justify">
<B>Project financing </B></P>
<P align="justify">
The Company&#146;s projects will require substantial financing, including a possible combination of debt and equity financing. Although some of the expenditures required to develop its projects in the future may be met by third parties, the Company
will need to raise substantial additional funds to finance the development of its properties.</P>
<P align="justify">
There can be no assurance that debt and/or equity financing will be available, or available on acceptable terms.</P>
<P align="justify">
Failure to obtain, or difficulty or delay in obtaining, requisite financing could result in delay of certain projects or postponement of further exploration, assessment or development of certain properties or projects. Financing through the issuance
of equity will result in dilution of exisiting shareholders. </P>
<P align="justify">
<B>Title to mineral properties </B></P>
<P align="justify">
The Company&#146;s mining claims and rights thereto have generally been acquired from other private parties and government agencies.  Other parties may dispute the Company&#146;s title to these claims and rights. The determination of rightful title
to mineral properties is a time-consuming process. Such title may be challenged. At present, Western Copper is unaware of any dispute relating to its mineral properties. </P>
<P align="justify">
<B>Governmental requirements </B></P>
<P align="justify">
The Company is currently mainly operating in Canada and is thereby subject to that country&#146;s various laws and regulations in various areas, including property title, the use of local labour, the environment and safety around exploration and
development activities. It is possible that the Company may not be meeting all governmental requirements. Also, changes to governmental requirements by governmental agencies may be of detriment to the Company. </P>
<P align="justify">
<B>Site closure and reclamation costs </B></P>
<P align="justify"> Minimum standards for site closure and reclamation have been
  established by various governmental agencies that affect certain operations
  of the Company. Western Copper accounts for reclamation liabilities by recognizing
  any statutory, contractual or other legal obligation related to reclamation
  when such obligation is incurred, if a reasonable estimate of fair value can
  be made. The determination of site clousre and reclamation costs requires assumptions
  with respect to future expected costs and legislation in effect at that time.
  Changes in these assumptions can materially affect the recognized amount of
  the liabilitiy.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 17 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_18"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align="justify">
<B>FORWARD-LOOKING STATEMENTS </B></P>
<P align="justify"> This Management&#146;s Discussion and Analysis contains certain
  forward-looking statements concerning anticipated developments in Western Copper&#146;s
  operations in future periods. Forward looking statements are frequently, but
  not always, identified by words such as &#147;expects&#148;, &#147;anticipates&#148;,
  &#147;believes&#148;, &#147;intends&#148;, &#147;estimates&#148;, &#147;potential&#148;,
  &#147;possible&#148; and similar expressions, or statements that events, conditions
  or results &#147;will&#148;, &#147;may&#148;, &#147;could&#148; or &#147;should&#148;
  occur or be achieved. These forward looking statements are set forth principally
  under the heading &#147;Property Overview&#148;, &#147;Corporate Developments&#148;
  and elsewhere in Management&#146;s Discussion and Analysis and may include statements
  regarding perceived merit of properties; mineral reserve and resource estimates;
  capital expenditures; feasibility study results, ability to obtain required
  permits for the construction and operation of the Carmacks Copper Project; exploration
  results at the Company&#146;s properties; budgets; work programs; timelines;
  strategic plans; market price of precious and base metals; or other statements
  that are not statement of fact. Forward-looking statements are statements about
  the future and are inherently uncertain, and actual achievements of Western
  Copper and its subsidiaries may differ materially from those reflected in the
  forward-looking statements due to a variety of risks, uncertainties and other
  factors. Western Copper&#146;s forward-looking statements are based on the beliefs,
  expectations and opinions ofmanagement on the date the statements are made,
  and Western Copper does not assume any obligation to update forward-looking
  statements if circumstances or management&#146;s beliefs, expectations or opinions
  should change except as required by law. For the reasons set forth above, investors
  should not place undue reliance on forward-looking statements. Important factors
  that could cause actual results to differ materially from Western Copper&#146;s
  expectations include uncertainties 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; the need for cooperation
  of government agencies and First Nations in the exploration and development
  of properties and the issuance of required permits; the need to obtain additional
  financing to develop properties and uncertainty as to the availability and terms
  of future financing; the possibility of delay in exploration or development
  programs or 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
  Copper&#146;s Annual Information Form for the year ended December 31, 2009,
  to be filed shortly with the Canadian securities regulatory authorities, Western
  Copper&#146;s annual report on Form 20-F to be filed shortly with the United
  States Securities and Exchange Commission, and other information released by
  Western Copper and filed with the appropriate regulatory agencies.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 18 - </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_19></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>WESTERN COPPER CORPORATION</B> </TD>
    <TD align=right width="50%">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>An exploration stage
      company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">For the
      year ended December 31, 2009 </TD>
  </TR>
</TABLE>
<P align=justify><B>Cautionary note regarding forward-looking statements: </B>Statements
  contained in this management discussion and analysis that are not historical
  fact, such as statements regarding the economic prospects of the Company&#146;s
  projects, the Company&#146;s future plans or future revenues, timing of development
  or potential expansion or improvements, 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. Such risks
  and uncertainties include, but are not limited to, the Company&#146;s ability
  to raise sufficient capital to fund development, changes in general economic
  conditions or financial markets, changes in prices for the Company&#146;s mineral
  products or increases in input costs, litigation, legislative, environmental
  and other judicial, regulatory, political and competitive developments in Mexico
  or Canada, technological and operational difficulties or inability to obtain
  permits encountered in connection with our exploration and development activities,
  labour relations matters, and changing foreign exchange rates, all of which
  are described more fully in the Company&#146;s filings with the Securities and
  Exchange Commission. </P>
<P align=justify><B>Cautionary note to U.S. investors</B>: The terms &#147;measured
  mineral resource&#148;, &#147;indicated mineral resource&#148;, and &#147;inferred
  mineral resource&#148; used in this management discussion and analysis are Canadian
  geological and mining terms as defined in accordance with National Instrument
  43-101, Standards of Disclosure for Mineral Projects (NI 43-101) under the guidelines
  set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the CIM)
  Standards on Mineral Resources and Mineral Reserves. We advise U.S. investors
  that while such terms are recognized and required under Canadian regulations,
  the U.S. Securities and Exchange Commission (SEC) does not recognize them. &#147;Inferred
  mineral resources&#148; in particular have a great amount of uncertainty as
  to their existence, and great uncertainty as to their feasibility. It cannot
  be assumed that all or any part of an inferred mineral resource will ever be
  upgraded to a higher category. Under Canadian rules estimates of inferred mineral
  resources may not generally form the basis of feasibility or other economic
  studies. U.S. investors are cautioned not to assume that any part of an inferred
  mineral resource exists, or is economically or legally mineable. Disclosure
  of contained metal expressed is in compliance with NI 43-101, but does not meet
  the requirements of Industry Guide 7 of the SEC, which will only accept the
  disclosure of tonnage and grade estimates for non-reserve mineralization. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>- 19 - </TD>
  </TR>
</TABLE>
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