<SEC-DOCUMENT>0001062993-13-001366.txt : 20130323
<SEC-HEADER>0001062993-13-001366.hdr.sgml : 20130323
<ACCEPTANCE-DATETIME>20130322170046
ACCESSION NUMBER:		0001062993-13-001366
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130322
DATE AS OF CHANGE:		20130322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Copper & Gold 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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35075
		FILM NUMBER:		13711928

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Copper CORP
		DATE OF NAME CHANGE:	20060525
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>form40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Form 40-F - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><FONT size=5><B>U.S. </B></FONT><BR><FONT size=5><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT><BR>Washington, D.C. 20549</P>
<P align=center><B><FONT size=5>FORM 40-F</FONT></B></P>
<P align=center>(Check One)</P>
<P align=center>[&nbsp;&nbsp;&nbsp;] Registration statement pursuant to Section 12 of the
Securities Exchange Act of 1934 </P>
<P align=center>or</P>
<P align=center>[X] Annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 </P>
<P align=center>For the fiscal year ended <U><b>December 31, 2012 </b></U></P>
<P align=center>Commission file number <b>1-35075</b></P>
<P align=center><B><U><FONT size=5>WESTERN COPPER AND GOLD
CORPORATION</FONT></U><BR></B>(Exact name of registrant as specified in its
charter)</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center><U><B>British Columbia, Canada </B></U></TD>
    <TD width="33%" align=center><U><B>1000 </B></U></TD>
    <TD width="33%" align=center><U><B>98-0496216 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Province or other jurisdiction of </TD>
    <TD width="33%" align=center>(Primary Standard Industrial </TD>
    <TD width="33%" align=center>(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
    <TD width="33%" align=center>Classification Code Number (if </TD>
    <TD width="33%" align=center>Identification Number (if </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="33%" align=center>applicable)) </TD>
    <TD width="33%" align=center>Applicable)) </TD></TR></TABLE>
<P align=center><B>Suite 2050 &#150; 1111 West Georgia Street <BR>Vancouver, British
Columbia V6E 4M3 <BR>Canada <BR><U>(604) 684-9497</U><BR></B>(Address and
Telephone Number of Registrant&#146;s Principal Executive Offices)</P>
<P align=center><B>DL Services Inc.<BR></B><B>701 Fifth Avenue, Suite 6100
<BR>Seattle, Washington 98104 <BR><U>(206) 903-5448</U><BR></B>(Name, Address
(Including Zip Code) and Telephone Number <BR>(Including Area Code) of Agent For
Service in the United States) </P>
<P align=center>Securities registered or to be registered pursuant to Section
12(b) of the Act.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center><B><U>Title of each class </U></B></TD>
    <TD width="50%" align=center><B><U>Name of each exchange on which
      registered </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>Common Shares, no par value </TD>
    <TD width="50%" align=center>NYSE MKT </TD></TR></TABLE>
<P align=center>Securities registered or to be registered pursuant to Section
12(g) of the Act. <B>None </B></P>
<P align=center>Securities for which there is a reporting
  obligation pursuant to Section 15(d) of the Act. <B>None </B></P>
<P align=center>For annual reports, indicate by check mark the information
filed with this Form:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center>[X] Annual Information Form </TD>
    <TD width="50%" align=center>[X] Audited Annual Financial Statements
  </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate the number of
outstanding shares of each of the issuer&#146;s classes of capital or common stock as
of the close of the period covered by the annual report: <B>93,782,503
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant: (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Exchange Act during the
  preceding 12 months (or for such shorter period that the registrant was required
  to file such reports); and (2) has been subject to such filing requirements for
  the past 90 days.<BR>
  Yes <u>X</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No __</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether
the registrant has submitted electronically and posted on its corporate Web
site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (s.232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files).<BR>
Yes __&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No __</P>
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width="100%" noShade>
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<P align=center><B>FORM 40-F</B></P>
<P align=center><B>PRINCIPAL DOCUMENTS</B></P>
<P align=justify>The following documents, filed as Exhibits 99.1 through 99.3
hereto, are hereby incorporated by reference into this Annual Report on Form
40-F of Western Copper and Gold Corporation (the &#147;Company&#148; or the
&#147;Registrant&#148;):</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Annual Information Form for the fiscal year ended
      December 31, 2012;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Management&#146;s Discussion and Analysis of Financial
      Condition and Results of Operations for the fiscal year ended December 31,
      2012; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Audited Consolidated Financial Statements for the fiscal
      years ended December 31, 2012 and 2011.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s Audited Consolidated Financial Statements
      included in this Annual Report on Form 40-F have been prepared in
      accordance with International Financial Reporting Standards, as issued by
      the International Accounting Standards Board. Therefore, they are not
      comparable in all respects to financial statements of United States
      companies that are prepared in accordance with United States generally
      accepted accounting principles.</P></TD></TR></TABLE>
<P align=center>1</P>
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width="100%" noShade>
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<P align=center><B>ADDITIONAL DISCLOSURE</B></P>
<P align=justify><B>Resource and Reserve Estimates</B></P>
<P align=justify>The Company&#146;s Annual Information Form for the fiscal year ended
December 31, 2012, which is attached hereto as Exhibit 99.1, has been prepared
in accordance with the requirements of the securities laws in effect in Canada
as of December 31, 2012, which differ in certain material respects from the
disclosure requirements of United States securities laws. The terms &#147;mineral
reserve&#148;, &#147;proven mineral reserve&#148; and &#147;probable mineral reserve&#148; are Canadian
mining terms as defined in accordance with Canadian National Instrument 43-101
Standards of Disclosure for Mineral Projects (&#147;NI 43-101&#148;) and the Canadian
Institute of Mining, Metallurgy and Petroleum (the &#147;CIM&#148;) - <I>CIM Definition
Standards on Mineral Resources and Mineral Reserves</I>, adopted by the CIM
Council, as amended. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects. The
definitions of these terms differ from the definitions of such terms for
purposes of the disclosure requirements of the Securities and Exchange
Commission (the &#147;Commission&#148;) and contained in Industry Guide 7 of the
Commission. Under Industry Guide 7 standards, a &#147;final&#148; or &#147;bankable&#148;
feasibility study is required to report reserves, the three-year historical
average price is used in any reserve or cash flow analysis to designate reserves
and the primary environmental analysis or report must be filed with the
appropriate governmental authority.</P>
<P align=justify>In addition, the terms &#147;mineral resource&#148;, &#147;measured mineral
resource&#148;, &#147;indicated mineral resource&#148; and &#147;inferred mineral resource&#148; are
defined in NI 43-101 and required by NI 43-101 to be used for disclosure of
mineral resources. These terms, however, are not defined terms under Industry
Guide 7 and are not permitted to be used in reports and registration statements
of United States companies filed with the Commission. Investors are cautioned
not to assume that any part or all of the mineral deposits in these categories
will ever be converted into reserves. &#147;Inferred mineral resources&#148; have a great
amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal 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 form the basis
of feasibility or pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of an inferred mineral resource
exists or is economically or legally mineable. Disclosure of &#147;contained ounces&#148;
in a resource is permitted disclosure under Canadian regulations. In contrast,
the Commission only permits U.S. companies to report mineralization that does
not constitute &#147;reserves&#148; by Commission standards as in place tonnage and grade
without reference to unit measures.</P>
<P align=justify>Accordingly, information contained and incorporated by
reference into this Annual Report on Form 40-F that describes the Company&#146;s
mineral deposits may not be comparable to similar information made public by
issuers subject to the Commission&#146;s reporting and disclosure requirements
applicable to domestic United States issuers.</P>
<P align=center>2</P>
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<P align=justify><B>Certifications and Disclosure Regarding Controls and
Procedures.</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><U>Certifications</U>. See Exhibits 99.4, 99.5, 99.6 and
      99.7 to this Annual Report on Form 40-F.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><U>Disclosure Controls and Procedures</U>. As of the end
      of the Company&#146;s fiscal year ended December 31, 2012, an evaluation of the
      effectiveness of the Company&#146;s &#147;disclosure controls and procedures&#148; was
      carried out by the Company&#146;s management with the participation of the
      Chief Executive Officer and Chief Financial Officer, who are the principal
      executive officer and principal financial officer of the Company,
      respectively. Based upon that evaluation, the Company&#146;s Chief Executive
      Officer and Chief Financial Officer have concluded that as of the end of
      that fiscal year, as a result of the material weakness identified during
      the Company&#146;s assessment of its internal control over financial reporting,
      the Company&#146;s disclosure controls and procedures are not effective to
      ensure that information required to be disclosed by the Company in reports
      that it files or submits under the Exchange Act is (i) recorded,
      processed, summarized and reported within the time periods specified in
      Commission rules and forms and (ii) accumulated and communicated to the
      Company&#146;s management, including the Chief Executive Officer and Chief
      Financial Officer, to allow timely decisions regarding required
      disclosure.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><U>Management&#146;s Annual Report on Internal Control Over
      Financial Reporting</U>.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The required disclosure is included in the &#147;Management&#146;s
      Report on Internal Control Over Financial Reporting&#148; that accompanies the
      Company&#146;s Consolidated Financial Statements for the fiscal year ended
      December 31, 2012, filed as Exhibit 99.3 to this Annual Report on Form
      40-F.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><U>Attestation Report of the Registered Public Accounting
      Firm</U>.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Annual Report on Form 40-F does not include an
      attestation report of the Company&#146;s registered public accounting firm due
      a transition period established by the Jumpstart Our Business Startups Act
      of 2012 and transition rules established by rules of the Commission for
      newly public companies.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><U>Changes in Internal Control Over Financial
      Reporting</U>.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the fiscal year ended December 31, 2012, there
      were no changes in the Company&#146;s internal control over financial reporting
      that have materially affected, or are reasonably likely to materially
      affect, the Company&#146;s internal control over financial
  reporting.</P></TD></TR></TABLE>
<P align=justify><B>Notices Pursuant to Regulation BTR.</B></P>
<P align=justify>None.</P>
<P align=center>3</P>
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<P align=justify><B>Identification of the Audit Committee.</B></P>
<P align=justify>The Company&#146;s board of directors has a separately-designated
standing audit committee established in accordance with Section 3(a)(58)(A) of
the Exchange Act. The members of the audit committee are: Robert Gayton, Robert
Byford, and David Williams. The board of directors has determined that each
member of the audit committee is &#147;independent&#148; within the meaning of Section
803(A) of the NYSE MKT Company Guide and &#147;financially sophisticated&#148; within the
meaning of Section 803(B) of the NYSE MKT Company Guide.</P>
<P align=justify><B>Audit Committee Financial Expert.</B></P>
<P align=justify>The Company&#146;s board of directors has determined that Robert
Gayton, a member of its audit committee, qualifies as an &#147;audit committee
financial expert&#148; (as such term is defined in Form 40-F).</P>
<P align=justify><B>Code of Ethics</B>.</P>
<P align=justify>The Company has adopted a code of business conduct (the &#147;Code&#148;)
that meets the requirements for a &#147;code of ethics&#148; within the meaning of Form
40-F and that applies to all of the Company&#146;s officers, directors and employees,
including, without limitation, its principal executive officer, principal
financial officer, principal accounting officer or controller, and persons
performing similar functions. The Code is available for viewing on the Company&#146;s
website, which may be accessed at <U>www.westerncopperandgold.com</U>.</P>
<P align=justify>During the fiscal year ended December 31, 2012, there were not
any amendments to the Code or waivers, including implicit waivers, from any
provision of the Code.</P>
<P align=justify>If any amendment to the Code is made, or if any waiver from the
provisions thereof is granted, the Company may elect to disclose the information
about such amendment or waiver required by Form 40-F to be disclosed, by posting
such disclosure on the Company&#146;s website, which may be accessed at
<U>www.westerncopperandgold.com</U>.</P>
<P align=justify><B>Principal Accountant Fees and Services. </B></P>
<P align=justify>The required disclosure is included under the heading
&#147;Additional Information&#151;Audit Committee Information&#151;External auditor service
fees (by category)&#148; in the Company&#146;s Annual Information Form for the fiscal year
ended December 31, 2012, filed as Exhibit 99.1 to this Annual Report on Form
40-F.</P>
<P align=center>4</P>
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<P align=justify><B>Pre-Approval Policies and Procedures.</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All audit, audit related, tax and non-audit services to
      be performed by PricewaterhouseCoopers LLP, the Company&#146;s external
      auditor, are pre-approved by the audit committee of the Company&#146;s board of
      directors. Before approval is given, the audit committee examines the
      independence of the external auditor in relation to the services to be
      provided and assesses the reasonableness of the fees to be charged for
      such services.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Of the fees reported under the heading &#147;Additional
      Information&#151;Audit Committee Information&#151;External auditor service fees (by
      category)&#148; in the Company&#146;s Annual Information Form for the fiscal year
      ended December 31, 2012, filed as Exhibit 99.1 to this Annual Report on
      Form 40-F, none of the fees billed by PricewaterhouseCoopers LLP were
      approved by the audit committee of the Company&#146;s board of directors
      pursuant to the de minimis exception provided by Section (c)(7)(i)(C) of
      Rule 2-01 of Regulation S-X.</P></TD></TR></TABLE>
<P align=justify><B>Off-Balance Sheet Arrangements.</B></P>
<P align=justify>The Company does not have any off-balance sheet
arrangements.</P>
<P align=justify><B>Tabular Disclosure of Contractual Obligations.</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left ><B>($ Canadian)</B> </TD>
    <TD width="70%" colSpan=7 align=center><B>Payment due by period</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Contractual Obligations</B> </TD>
    <TD width="10%" align=center><B>Total</B> </TD>
    <TD width="10%" align=center><B>2013</B> </TD>
    <TD width="10%" align=center><B>2014</B> </TD>
    <TD width="10%" align=center><B>2015</B> </TD>
    <TD width="10%" align=center><B>2016</B> </TD>
    <TD width="10%" align=center><B>2017</B> </TD>
    <TD width="10%" align=center><B>Thereafter</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Office Lease </TD>
    <TD width="10%" align=center>1,122,000 </TD>
    <TD width="10%" align=center>317,000 </TD>
    <TD width="10%" align=center>326,000 </TD>
    <TD width="10%" align=center>337,000 </TD>
    <TD width="10%" align=center>142,000 </TD>
    <TD width="10%" align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
</TD>
    <TD width="10%" align=center>- </TD></TR></TABLE></DIV>
<P align=justify><B>Mine Safety Disclosure.</B></P>
<P align=justify>Not applicable.</P>
<P align=justify><B>NYSE MKT Statement of Governance Differences.</B></P>
<P align=justify>As a Canadian corporation listed on the NYSE MKT, the Company
is not required to comply with most of the NYSE MKT corporate governance
standards, so long as the Company complies with Canadian corporate governance
practices. In order to claim such an exemption, however, Section 110 of the NYSE
MKT Company Guide requires that the Company provide to NYSE MKT written
certification from independent Canadian counsel that the non-complying practice
is not prohibited by Canadian law. In addition, the Company must disclose the
significant differences between its corporate governance practices and those
required to be followed by U.S. domestic issuers under the NYSE MKT&#146;s corporate
governance standards.</P>
<P align=center>5</P>
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<P align=justify>The Company has included a description of such significant differences in corporate governance practices on its website, which may be accessed at <U>www.westerncopperandgold.com</U>. In addition, the Company
has included a description of such significant differences below:</P>
<P style="MARGIN-LEFT: 5%" align=justify>Shareholder Meeting Quorum Requirement:
The NYSE MKT minimum quorum requirement for a shareholder meeting is one-third
of the outstanding common shares. In addition, a company listed on NYSE MKT is
required to state its quorum requirement in its bylaws. The Company&#146;s quorum
requirement is set forth in its Articles and bylaws. A quorum for a meeting of
shareholders of the Company is one person of the outstanding common shares
present or represented by proxy. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Shareholder Approval Requirement: The
Company will follow Toronto Stock Exchange rules for shareholder approval of new
issuances of its common shares. Following Toronto Stock Exchange rules,
shareholder approval is required for certain issuances of shares that: (i)
materially affect control of the Company; or (ii) provide consideration to
insiders in aggregate of 10% or greater of the market capitalization of the
listed issuer and have not been negotiated at arm&#146;s length. Shareholder approval
is also required, pursuant to Toronto Stock Exchange rules, in the case of
private placements: (i) for an aggregate number of listed securities issuable
greater than 25% of the number of securities of the listed issuer which are
outstanding, on a non-diluted basis, prior to the date of closing of the
transaction if the price per security is less than the market price; or (ii)
that during any six month period are to insiders for listed securities or
options, rights or other entitlements to listed securities greater than 10% of
the number of securities of the listed issuer which are outstanding, on a
non-diluted basis, prior to the date of the closing of the first private
placement to an insider during the six month period.</P>
<P align=center>6</P>
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<P align=center><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>A.</B> </TD>
    <TD>
      <P align=justify><B>Undertaking.</B></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company undertakes to make
available, in person or by telephone, representatives to respond to inquiries
made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to: the securities registered
pursuant to Form 40-F; the securities in relation to which the obligation to
file an annual report on Form 40-F arises; or transactions in said
securities.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>B.</B> </TD>
    <TD>
      <P align=justify><B>Consent to Service of
Process.</B></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has previously filed
a Form F-X in connection with the class of securities in relation to which the
obligation to file this report arises.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any change to the name or address
of the agent for service of process of the Company shall be communicated
promptly to the Commission by an amendment to the Form F-X referencing the file
number of the relevant registration statement.</P>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Exchange Act, the registrant certifies that it meets all of the requirements
for filing on Form 40-F and has duly caused this annual report to be signed on
its behalf by the undersigned, thereunto duly authorized, on March 22, 2013.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="48%" colSpan=2 align=left><B>Western Copper and Gold
      Corporation</B> </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=left>/s/
      Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Name: </TD>
    <TD width="43%" align=left>Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Title: </TD>
    <TD width="43%" align=left>Chief Financial Officer </TD></TR></TABLE>
<P align=center>7</P>
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<P align=center><B>EXHIBIT INDEX</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left ><U>Exhibit</U> </TD>
    <TD width="90%" align=left><U>Description</U> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-1.htm">Annual Information Form for the
      fiscal year ended December 31, 2012 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis of
      Financial Condition and Results of Operations for the fiscal year ended
      December 31, 2012 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-3.htm">99.3 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-3.htm">Audited Consolidated Financial
      Statements for the fiscal years ended December 31, 2012 and 2011 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-4.htm">99.4 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-4.htm">Certification of Chief Executive Officer
  pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-5.htm">99.5 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-5.htm">Certification of Chief
      Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange
      Act of 1934 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-6.htm">99.6 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-6.htm">Certification of Chief Executive Officer
      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-7.htm">99.7 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-7.htm">Certification of Chief
      Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
      to Section 906 of the Sarbanes-Oxley Act of 2002 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-8.htm">99.8 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-8.htm">Consent of PricewaterhouseCoopers LLP </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-9.htm">99.9 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-9.htm">Consent of Conrad E. Huss, P.E.    </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-10.htm">99.10 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-10.htm">Consent of Gary Giroux P. Eng. </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-11.htm">99.11 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-11.htm">Consent of Graham Greenaway, P.
      Eng. </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-12.htm">99.12 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-12.htm">Consent of Thomas Drielick, P.E. </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-13.htm">99.13 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-13.htm">Consent of Jesse Duke, P. Geo.    </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-14.htm">99.14 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-14.htm">Consent of Michael Hester, F Aus IMM </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-15.htm">99.15 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-15.htm">Consent of Scott Casselman, P.
      Geo. </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-16.htm">99.16 </a></TD>
<TD width="90%" align=left><a href="exhibit99-16.htm">Consent of Jeff Austin, P. Eng.</a></TD></TR></TABLE>
<BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B></B>&nbsp;</P>
<P align=center><B>WESTERN COPPER AND GOLD CORPORATION </B><BR>(Formerly Western
Copper Corporation) </P>
<P align=center>&nbsp;</P>
<P align=center>ANNUAL INFORMATION FORM </P>
<P align=center>&nbsp;</P>
<P align=center>For the year ended <BR>December 31, 2012 </P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>2050 &#150; 1111 West Georgia Street <BR>Vancouver, British Columbia
<BR>V6E 4M3 </P>
<P align=center>&nbsp;</P>
<P align=center><B>Dated: March 22, 2013</B></P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>TABLE OF CONTENTS </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 bgColor=#eeeeee><A href="#page_3">PRELIMINARY NOTES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_3">2 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_3">Financial Statements </A></TD>
    <TD align=right width="5%"><A href="#page_3">2 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_3">Currency</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_3">2 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_3">Disclosure of Mineral Resources </A></TD>
    <TD align=right width="5%"><A href="#page_3">2 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_4">SPECIAL NOTE REGARDING
      FORWARD-LOOKING STATEMENTS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_4">3 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_5">CORPORATE STRUCTURE </A></TD>
    <TD align=right width="5%"><A href="#page_5">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_5">Name, Address, and Incorporation </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_5">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_5">Intercorporate Relationships </A></TD>
    <TD align=right width="5%"><A href="#page_5">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_6">GENERAL DEVELOPMENT OF
      THE BUSINESS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_6">DESCRIPTION OF THE BUSINESS </A></TD>
    <TD align=right width="5%"><A href="#page_6">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_6">General</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_6">Trends</A></TD>
    <TD align=right width="5%"><A href="#page_6">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_7">RISK FACTORS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7">6 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_15">MINERAL PROPERTIES </A></TD>
    <TD align=right width="5%"><A href="#page_15">14 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_15">Casino Project (Yukon, Canada) </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_15">14
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_28">DIVIDENDS</A></TD>
    <TD align=right width="5%"><A href="#page_28">27 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_28">DESCRIPTION OF CAPITAL
      STRUCTURE </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_28">27
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_28">Authorized Capital </A></TD>
    <TD align=right width="5%"><A href="#page_28">27 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_29">Stock Options </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_29">28
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_29">MARKET FOR SECURITIES </A></TD>
    <TD align=right width="5%"><A href="#page_29">28 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_30">PRIOR SALES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_30">29
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_30">ESCROWED SECURITIES </A></TD>
    <TD align=right width="5%"><A href="#page_30">29 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_30">DIRECTORS AND OFFICERS
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_30">29
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_30">Name,
      Occupation, and Experience </A></TD>
    <TD align=right width="5%"><A href="#page_30">29 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_33">Control of Securities </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_33">32
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_33">Cease
      Trade Orders, Bankruptcies, Penalties or Sanctions </A></TD>
    <TD align=right width="5%"><A href="#page_33">32 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_34">Conflicts of Interest </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_34">33
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_34">LEGAL PROCEEDINGS AND REGULATORY ACTIONS
      </A></TD>
    <TD align=right width="5%"><A href="#page_34">33 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_35">INTEREST OF MANAGEMENT
      AND OTHERS IN MATERIAL TRANSACTIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_35">34
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_35">TRANSFER AGENTS AND REGISTRARS </A></TD>
    <TD align=right width="5%"><A href="#page_35">34 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_35">MATERIAL CONTRACTS
    </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_35">34
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_36">NAMES AND INTERESTS OF EXPERTS </A></TD>
    <TD align=right width="5%"><A href="#page_36">35 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_36">AUDIT COMMITTEE
      INFORMATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_36">35
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_38">ADDITIONAL INFORMATION </A></TD>
    <TD align=right width="5%"><A href="#page_38">37 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_38">General </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_38">37
  </A></TD></TR></TABLE><BR>
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<P align=center><B>PRELIMINARY NOTES </B></P>
<P align=justify>In this Annual Information Form, Western Copper and Gold
Corporation (formerly Western Copper Corporation), including all subsidiaries as
the context requires, is referred to as &#147;Western&#148;, the
&#147;Company&#148;, or &#147;we&#148;. All information
contained herein is as at March 18, 2013 unless otherwise stated. </P>
<P align=justify><B><I>Financial Statements </I></B></P>
<P align=justify>All financial information in this Annual Information Form
(&#147;AIF&#148;) is prepared in accordance with International Financial Reporting
Standards (&#147;IFRS&#148;). </P>
<P align=justify>This AIF should be read in conjunction with the Company&#146;s
audited annual consolidated financial statements and notes thereto, as well as
with the management&#146;s discussion and analysis for the year ended December 31,
2012. The financial statements and management&#146;s discussion and analysis are
available at <U>www.westerncopperandgold.com</U>, under the Company&#146;s profile on
the SEDAR website at <U>www.sedar.com</U>, and under the Company&#146;s profile on
the EDGAR website at <U>www.sec.gov</U><U>/edgar</U><U>.shtml</U>. </P>
<P align=justify><B><I>Currency </I></B></P>
<P align=justify>All sums of money which are referred to in this AIF are
expressed in lawful money of Canada, unless otherwise specified. </P>
<P align=justify><B><I>Disclosure of Mineral Resources </I></B></P>
<P align=justify>Disclosure about our exploration properties in this AIF uses
the terms &#147;Mineral Resources&#148;, &#147;Measured Mineral Resources&#148;, &#147;Indicated Mineral
Resources&#148; and &#147;Inferred Mineral Resources&#148;, which are Canadian geological and
mining terms as defined in accordance with National Instrument 43-101, standards
of disclosure for mineral projects of the Canadian Securities Administrators,
set out in the Canadian Institute of Mining (CIM) Standards. All disclosure
about our exploration property conforms to the standards of U.S. Securities and
Exchange Commission Industry Guide 7, <I>Description of Property by Issuers
Engaged or to be Engaged in Significant Mining Operations</I>, other than
disclosure of &#147;Mineral Resources&#148;, &#147;Measured Mineral Resources&#148;, &#147;Indicated
Mineral Resources&#148; and &#147;Inferred Mineral Resources&#148; which are discussed below.
</P>
<P align=center><B>Cautionary Note to U.S. Investors concerning estimates of
Measured Mineral <BR>Resources and Indicated Mineral Resources </B></P>
<P align=justify>This AIF may use the terms &#147;Measured Mineral Resource&#148; and
&#147;Indicated Mineral Resource&#148;. We advise U.S. investors that while such terms are
recognized and permitted under Canadian regulations, the U.S. Securities and
Exchange Commission does not recognize them. <B>U.S. investors are cautioned not
to assume that any part or all of the Mineral Resources in these categories will
ever be converted into Mineral Reserves.</B></P>
<P align=center>- 2 - </P>
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<P align=center><B>Cautionary Note to U.S. Investors concerning estimates of
Inferred Mineral Resources </B></P>
<P align=justify>This AIF may use the term &#147;Inferred Mineral Resources&#148;. We
advise U.S. investors that while such term is recognized and permitted under
Canadian regulations, the U.S. Securities and Exchange Commission does not
recognize it. &#147;Inferred Mineral Resources&#148; have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and legal
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 form the basis of feasibility or
other economic studies. <B>U.S. investors are cautioned not to assume that any
part or all of an Inferred Mineral Resource exists, or is economically or
legally mineable.</B> </P>
<P align=center><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify>Statements contained in this AIF and the documents incorporated
by reference herein that are not historical facts are forward-looking statements
that involve risks and uncertainties. Forward-looking statements include, but
are not limited to, statements with respect to the future price of metals; the
estimation of mineral reserves and resources, the realization of mineral reserve
estimates; the timing and amount of any estimated future production, costs of
production, and capital expenditures; project schedules; recommended work
programs; costs and timing of the development of new deposits; success of
exploration activities, permitting time lines, currency fluctuations,
requirements for additional capital, government regulation of mineral
exploration or mining operations, environmental risks, unanticipated reclamation
expenses, title disputes or claims, limitations on insurance coverage and the
timing and possible outcome of pending litigation. In certain cases,
forward-looking statements can be identified by the use of words such as
&#147;plans&#148;, &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;, &#147;budget&#148;, &#147;scheduled&#148;,
&#147;estimates&#148;, &#147;forecasts&#148;, &#147;intends&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, or
&#147;believes&#148;, or variations of such words and phrases or state that certain
actions, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will be taken&#148;,
&#147;occur&#148; or &#147;be achieved&#148;. Such statements are included, among other places, in
this AIF under the headings &#147;Development of the Business&#148;, &#147;Risk Factors&#148; and
&#147;Mineral Properties&#148; and in the documents incorporated by reference herein.</P>
<P align=justify>Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of Western to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. Such risks and other factors include, among others, risks related to
the integration of acquisitions; risks related to operations; risks related to
joint venture operations; actual results of current exploration activities;
actual results of current reclamation activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined;
future prices of metals; possible variations in ore reserves, grade or recovery
rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities, as well as those factors discussed in
the sections entitled &#147;Risk Factors&#148; in this AIF.</P>
<P align=justify>Although Western has attempted to identify important factors
that could affect it and may cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. Forward-looking statements may prove to be inaccurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Western does not undertake any obligation to release
publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof to reflect the occurrence of unanticipated
events unless required by applicable securities law. </P>
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<P align=justify>The material factors or assumptions used to develop
forward-looking statements include prevailing and projected market prices and
foreign exchange rates, exploitation and exploration estimates and results,
continued availability of capital and financing, availability of equipment and
personnel for required operations, the Company not experiencing unforeseen
delays, unexpected geological or other effects, equipment failures, permitting
delays, and general economic, market or business conditions and as more
specifically disclosed throughout this document. Forward-looking statements and
other information contained herein concerning mineral exploration and our
general expectations concerning mineral exploration are based on estimates
prepared by us using data from publicly available industry sources as well as
from market research and industry analysis and on assumptions based on data and
knowledge of this industry which we believe to be reasonable. The industries
involve risks and uncertainties and are subject to change based on various
factors. </P>
<P align=center><B>CORPORATE STRUCTURE </B></P>
<P align=justify><B><I>Name, Address, and Incorporation </I></B></P>
<P align=justify>Western Copper Corporation was incorporated under the
<I>Business Corporations Act</I> (British Columbia) on March 17, 2006. It
changed its name to Western Copper and Gold Corporation on October 17, 2011.
</P>
<P align=justify>The Company&#146;s principal office is located at Suite 2050 &#150; 1111
West Georgia Street, Vancouver, BC V6E 4M3. Its registered office address is
10<SUP>th</SUP> floor, 595 Howe Street, Vancouver, BC V6C 2T5.</P>
<P align=justify>On October 17, 2011, Western Copper Corporation (&#147;Western
Copper&#148;) completed a plan of arrangement (the &#147;Arrangement&#148;) involving Western
Copper, its shareholders and subsidiaries. The Arrangement involved, among other
things: (i) a series of vertical short form amalgamations involving Western
Copper and its wholly-owned subsidiaries to form the Company, (ii) a name change
to &#147;Western Copper and Gold Corporation&#148;, (iii) amendments to the Company's
authorized capital resulting in an unlimited number of common shares and
preferred shares, and (iv) certain exchanges of securities resulting in
post-Arrangement common shares of the Company, common shares of Copper North
Mining Corp. (&#147;Copper North&#148;) and common shares of NorthIsle Copper and Gold
Inc. (&#147;NorthIsle&#148;) being distributed to shareholders of the Company in exchange
for their pre-Arrangement common shares of Western Copper.</P>
<P align=justify><B><I>Intercorporate Relationships </I></B></P>
<P align=justify>The Company has the following subsidiaries: </P>
<P align=center><IMG src="exhibit99-1x5x1.jpg" border=0> </P>
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<P align=center><B>GENERAL DEVELOPMENT OF THE BUSINESS </B></P>
<P align=justify>On December 22, 2010, Western issued 9,395,500 units at a price
of $2.45 for gross proceeds of approximately $23 million. Each unit comprised
one common share of the Company and half of one warrant.</P>
<P align=justify>On February 9, 2011, the Company&#146;s shares began trading on the
NYSE MKT under the symbol: WRN. </P>
<P align=justify>On October 17, 2011, Western Copper completed a plan of
arrangement (the &#147;Arrangement&#148;). Pursuant to the Arrangement, Western Copper
transferred the Carmacks Copper Project, the Redstone Project, and $2 million in
cash to Copper North and the Island Copper property and $2.5 million in cash to
NorthIsle in consideration for common shares of each respective company. Western
Copper then changed its name to Western Copper and Gold Corp. (&#147;Western&#148;) and
distributed the common shares of Copper North and NorthIsle to Western&#146;s
shareholders. </P>
<P align=justify>On December 21, 2012, Western completed a royalty sale with
8248567 Canada Limited (the &#147;Purchaser&#148;), an arms&#146; length party, whereby the
Purchaser cancelled its 5% net profits interest royalty in the Casino Project
and paid Western US$32 million in exchange for a 2.75% net smelter returns
royalty in the Casino Project (the &#147;Transaction&#148;). </P>
<P align=justify>Western has the option to repurchase 0.75% of the NSR Royalty
(resulting in a 2.00% remaining royalty) for the following amount: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>US$39 million if the amount is paid on or prior to
      December 31, 2013; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>US$59 million if the amount is paid after January 1,
      2014, but on or before December 31, 2017.</P></TD></TR></TABLE>
<P align=justify>Other corporate developments are described throughout this AIF.
</P>
<P align=center><B>DESCRIPTION OF THE BUSINESS </B></P>
<P align=justify><B><I>General</I></B></P>
<P align=justify>Western is an exploration and development company that is
directly engaged in the development of the Casino mineral property located in
Yukon, Canada. The Casino property is host to one of the largest undeveloped
porphyry deposits in Canada containing large amounts of gold, copper, and
molybdenum in its one billion tonnes of reserves. </P>
<P align=justify>Western completed feasibility study on the Casino property in
January 2013. Its current focus is on working towards its application for
environmental assessment under the Yukon Environmental and Socioeconomic
Assessment Act, the first step required to permit the Casino Project. The
Company expects to submit the application by the end of 2013. </P>
<P align=justify>The Company does not have any producing properties and
consequently has no current operating income or cash flow. Western is an
exploration stage company and has not generated any revenues to date.
Commercially viable mineral deposits may not exist on any of the Company&#146;s
properties. </P>
<P align=justify><B><I>Trends </I></B></P>
<P align=justify>Other than noted above, we are not aware of any trends,
uncertainties, demands, commitments or events that are reasonably likely to have
a material effect on our operations, liquidity or capital resources, or that
would cause reported financial information to not necessarily be indicative of
our financial condition. </P>
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<P align=center><B>RISK FACTORS </B></P>
<P align=justify>The following is a brief description of those distinctive or
special characteristics of the Company's operations and industry, which may have
a material impact on, or constitute risk factors in respect of the Company's
financial performance, business and operations. </P>
<P align=justify><I>History of Net Losses; Uncertainty of Additional Financing;
Negative Operating Cash Flow </I></P>
<P align=justify>The Company has received no revenue to date from the
exploration activities on its properties and has negative cash flow from
operating activities. The Company incurred the following losses: (i) $22,005,813
for the year ended December 31, 2011 and (ii) $3,913,276 for the year ended
December 31, 2012. As of December 31, 2012, the Company had an accumulated
deficit of $86,086,902. In the event the Company undertakes development activity
on any of its properties, there is no certainty that the Company will produce
revenue, operate profitably or provide a return on investment in the future.
</P>
<P align=justify>The business of mining and exploration involves a high degree
of risk and there can be no assurance that current exploration programs will
result in profitable mining operations. The Company has no source of revenue,
and has significant cash requirements to meet its exploration commitments, to
fund administrative overhead and to maintain its mineral interests. The Company
will need to raise sufficient funds to meet these obligations as well as fund
ongoing exploration, advance pre-feasibility and feasibility studies, and
provide for capital costs of building its mining facilities. </P>
<P align=justify><I>Mineral Exploration and Development Activities Inherently
Risky </I></P>
<P align=justify>The business of exploration for minerals and mining involves a
high degree of risk. Few properties that are explored are ultimately developed
into mineral deposits with significant value. Unusual or unexpected ground
conditions, geological formation pressures, fires, power outages, labour
disruptions, flooding, earthquakes, explorations, cave-ins, landslides and the
inability to obtain suitable machinery, equipment or labour are other risks
involved in the operation of mines and the conduct of exploration programs.
Substantial expenditures are required to establish ore reserves through
drilling, to develop metallurgical processes to extract the metal from the ore
and, in the case of new properties, to develop the mining and processing
facilities and infrastructure at any site chosen for mining. No assurance can be
given that minerals will be discovered in sufficient quantities to justify
commercial operations or that funds required for development can be obtained on
a timely basis. The economics of developing copper, gold and other mineral
properties is affected by many factors including the cost of operations,
variations in the grade of ore mined, fluctuations in metal markets, costs of
processing equipment and government regulations, including regulations relating
to royalties, allowable production, importing and exporting of minerals and
environmental protection. The remoteness and restrictions on access of certain
of the properties in which the Company has an interest could have an adverse
effect on profitability in that infrastructure costs would be higher.</P>
<P align=justify>In addition, previous mining operations may have caused
environmental damage at certain of the Company's properties. It may be difficult
or impossible to assess the extent to which such damage was caused by the
Company or by the activities of previous operators, in which case, any
indemnities and exemptions from liability may be ineffective. </P>
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<P align=justify><I>Uncertainty of Mineral Resources and Mineral Reserves
</I></P>
<P align=justify>The figures for Mineral Resources and Mineral Reserves with
respect to the Casino Project disclosed in this Annual Information Form are
estimates and no assurance can be given that the anticipated tonnages and grades
will be achieved or that the indicated level of recovery will be realized.
Market fluctuations and the prices of metals may render Resources and Reserves
uneconomic. Moreover, short-term operating factors relating to the mineral
deposits, such as the need for orderly development of the deposits or the
processing of new or different grades of ore, may cause any mining operation to
be unprofitable in any particular accounting period. </P>
<P align=justify><I>Possible Loss of Interests in Exploration Properties;
Possible Failure to Obtain Applicable Licenses </I></P>
<P align=justify>The agreements pursuant to which the Company acquired its
interests in certain of its properties provide that the Company must make a
series of payments in cash and/or common shares over certain time periods,
expend certain minimum amounts on the exploration of the properties, or
contribute its share of ongoing expenditures. If the Company fails to make such
payments or expenditures in a timely fashion, the Company may lose its interest
in those properties. Further, even if the Company does complete exploration
activities, it may not be able to obtain the necessary licenses or permits to
conduct mining operations on the properties, and thus would realize no benefit
from its exploration activities on the properties. There is no assurance that
further applications will be successful. </P>
<P align=justify><I>Title Risks </I></P>
<P align=justify>Although title to its mineral properties and surface rights has
been reviewed by or on behalf of the Company, no assurances can be given that
there are no title defects affecting such properties. Title insurance generally
is not available for mining claims in Canada, and the Company's ability to
ensure that it has obtained secure claim to individual mineral properties may be
severely constrained. The Company has not conducted surveys of all of the claims
in which it holds direct or indirect interests; therefore, the precise area and
location of such properties may be in doubt. Accordingly, the properties may be
subject to prior unregistered liens, agreements, transfers or claims, and title
may be affected by, among other things, undetected defects. In addition, the
Company may be unable to conduct work on the properties as permitted or to
enforce its rights with respect to its properties. </P>
<P align=justify><I>Risks Associated with Joint Venture Agreements </I></P>
<P align=justify>In the event that any of the Company's properties become
subject to a joint venture, the existence or occurrence of one or more of the
following circumstances and events could have a material adverse impact on the
Company's profitability or the viability of its interests held through joint
ventures, which could have a material adverse impact on the Company's business
prospects, results of operations and financial condition: (i) disagreements with
joint venture partners on how to conduct exploration; (ii) inability of joint
venture partners to meet their obligations to the joint venture or third
parties; and (iii) disputes or litigation between joint venture partners
regarding budgets, development activities, reporting requirements and other
joint venture matters. </P>
<P align=justify><I>Risks Relating to Statutory and Regulatory Compliance
</I></P>
<P align=justify>The current and future operations of the Company, from
exploration through development activities and commercial production, if any,
are and will be governed by applicable laws and regulations governing mineral
claims acquisition, prospecting, development, mining, production, exports,
taxes, labour standards, occupational health, waste disposal, toxic substances,
land use, environmental protection, mine safety and other matters. Companies
engaged in exploration activities and in the development and operation of mines
and related facilities, generally experience increased costs and delays in
production and other schedules as a result of the need to comply with
applicable laws, regulations and permits. The Company has received all necessary
permits for the exploration work it is presently conducting; however, there can
be no assurance that all permits which the Company may require for future
exploration, construction of mining facilities and conduct of mining operations,
if any, will be obtainable on reasonable terms or on a timely basis, or that
such laws and regulations would not have an adverse effect on any project which
the Company may undertake. </P>
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<P align=justify>Failure to comply with applicable laws, regulations and permits
may result in enforcement actions thereunder, including the forfeiture of
claims, orders issued by regulatory or judicial authorities requiring operations
to cease or be curtailed, and may include corrective measures requiring capital
expenditures, installation of additional equipment or costly remedial actions.
The Company may be required to compensate those suffering loss or damage by
reason of its mineral exploration activities and may have civil or criminal
fines or penalties imposed for violations of such laws, regulations and permits.
The Company is not currently covered by any form of environmental liability
insurance. See &#147;Insurance Risk&#148;, below. </P>
<P align=justify>Existing and possible future laws, regulations and permits
governing operations and activities of exploration companies, or more stringent
implementation thereof, could have a material adverse impact on the Company and
cause increases in capital expenditures or require abandonment or delays in
exploration. </P>
<P align=justify><I>Environmental Laws and Regulations That May Increase Costs
and Restrict Operations </I></P>
<P align=justify>All of the Company's exploration and potential development and
production activities are subject to regulation by Canadian governmental
agencies under various environmental laws. To the extent that the Company
conducts exploration activities or new mining activities in other countries, it
will also be subject to the laws and regulations of those jurisdictions,
including environmental laws and regulations. These laws address emissions into
the air, discharges into water, management of waste, management of hazardous
substances, protection of natural resources, antiquities and endangered species
and reclamation of lands disturbed by mining operations. Environmental
legislation in many countries is evolving and the trend has been towards
stricter standards and enforcement, increased fines and penalties for
non-compliance, more stringent environmental assessments of proposed projects
and increasing responsibility for companies and their officers, directors and
employees. Compliance with environmental laws and regulations may require
significant capital outlays on our behalf and may cause material changes or
delays in the Company's intended activities. Future changes in these laws or
regulations could have a significant adverse impact on some portion of the
Company's business, causing it to re-evaluate those activities at that time.
</P>
<P align=justify><I>Costs of Land Reclamation </I></P>
<P align=justify>It is difficult to determine the exact amounts that will be
required to complete all land reclamation activities in connection with the
properties in which the Company holds an interest. Reclamation bonds and other
forms of financial assurance represent only a portion of the total amount of
money that will be spent on reclamation activities over the life of a mine.
Accordingly, it may be necessary to revise planned expenditures and operating
plans in order to fund reclamation activities. Such costs may have a material
adverse impact upon the financial condition and results of operations of the
Company. There is a potential future liability for cleanup of tailings deposited
on the mining license areas during previous periods of mining and reprocessing.
It is not possible to quantify at this time what the potential liability may be
and detailed assessments need to be made to determine future land reclamation
costs, if any, due to this potential liability. </P>
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<P align=justify><I>Assets in remote locations</I></P>
<P align=justify>The costs, timing and complexities of mine construction and
development are increased by the remote location of the Company's mineral
projects. It is common in new mining operations to experience unexpected
problems and delays during development, construction and mine start-up. In
addition, delays in the commencement of mineral production often occur.
Accordingly, there are no assurances that the Company's activities will result
in profitable mining operations or that the Company will successfully establish
mining operations or profitably produce metals at any of its properties. Climate
change or prolonged periods of inclement weather may severely limit the length
of time in which exploration programs and development activities may be
undertaken. </P>
<P align=justify><I>Infrastructure </I></P>
<P align=justify>Mining, processing, development and exploration activities
depend, to one degree or another, on adequate infrastructure. Reliable roads,
bridges, power sources and water supply are important determinants, which affect
capital and operating costs. The lack of availability on acceptable terms or the
delay in the availability of any one or more of these items could prevent or
delay exploitation and or development of the Company's properties. If adequate
infrastructure is not available in a timely manner, there can be no assurance
that the exploitation and or development of the Company's properties will be
commenced or completed on a timely basis, if at all; that the resulting
operations will achieve the anticipated production volume; or that the
construction costs and ongoing operating costs associated with the exploitation
and or development of the Company's properties will not be higher than
anticipated. In addition, unusual or infrequent weather phenomena, sabotage,
government or other interference in the maintenance or provision of such
infrastructure could adversely affect the Company's operations and
profitability. </P>
<P align=justify><I>High Metal Prices Increasing the Demand For, and Cost Of,
Exploration, Development and Construction Services and Equipment </I></P>
<P align=justify>The strength of metal prices over the past several years has
encouraged increases in mining exploration, development and construction
activities around the world, which has resulted in increased demand for, and
cost of, exploration, development and construction services and equipment. The
costs of such services and equipment may continue to increase if current trends
continue. Increased demand for services and equipment could result in delays if
services or equipment cannot be obtained in a timely manner due to an inadequate
availability, and may cause scheduling difficulties due to the need to
coordinate the availability of services or equipment, any of which could
materially increase project exploration, development and/or construction costs.
</P>
<P align=justify><I>First Nations </I></P>
<P align=justify>Consultation with First Nations groups is required of the
Company in the environmental assessment, subsequent permitting, development, and
operation stages of its proposed projects. Certain First Nations groups may
oppose certain proposed projects at any given stage and such opposition may
adversely affect the project(s) in question, the Company's public image, or the
Company's share performance. </P>
<P align=justify>Canadian law related to aboriginal rights, including aboriginal
title rights, is in a period of change. There is a risk that future changes to
the law may adversely affect the Company's rights to its Canadian projects. </P>
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<P align=justify><I>Price Fluctuations: Share Price Volatility </I></P>
<P align=justify>In recent years, the securities markets in the United States
and Canada have experienced a high level of price and volume volatility, and the
market price of securities of many companies, particularly those considered
exploration stage companies, including the Company, have experienced wide
fluctuations which have not necessarily been related to the operating
performance, underlying asset values or prospects of such companies. From
January 1, 2012 to December 31, 2012, the Company&#146;s shares traded in a range
between $0.59 and $2.04 on the TSX. There can be no assurance that continual and
significant fluctuations in the price of the common shares of the Company will
not occur. </P>
<P align=justify><I>Changes in the Market Price of Common Shares may be
Unrelated to its Results of Operations and Could Have an Adverse Impact on the
Company </I></P>
<P align=justify>The Company's common shares are listed on the TSX and the NYSE
MKT. The price of the Company's common shares is likely to be significantly
affected by short-term changes in copper and gold prices or in its financial
condition or results of operations. Other factors unrelated to the Company's
performance that may have an effect on the price of the Company's shares include
the following: a reduction in analytical coverage by investment banks with
research capabilities; a drop in trading volume and general market interest in
the Company's securities may adversely affect an investors' ability to liquidate
an investment and consequently an investor's interest in acquiring a significant
stake in the Company; a failure to meet the reporting and other obligations
under relevant securities laws or imposed by applicable stock exchanges could
result in a delisting of the Company's common shares and a substantial decline
in the price of the common shares that persists for a significant period of
time. </P>
<P align=justify>As a result of any of these factors, the market price of the
Company's common shares at any given point in time may not accurately reflect
their long-term value. Securities class action litigation often has been brought
against companies following periods of volatility in the market price of their
securities. The Company may in the future be the target of similar litigation.
Securities litigation could result in substantial costs and damages and divert
management's attention and resources. </P>
<P align=justify><I>Metal Price Volatility</I></P>
<P align=justify>Factors beyond the control of the Company may affect the
marketability of any ore or minerals discovered at and extracted from the
Company's properties. Resource prices have fluctuated widely, particularly in
recent years, and are affected by numerous factors beyond the Company's control
including international economic and political trends, inflation, currency
exchange fluctuations, interest rates, global or regional consumption patterns,
speculative activities and increased production due to new and improved
extraction and production methods. The effect of these factors cannot accurately
be predicted.</P>
<P align=justify>The price of each of copper and gold has a history of extreme
volatility. The price of the Company's common shares and the Company's financial
results may be significantly adversely affected by a decline in the price of
copper or gold. The price of each of copper and gold fluctuates widely,
especially in recent years, and is affected by numerous factors beyond the
Company's control such as the sale or purchase of gold by various central banks
and financial institutions, interest rates, exchange rates, inflation or
deflation, fluctuation in the value of the United States dollar and foreign
currencies, global and regional supply and demand, by-product production levels
from base-metal mines, and the political and economic conditions of major copper
and gold-producing countries throughout the world. </P>
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<P align=justify>From January 1, 2012 to December 31, 2012, the London PM price
of gold ranged from approximately US$1,550 per ounce to approximately US$1,800
per ounce. Some factors that affect the price of gold include: industrial and
jewelry demand; central bank lending or purchases or sales of gold bullion;
forward or short sales of gold by producers and speculators; future level of
gold production; and rapid short-term changes in supply and demand due to
speculative or hedging activities by producers, individuals or funds. Gold
prices are also affected by macroeconomic factors including: confidence in the
global monetary system; expectations of the future rate of inflation; the
availability and attractiveness of alternative investment vehicles; the general
level of interest rates; the strength of, and confidence in, the U.S. dollar,
the currency in which the price of gold is generally quoted, and other major
currencies; global political or economic events; and costs of production of
other gold producing companies whose costs are denominated in currencies other
than the U.S. dollar. All of the above factors can, through their interaction,
affect the price of gold by increasing or decreasing the demand for or supply of
gold.</P>
<P align=justify>From January 1, 2012 to December 31, 2012, the price of copper
on the London Metal Exchange (&#147;<B>LME</B>&#148;) has ranged from approximately
US$3.30 per pound to approximately US$3.90 per pound. Some factors that affect
the price of copper include: industrial demand; forward or short sales of copper
by producers and speculators; future level of copper production; and rapid
short-term changes in supply and demand due to speculative or hedging activities
by producers, individuals or funds. Copper prices are also affected by
macroeconomic factors including: confidence in the global economy; expectations
of the future rate of inflation; the availability and attractiveness of
alternative investment vehicles; the strength of, and confidence in, the U.S.
dollar, the currency in which the price of copper is generally quoted, and other
major currencies; global political or economic events; and costs of production
of other copper producing companies whose costs are denominated in currencies
other than the U.S. dollar. All of the above factors can, through their
interaction, affect the price of copper by increasing or decreasing the demand
for or supply of copper.</P>
<P align=justify><I>Currency Fluctuations May Affect the Costs of Doing Business
</I></P>
<P align=justify>The Company's activities and offices are currently located in
Canada. Copper and gold are sold in international markets at prices denominated
in U.S. dollars. However, some of the costs associated with the Company's
activities in Canada may be denominated in currencies not directly related to
the price of the U.S. dollar. Any appreciation of these currencies
<I>vis-&#224;-vis</I> the U.S. dollar could increase the Company's cost of doing
business in these countries. In addition, the U.S. dollar is subject to
fluctuation in value <I>vis-&#224;-vis</I> the Canadian dollar. The Company does not
utilize hedging programs to any degree to mitigate the effect of currency
movements. </P>
<P align=justify><I>Future issuances of securities will dilute shareholder
interests </I></P>
<P align=justify>Issuances of additional securities including, but not limited
to, common stock pursuant to any financing and otherwise, could result in a
substantial dilution of the equity interests of our shareholders.</P>
<P align=justify><I>Dependence on Management </I></P>
<P align=justify>The success of the operations and activities of the Company is
dependent to a significant extent on the efforts and abilities of its management
team. See &#147;Directors and Officers&#148; in this Annual Information Form for details
of the Company's current management. Investors must be willing to rely to a
significant extent on their discretion and judgment. The Company does not
maintain key employee insurance on any of its employees. The Company depends on
key personnel and cannot provide assurance that it will be able to retain such
personnel. Failure to retain such key personnel could have a material adverse
effect on the Company's business and financial condition. </P>
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<P align=justify><I>Competition </I></P>
<P align=justify>Significant and increasing competition exists for mineral
deposits in each of the jurisdictions in which the Company conducts operations.
As a result of this competition, much of which is with large established mining
companies with substantially greater financial and technical resources than the
Company, the Company may be unable to acquire additional attractive mining
claims or financing on terms it considers acceptable. The Company also competes
with other mining companies in the recruitment and retention of qualified
directors, officers and employees. </P>
<P align=justify><I>Conflicts of Interest </I></P>
<P align=justify>The Company's directors and officers may serve as directors or
officers of other resource companies or have significant shareholdings in other
resource companies and, to the extent that such other companies may participate
in ventures in which the Company may participate, the directors of the Company
may have a conflict of interest in negotiating and concluding terms respecting
the extent of such participation. In the event that such a conflict of interest
arises at a meeting of the Company's directors, a director who has such a
conflict will abstain from voting for or against the approval of such
participation or such terms in accordance with the <I>Business Corporations
Act</I> (British Columbia). From time to time several companies may participate
in the acquisition, exploration and development of natural resource properties
thereby allowing for their participation in larger programs, permitting
involvement in a greater number of programs and reducing financial exposure in
respect of any one program. It may also occur that a particular company will
assign all or a portion of its interest in a particular program to another of
these companies due to the financial position of the company making the
assignment. In accordance with the laws of British Columbia, the directors of
the Company are required to act honestly, in good faith and in the best
interests of the Company. In determining whether or not the Company will
participate in a particular program and the interest therein to be acquired by
it, the directors will primarily consider the degree of risk to which the
Company may be exposed and its financial position at that time. For a detailed
list of roles played by directors and officers in other companies, see
&#147;Directors and Officers&#148; in this Annual Information Form. </P>
<P align=justify><I>Effecting Service of Process on the Company's Directors
</I></P>
<P align=justify>Since certain of the Company's directors live outside of
Canada, it may not be possible to effect service of process on them and since
all or a substantial portion of their assets are located outside Canada, there
may be difficulties in enforcing judgments against them obtained in Canadian
courts.</P>
<P align=justify><I>Insurance Risk </I></P>
<P align=justify>The mining industry is subject to significant risks that could
result in damage to or destruction of property and facilities, personal injury
or death, environmental damage and pollution, delays in production,
expropriation of assets and loss of title to mining claims. No assurance can be
given that insurance to cover the risks to which the Company's activities are
subject will be available at all or at commercially reasonable premiums. The
Company currently maintains insurance within ranges of coverage that it believes
to be consistent with industry practice for companies at a similar stage of
development. The Company carries liability insurance with respect to its mineral
exploration operations, but is not currently covered by any form of
environmental liability insurance, since insurance against environmental risks
(including liability for pollution) or other hazards resulting from exploration
and development activities is unavailable or prohibitively expensive. The
payment of any such liabilities would reduce the funds available to the Company.
If the Company is unable to fully fund the cost of remedying an environmental
problem, it might be required to suspend operations or enter into costly interim
compliance measures pending completion of a permanent remedy. </P>
<P align=center>- 12 - </P>
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<P align=justify><I>Increased Costs and Compliance Risks as a Result of Being a
Public Company </I></P>
<P align=justify>Legal, accounting and other expenses associated with public
company reporting requirements have increased significantly in the past few
years. The Company anticipates that costs may continue to increase with
corporate governance related requirements, including, without limitation,
requirements under National Instrument 52-109 &#150; <I>Certification of Disclosure
in Issuers' Annual and Interim Filings, </I>National Instrument 52-110 &#150;
<I>Audit Committees</I> and National Instrument 58-101 &#150; <I>Disclosure of
Corporate Governance Practices </I>and the conversion to International Financial
Reporting Standards. </P>
<P align=justify>The Company also expects these rules and regulations may make
it more difficult and more expensive for it to obtain director and officer
liability insurance, and it may be required to accept reduced policy limits and
coverage or incur substantially higher costs to obtain the same or similar
coverage. As a result, it may be more difficult for the Company to attract and
retain qualified individuals to serve on its board of directors or as executive
officers. </P>
<P align=justify><I>We expect to be a &#147;passive foreign investment company&#148; for
the current taxable year, which would likely result in materially adverse U.S.
federal income tax consequences for shareholders who are U.S. persons. </I></P>
<P align=justify>We generally will be a &#147;passive foreign investment company&#148; (a
&#147;PFIC&#148;) under the meaning of Section 1297 of the U.S. Internal Revenue Code of
1986, as amended (the &#147;Code&#148;), if (a) 75% or more of our gross income is
&#147;passive income&#148; (generally, dividends, interest, rents, royalties, and gains
from the disposition of assets producing passive income) in any taxable year, or
(b) if at least 50% or more of the quarterly average value of our assets
produce, or are held for the production of, passive income in any taxable year.
A shareholder who is a &#147;U.S. person&#148; (as such term is defined in the Code)
should be aware that we believe that we were a PFIC during one or more prior
taxable years, and based on current business plans and financial projections, we
expect to be a PFIC for the current taxable year and for the foreseeable future.
If we are a PFIC for any taxable year during which a U.S. person holds common
shares of the Company, it would likely result in materially adverse U.S. federal
income tax consequences for such U.S. person, including, but not limited to, any
gain from the sale of our common shares would be taxed as ordinary income, as
opposed to capital gain, and such gain and certain distributions on our common
shares would be subject to an interest charge, except in certain circumstances.
It may be possible for U.S. persons to fully or partially mitigate such tax
consequences by making a &#147;qualified electing fund election,&#148; as defined in the
Code (a &#147;QEF Election&#148;). We currently intend to make available to shareholders
who are U.S. persons, upon their written request: (a) information as to our
status as a PFIC, and (b) for each year in which we are a PFIC, all information
and documentation that a shareholder making a QEF Election with respect to us is
required to obtain for U.S. federal income tax purposes. However, there is no
assurance that the Company will satisfy the record keeping requirements that
apply to a PFIC, or that the Company will continue to supply shareholders with
the information that the shareholder is required to report under the rules
applicable to making a QEF Election. Therefore, if the Company is a PFIC in any
taxable year, there is no assurance that the shareholder will be able to make a
QEF Election in respect of the Company's common shares. The PFIC rules are
extremely complex. A U.S. person holding the Company's common shares is
encouraged to consult its own tax advisor regarding the PFIC rules and the U.S.
federal income tax consequences of the acquisition, ownership, and disposition
of common shares. </P>
<P align=center>- 13 - </P>
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<P align=center><B>MINERAL PROPERTIES </B></P>
<P align=justify>The Company&#146;s Casino Project is located in the Yukon
Territory in Canada.</P>
<P align=justify><B><I>Casino Project (Yukon, Canada) </I></B></P>
<P align=justify>The Casino Project is a material property for the purposes of
National Instrument 43-101. The following is the summary from the technical
report entitled &#147;Casino Project, Form NI 43-101F1 Technical Report Feasibility
Study, Yukon, Canada &#150; Revision 1&#148; (the &#147;<B>2013 Feasibility Study</B>&#148;) dated
January 25, 2013 and prepared by Conrad E. Huss, P. E., Thomas L. Drielick,
P.E., Jeff Austin, P. Eng., Gary Giroux, P. Eng., Scott Casselman, P.Geo. Graham
Greenaway, P. Eng., Michael G. Hester, FAus IMM, and Jesse Duke, P. Geo.; each
of whom is a qualified person pursuant to National Instrument 43-101. The 2013
Feasibility Study is incorporated by reference in this AIF. </P>
<P align=justify>The complete 2013 Feasibility Study may be viewed under our
profile at <U>www.sedar.com</U> or on our website at
<U>www.westerncopperandgold.com</U>. </P>
<P align=justify><B><U>1 Summary </U></B></P>
<P align=justify>This report has been prepared by M3 Engineering &amp;
Technology Corporation (&#147;M3&#148;) of Tucson, Arizona to summarize the work performed
in the preparation of a feasibility study, supplementary to the Canadian
Standard NI 43-101, previously issued for the development of the Casino property
(the &#147;Property&#148;) in the Yukon Territory in northern Canada for Casino Mining
Corporation (&#147;CMC&#148;), a 100% owned subsidiary of Western Copper and Gold
Corporation (&#147;WCGC&#148;).</P>
<P align=justify><B><U>1.1 Key Data </U></B></P>
<P align=justify>The key details about this project are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=2>
      <P align=justify>Casino is primarily a copper and gold project that is
      expected to process 120,000 dry tonnes of material per day (t/d) or 43.8
      million dry tonnes per year (t/y). Metals to be recovered are copper,
      gold, molybdenum and silver.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=2>
      <P align=justify>There are a total of 965 million tonnes of proven and
      probable mill ore reserves and 157 million tonnes of proven and probable
      heap leach reserves. Based on the economic analysis, the Property will
      produce the following over the life of the mine from heap leach and
      flotation:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Gold &#150; 5.72 million ounces</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Silver &#150; 30.26 million ounces</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Copper &#150; 3.58 billion pounds</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Molybdenum &#150; 325 million pounds</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=2>
      <P align=justify>The process will include a conventional single-line SAG
      mill circuit (Semi-Autogenous Ball Mill Crushing, or SABC) followed by
      conventional flotation to produce concentrate for sale. In addition to the
      concentrator, there will be a separate carbon-in-column facility to
      recover precious metals from oxide ore. Gold and silver bullion (dor&#233;)
      produced will be shipped by truck to metal
refineries.</P></TD></TR></TABLE>
<P align=center>- 14 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=2>
      <P align=justify>The Property will require the construction of a power
      plant and will generate its own electrical power using LNG to fuel the
      generator drivers. Additionally, the mine haulage vehicles and
      over-the-highway tractors which haul concentrates and LNG will utilize LNG
      as fuel.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=2>
      <P align=justify>The Property has several routes of access, including by
      the Yukon River, by aircraft, winter roads, and existing trails. A network
      of paved highways provides access to the region from the Port of Skagway,
      Whitehorse and northern British Columbia. Paved roads to the Property
      currently exist up to Carmacks. A new, all weather, gravel road will be
      constructed by the project to connect Casino to Carmacks via the existing
      Freegold Road. The new access road will, in general, follow the existing
      Casino Trail that will be upgraded to support trucking from Carmacks to
      Casino.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD colSpan=2>
      <P align=justify>Fresh water will be sourced from the Yukon
  River.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD colSpan=2>
      <P align=justify>The major milestones in the schedule are as
    follows:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Full Notice to Proceed and construction start-up &#150; first
      quarter 2016</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Heap Leach operation start-up &#150; fourth quarter
    2017</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Mill operation start-up &#150; fourth quarter 2019</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Commercial Production &#150; first quarter
  2020</P></TD></TR></TABLE>
<P align=justify><B><U>1.2 Property Description and Ownership </U></B></P>
<P align=justify>The Casino porphyry copper-gold-molybdenum deposit is located
at latitude 62&#176; 44'N and longitude 138&#176; 50'W (NTS map sheet 115J/10), in west
central Yukon, in the northwest trending Dawson Range mountains, 300 km
northwest of the territorial capital of Whitehorse. </P>
<P align=justify>The area around Casino has been subject to increasing staking
and exploration activity over the past few years. Two properties have defined
reserves, the Carmacks Copper Project and the Minto Mine, both of which are
discussed in Section 23, Adjacent Properties.</P>
<P align=justify>The project is located on Crown land administered by the Yukon
Government and is within the Selkirk First Nation traditional territory and the
Tr&#146;ondek Hwechin First Nation traditional territory lies to the north. The
proposed access road crosses into Little Salmon Carmacks First Nation
traditional territory to the south. </P>
<P align=justify>The Casino Property lies within the Whitehorse Mining District
and consists of 723 full and partial Quartz Claims and 85 Placer Leases acquired
in accordance with the Yukon Quartz Mining Act. The total area covered by Casino
Quartz Claims is 13,339.17 ha. The total area covered by Casino Placer Leases is
747.45 ha. CMC is the registered owner of all claims, although certain portions
of the Casino property remain subject to royalty agreements. The claims covering
the Casino property are discussed further in Section 4 of this document. </P>
<P align=justify>Figure 1-1 at the end of this section shows the site&#146;s location
in Yukon Territory as well as other points of interest relevant to this Report.
Figure 1-2 and Figure 1-3 show the roadway paths from the Yukon River to the
proposed site facilities. </P>
<P align=center>- 15 - </P>
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<P align=justify><B><U>1.3 Geology</U></B></P>
<P align=justify>The geology of the Casino deposit is typical of many porphyry
copper deposits. The deposit is centered on an Upper Cretaceous-age (72-74 Ma),
east-west elongated porphyry stock, the Patton Porphyry, which intrudes Mesozoic
granitoids of the Dawson Range Batholith and Paleozoic schists and gneisses of
the Yukon Crystalline Complex. Intrusion of the Patton Porphyry into the older
rocks caused brecciation of both the intrusive and the surrounding country rocks
along the northern, southern and eastern contact of the stock. Brecciation is
best developed in the eastern end of the stock where the breccia can be up to
400 metres wide in plan view. To the west, along the north and south contact,
the breccias narrow gradually to less than 100 metres. The overall dimensions of
the intrusive complex are approximately 1.8 by 1.0 kilometres. </P>
<P align=justify>The main body of the Patton Porphyry is a relatively small,
locally mineralized, stock measuring approximately 300 by 800 metres and is
surrounded by a potassically-altered Intrusion Breccia in contact with rocks of
the Dawson Range. Elsewhere, the Patton Porphyry forms discontinuous dikes
ranging from less than one to tens of metres wide, cutting both the Patton
Porphyry Plug and the Dawson Range Batholith. The overall composition of the
Patton Porphyry is rhyodacite, with phenocrysts falling into a dacite
composition and the matrix being of quartz latite composition. It is more
commonly made up of distinct phenocrysts of abundant plagioclase and lesser
biotite, hornblende, quartz and opaques.</P>
<P align=justify>The Intrusion Breccia surrounding the main Patton Porphyry body
consists of granodiorite, diorite, and metamorphic fragments in a fine-grained
Patton Porphyry matrix. It may have formed along the margins, in part, by the
stoping of blocks of wall rocks. An abundance of Dawson Range inclusions are
prominent at the southern contact of the main plug, Wolverine Creek metamorphic
rocks increase along the northern contact, and bleached diorite increases at the
eastern contact of the main plug. Strong potassic alteration locally destroys
primary textures. </P>
<P align=justify><B><U>1.4 Mineralization </U></B></P>
<P align=justify>Primary copper, gold and molybdenum mineralization was
deposited from hydrothermal fluids that exploited the contact breccias and
fractured wall rocks. Better grades occur in the breccias and gradually decrease
outwards away from the contact zone both towards the centre of the stock and
outward into the granitoids and schists. The main mineralization types are: </P>
<UL style="TEXT-ALIGN: justify">
  <LI><B>Leached Cap Mineralization (CAP) </B>&#150; This oxide gold zone is gold-enriched and copper-depleted due to supergene alteration processes as well as
  the lower specific gravity of this zone relative to the other supergene zones.
  Weathering has replaced most minerals with clay. The weathering is most
  intense at the surface and decreases with depth. <BR>&nbsp;
  <LI><B>Supergene Oxide Mineralization (SOX) </B>&#150; This zone is
  copper-enriched, with trace molybdenite. It generally occurs as a thin layer
  above the Supergene Sulphide zone. Where present, the supergene oxide zone
  averages 10 metres thick, and can contain chalcanthite, malachite and
  brocanthite, with minor azurite, tenorite, cuprite and neotocite. </LI></UL>
<P align=center>- 16 - </P>
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<UL style="TEXT-ALIGN: justify">
  <LI><B>Supergene Sulphide Mineralization (SUS) </B>&#150; Supergene copper
  mineralization occurs in an up to 200 metre-deep weathered zone below the
  leached cap and above the hypogene. It has an average thickness of 60 metres.
  Grades of the Supergene sulphide zone vary widely, but are highest in
  fractured and highly pyritic zones, due to their ability to promote leaching
  and chalcocite precipitation. The copper grades in the Supergene Sulphide zone
  are almost double the copper grades in the Hypogene (0.43% Cu versus 0.23%
  Cu). <BR>&nbsp;
  <LI><B>Hypogene Mineralization </B>&#150; Hypogene mineralization occurs throughout
  the various alteration zones of the Casino Porphyry deposit, as mineralized
  stock-work veins and breccias. Significant Cu-Mo mineralization is related to
  the potassically-altered breccia surrounding the core Patton Porphyry, as well
  as in the adjacent phyllically-altered host rocks of the Dawson Range
  Batholith. The pyrite halo in this mineralization is host to the highest Cu
  values on the property. </LI></UL>
<P align=justify>Native gold can occur as free grains in quartz (50 to 70
microns) and as inclusions in pyrite and/or chalcopyrite grains (1 to 15
microns). High grade smoky quartz veins with numerous specks of visible gold are
also reported to exist. </P>
<P align=justify><B><U>1.5 Exploration Status </U></B></P>
<P align=justify>In 2009, Quantec Geoscience Limited of Toronto, Ontario
performed Titan-24 Galvanic Direct Current Resistivity and Induced Polarization
(DC/IP) surveys as well as a Magnetotelluric Tensor Resistivity (MT) survey over
the entire grid. Magnetotelluric Resistivity results in high resolution and deep
penetration (to 1 km) and the Titan DC Resistivity &amp; Induced polarization
provides reasonable depth coverage to 750 m. </P>
<P align=justify>In 2010, all Pacific Sentinel&#146;s historic drill core stored at
the Casino Property was re-logged. The purpose of the re-logging was to provide
data for the new lithology and new alteration models.</P>
<P align=justify>In 2011 and 2012, WCGC focused on geotechnical, metallurgical
and baseline environmental studies, however certain of the drill holes were also
drilled, logged and sampled for exploration purposes. In 2011, the program
involved 41 drill holes for a total of 3,163.26 m. In 2012, six holes (228.07 m)
were drilled for geotechnical purposes and 5 holes (1,507.63 m) were drilled for
metallurgical sampling. </P>
<P align=justify><B><U>1.6 Development and Operations </U></B></P>
<P align=justify><B>1.6.1 Mining and Processing </B></P>
<P align=justify>A mine plan was developed to supply ore to a conventional
copper sulphide flotation plant with the capacity to process ore at a nominal
rate of 120,000 tonnes per day, or 43.8 million tonnes per year. Actual annual
throughput will vary depending on the ore hardness encountered during the
period. The mine is scheduled to operate two 12 hour shifts per day, 365 days
per year.</P>
<P align=justify>Both sulphide copper-molybdenum ore and oxide gold ore will be
processed. Copper-molybdenum ore will be transported from the mine to the
concentrator facility and oxide gold ore will be transported from the mine to a
crushing facility ahead of a heap leaching facility and a gold recovery
facility.</P>
<P align=justify>Copper-molybdenum ore will be processed by crushing, grinding,
and flotation to produce copper and molybdenum sulphide mineral concentrates.
Copper concentrate will be loaded into highway haul trucks and transported to
the Port of Skagway for ocean shipment to market. Molybdenum concentrate will be
bagged and loaded onto highway haul trucks for shipment to market. </P>
<P align=center>- 17 - </P>
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<P align=justify>Oxide gold ore will be leached with an aqueous leach solution.
Gold in the enriched (or pregnant) leach solution which will extracted by using
carbon absorption technology to produce gold dor&#233; bars. The enriched leach
solution will also be treated to recover copper and cyanide and produce a copper
sulphide precipitate. The copper sulphide precipitate will be bagged and loaded
onto highway haul trucks for shipment to market. Recovery methods are discussed
more in depth in Section 17. </P>
<P align=justify><B>1.6.2 Metallurgical Testing and Metal Recoveries </B></P>
<P align=justify>Recent test work by METCON Research on the oxide cap material
showed that good recoveries of gold and acceptable cyanide consumptions could be
obtained by integrating the cyanide heap leach with the SART process. This
process has been adopted for this feasibility study. </P>
<P align=justify>Flotation testing by G&amp;T Metallurgical from 2008 to 2012
indicated that copper concentrate grades of 28% copper could be routinely
achieved at good copper recoveries with a primary grind size of 80% passing 200
&#181;m and a regrind of 80% passing 25 &#181;m. Gold and silver will be recovered with
the copper concentrate. Molybdenum will be recovered to a molybdenum concentrate
in a separate flotation circuit. </P>
<P align=justify>The average metal recoveries expected from mill processing
following the planned mill feed schedule are noted below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="3%" >&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Copper recovery to copper concentrate, percent
    </TD>
    <TD align=right width="5%">86 </TD></TR>
  <TR vAlign=top>
    <TD width="3%">&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Gold recovery to copper concentrate, percent
</TD>
    <TD align=right width="5%">67 </TD></TR>
  <TR vAlign=top>
    <TD width="3%">&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Silver recovery to copper concentrate, percent
    </TD>
    <TD align=right width="5%">53 </TD></TR>
  <TR vAlign=top>
    <TD width="3%">&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Molybdenum recovery to molybdenum concentrate,
      percent </TD>
    <TD align=right width="5%">71 </TD></TR></TABLE>
<P align=justify>The metal recoveries expected from oxide cap heap leach
processing are based on: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="3%" >&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Gold recovery, percent </TD>
    <TD align=right width="5%">66 </TD></TR>
  <TR vAlign=top>
    <TD width="3%">&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Silver recovery, percent </TD>
    <TD align=right width="5%">26 </TD></TR>
  <TR vAlign=top>
    <TD width="3%">&nbsp;</TD>
    <TD align=left><li></li></TD>
    <TD align=left width="90%">Copper recovery to SART precipitate, percent
</TD>
    <TD align=right width="5%">18 </TD></TR></TABLE>
<P align=justify><B>1.6.3 Infrastructure </B></P>
<P align=justify>The region is serviced by paved all-weather roads connecting
the towns of Carmacks and Whitehorse in the Yukon with the Port of Skagway
Alaska. With the completion of the 132 km Casino access road, the project will
have an all-weather access route through Carmacks to Whitehorse (approx. 380 km)
and to the Port of Skagway (550 km). The Port of Skagway has existing facilities
to store and load-out concentrates as well as facilities to receive bulk
commodity shipments, fuels and connection to the Alaska Marine Highway. The Port
of Skagway is developing plans to expand these facilities to better serve the
expanding mining activity in the Yukon and Alaska.</P>
<P align=justify>The City of Whitehorse is the government, financial and
commercial hub of the Yukon with numerous business and service entities to
support the project, and represents a major resource to staff the project.
Whitehorse has an international airport and provides commercial passenger and
freight services for the region. The proposed new access road alignment is shown
in Section 18.2 of this report. </P>
<P align=justify>A new airstrip will be constructed at the mine to accommodate
appropriately sized aircraft. The existing airstrip will be razed in preparation
for grading for process facilities. </P>
<P align=center>- 18 - </P>
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<P align=justify><B><I>1.6.3.1 Power </I></B></P>
<P align=justify>Electrical power to the mine will be developed in two phases.
An initial power plant designated the Supplementary Power Plant will be
constructed near the main workforce housing complex to provide power to the
camp, to construction activities, and to the heap leach facilities that go into
operation before the concentrator facility is operational. </P>
<P align=justify>The Supplementary Power Plant will consist of three internal
combustion engines (ICE), dual fuel driven generators (capable of using both LNG
and diesel) with a combined power output of 20.1 MW. </P>
<P align=justify>A Main Power Plant will be constructed at the Casino
concentrator complex and will supply the electrical energy required for
operation of the mine, concentrator, oxide ore treatment facilities and all
infrastructure facilities. The primary electrical power generation will be
provided by two gas turbine driven generators and a steam generator, operating
in combined cycle mode (CCGT) to nominally produce 125 MW. Two internal
combustion engine (ICE) driven generators will provide another 18.6 MW of power
for black start capability, emergency power, and to complement the gas turbine
generation when required. The gas turbines and the ICEs will be fueled by
natural gas (supplied as liquefied natural gas, or LNG). </P>
<P align=justify>LNG will be transported to the site from Fort Nelson, British
Columbia via tanker trucks and stored on-site in a large, 10,000 m<SUP>3</SUP>
site-fabricated storage tank to supply the power plant. In addition to providing
fuel for the power plants, the LNG facility will provide fuel for the mine
haulage fleet and over the highway tractors used for hauling concentrates and
LNG tankers. Distribution to the vehicles will be by two portable fueling
stations and two mobile refuelers. </P>
<P align=justify><B><I>1.6.3.2 Water</I></B></P>
<P align=justify>The main fresh water supply will be supplied from the Yukon
River. The water will be collected in a riverbank caisson and radial well system
(Ranney Well) and pumped through an above-ground insulated 36&#148; diameter by 17.4
km long pipeline with four booster stations to the 22,000 m<SUP>3</SUP> capacity
freshwater pond near the concentrator. The design capacity of the fresh water
collection and transfer system will be approximately 3,400 cubic meters per
hour.</P>
<P align=justify>The fire water requirement is 341 m<SUP>3</SUP>/h for two
hours. This demand is satisfied by a fire reserve capacity of 682 m<SUP>3</SUP>
in the lower portion of the freshwater pond that will be unavailable for other
uses. </P>
<P align=justify>Potable water will be produced by filtering and chlorinating
fresh water and will be stored and distributed separately. </P>
<P align=justify>Process water reclaimed from the tailings pond and from the
plant will be collected in a 63,700 m<SUP>3</SUP> process water pond. The total
process water supply to the plant required at design tonnage is 11,191
m<SUP>3</SUP>/h. The total feed to the pond consists of 7,122 m<SUP>3</SUP>/h
combined thickener overflow, 3,228 m<SUP>3</SUP>/h reclaim water from the
tailings pond and 841 m<SUP>3</SUP>/h fresh water makeup. Assuming the reclaim
water system is not operating the plant can run for 19.7 hours with all other
feed streams operating at the design rates. </P>
<P align=center>- 19 - </P>
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<P align=justify><B>1.6.4 Permits</B><B> </B></P>
<P align=justify>The <I>Yukon Socioeconomic Assessment Board</I> (YESAB) will
assess the Casino Project for environmental and socio-economic effects under the
<I>Yukon Environmental and Socioeconomic Assessment Act</I> (YESAA). At the
conclusion of the assessment, YESAB issues its recommendations to a decision
body for consideration. For the Casino Project, it is expected that the
designated decision body will be the Yukon Government. </P>
<P align=justify>After assessment, the project must secure certain permits and
licenses. Mining related projects in the Yukon are regulated through territorial
and federal legislation by various agencies, including government departments
and independent quasi-judicial boards. The regulatory permitting and licensing
processes are separate from YESAA. There is no single-window application process
for regulatory permitting. Separate applications and information packages are
required for each authorization and agency. The main pieces of legislation that
will govern mining related activities for the Casino properties include: </P>
<UL style="TEXT-ALIGN: justify">
  <LI><I>Quartz Mining Act;</I>
  <LI><I>Waters Act;</I>
  <LI><I>Territorial Lands (Yukon) Act;</I>
  <LI><I>Environment Act;</I>
  <LI><I>Highways Act;</I>
  <LI><I>Dangerous Goods Transportation Act;</I>
  <LI><I>Fisheries Act;</I>
  <LI><I>Yukon Occupational Health and Safety Act.</I> </LI></UL>
<P align=justify>Work on these permits is in progress. Environmental study
results are detailed in Section 20 of this report. </P>
<P align=justify><B><U>1.7 Mineral Resource and Mineral Reserve Estimates
</U></B></P>
<P align=justify><B>1.7.1 Metal Pricing </B></P>
<P align=justify>Table 1-1 shows a summary of metal pricing that has been used
for this report. Long-term metal prices used in the financial model were
converted from US dollars using a long term exchange rate of C$:US$ = 0.95 and
are shown in Canadian dollars. </P>
<P align=center><B>Table 1-1: Summary of Metal Pricing </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="20%"><B>Copper</B> </TD>
    <TD align=center width="20%"><B>Gold</B> </TD>
    <TD align=center width="20%"><B>Molybdenum</B> </TD>
    <TD align=center width="20%"><B>Silver</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Resources </TD>
    <TD align=center width="20%">$2.00/lb </TD>
    <TD align=center width="20%">$875.00/oz </TD>
    <TD align=center width="20%">$11.25/lb </TD>
    <TD align=center width="20%">$11.25/oz </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reserves </TD>
    <TD align=center width="20%">$2.75/lb </TD>
    <TD align=center width="20%">$1,300.00/oz </TD>
    <TD align=center width="20%">$14.50/lb </TD>
    <TD align=center width="20%">$23.00/oz </TD></TR>
  <TR vAlign=top>
    <TD align=left>Financial Model </TD>
    <TD align=center width="20%">$3.16/lb </TD>
    <TD align=center width="20%">$1,473.68/oz </TD>
    <TD align=center width="20%">$14.74/lb </TD>
    <TD align=center width="20%">$26.32/oz </TD></TR></TABLE></DIV>
<P align=center>- 20 - </P>
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<P align=justify><B>1.7.2 Mineral Resource</B><B> </B></P>
<P align=justify>Table 1-2 summarizes the mineral resources for the Casino
Project.</P>
<P align=center><B>Table 1-2: Mineral Resource-Inclusive of Mineral Reserve
</B></P>
<TABLE
style="BORDER-COLOR: black; PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left><B>Supergene and Hypogene Zones</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Cutoff </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Ore </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Copper </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Gold </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Moly </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Silver </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">CuEq </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><B>(Mill Resource)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">CuEq (%) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Mtonnes </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(%) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(g/t) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(%) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(g/t) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>Measured Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="11%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp; &nbsp;Supergene Oxide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.28 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.52 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.026 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">2.38 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.77 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Supergene Sulphide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>36 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.39 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.41 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.029 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>2.34 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>0.84 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp; &nbsp;Hypogene </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">32 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.32 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.38 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.026 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">1.94 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.73 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;<B>Total Measured Resource</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.25</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>93</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.34</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.43</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.027</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>2.21</B>
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.78</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Indicated Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Supergene Oxide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>36 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.23 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.21 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.019 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>1.44 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>0.46 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp; &nbsp;Supergene Sulphide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">216 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.24 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.22 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.019 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">1.72 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.50 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Hypogene </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>711 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.17 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.21 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.023 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>1.65 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>0.45 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp; &nbsp;<B>Total Indicated
      Resource</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.25</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>963.6</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.19</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.21</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.022</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>1.66</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.46</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>Measured/Indicated Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="11%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp; &nbsp;Supergene Oxide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">61 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.34 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.022 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">1.83 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.59 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Supergene Sulphide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>252 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.26 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.021 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>1.81 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>0.55 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp; &nbsp;Hypogene </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">743 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.17 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.22 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.023 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">1.66 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.46 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;<B>Total Measured/Indicated Resource</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.25</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>1057</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.20</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.23</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.022</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>1.71</B>
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.49</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Inferred Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Supergene Oxide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>26 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.26 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.17 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.010 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>1.43 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>0.41 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp; &nbsp;Supergene Sulphide </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">102 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.20 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.19 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">0.010 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">1.49 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.38 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Hypogene </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>1568 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.14 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.16 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.020 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>1.36 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>0.37 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp; &nbsp;<B>Total Inferred
      Resource</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.25</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>1696</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.14</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.16</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.019</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>1.37</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%"><B>0.37</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left><B>Leached Cap/Oxide Gold Zone</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">Cutoff </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">Ore </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">Copper </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">Gold </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">Moly </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%">Silver </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%">CuEq </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><B>(Heap Leach Resource)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Gold (g/t) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">Mtonnes </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(%) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(g/t) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(%) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(g/t) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">(%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>Measured Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>31 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.05 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.52 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>0.025 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="11%" bgColor=#e6efff>2.94 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>N.A. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Indicated Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">53 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.03 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.33 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.017 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.36 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">N.A. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left bgColor=#e6efff><B>Measured/Indicated
      Resource</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.25</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>84</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.04</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.40</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>0.020</B>
    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff><B>2.57</B>
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%" bgColor=#e6efff>N.A. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Inferred Mineral Resource </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.25 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">17 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.01 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.31 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">0.008 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">1.93 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">N.A. </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left colSpan=8 rowSpan=2>CuEq is
      based on metal prices of US$2.00/lb copper, $US875/oz gold, US$11.25/lb
      molybdenum, and US$11.25/oz silver and assumes 100% metal recovery. </TD>
  </TR>
<TR vAlign=top></TR></TABLE>
<P align=justify>The supergene oxide, supergene sulphide, and hypogene zones are
mill resources and are tabulated at a 0.25% copper equivalent cutoff grade.
Measured and indicated supergene and hypogene resources amount to 1.06 billion
tonnes at 0.20% copper, 0.23 g/t gold, 0.022% molybdenum, and 1.71 g/t silver.
Inferred resources are an additional 1.7 billion tonnes at 0.14% copper, 0.16
g/t gold, 0.019% molybdenum, and 1.37 g/t silver. </P>
<P align=justify>The leach cap contains potential heap leach ore and is
tabulated at a 0.25 g/t gold cutoff grade. Measured and indicated heap leach ore
amounts to 84.0 million tonnes at 0.04% copper, 0.40 g/t gold, and 2.57 g/t
silver. Inferred resources are an additional 17 million tonnes at 0.01% copper,
0.31 g/t gold, and 1.93 g/t silver.</P>
<P align=center>- 21 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify><B>1.7.3 Mineral Reserve</B><B> </B></P>
<P align=justify>The mill ore reserve amounts to 965.2 million tonnes at 0.204%
copper, 0.240 g/t gold, 0.0227% molybdenum, and 1.74 g/t silver. Heap leach
reserve is an additional 157.5 million tonnes at 0.292 g/t gold and 0.036%
copper. Table 1-3 presents the mineral reserve for the Casino Project.</P>
<P align=center><B>Table 1-3: Mineral Reserve </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>Ore Ktonnes</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>Tot Cu</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>Gold</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>Moly</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>Silver</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><B>Mill Ore Reserve:</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(%)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(g/t)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(%)</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(g/t)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Proven Mineral Reserve: </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Mill Ore </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">91,602 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.336 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.437 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0275 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">2.23 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Probable Mineral Reserve: </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Mill Ore </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">729,777 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.203 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.235 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0240 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">1.78 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Low Grade Stockpile </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">143,828 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.122 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.139 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0133 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">1.19 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Total Probable Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">873,605 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.190 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.219 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0222 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">1.68 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Proven/Probable Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Mill Ore </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">821,379 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.218 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.258 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0244 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">1.83 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Low Grade Stockpile </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">143,828 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.122 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.139 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0133 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">1.19 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Total Mill Ore Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">965,207 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.204 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.240 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.0227 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">1.74 </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="12%"><B>Ore ktonnes</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="12%"><B>Gold</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="12%"><B>Tot Cu</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="12%"><B>Moly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>Silver</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><B>Heap Leach Reserve:</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(g/t)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(%)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(%)</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%"><B>(g/t)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Proven Mineral Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">31,760 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.480 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.051 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">N/A </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">2.79 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Probable Mineral Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">125,694 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.244 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.032 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">N/A </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">2.06 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Total Heap Leach Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">157,454 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.292 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">0.036 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">N/A </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="12%">2.21
</TD></TR></TABLE></DIV>
<P align=justify><B><U>1.8 Costs and Financial Data </U></B></P>
<P align=justify><B>1.8.1 Capital Cost Estimate</B></P>
<P align=justify>The initial capital investment for complete development of the
project is estimated to be $2.456 billion total direct and indirect cost. Table
1-4 shows the capital cost breakdown. </P>
<P align=center><B>Table 1-4: Capital Cost Estimate Summary </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="20%"><B>(millions)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff><B>Direct Costs</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="20%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp;Mining Equipment &amp; Mine Development </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%">$454 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp;Concentrator (including related facilities)
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff>$904 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp;Heap Leach Operation </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%">$139 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left bgColor=#e6efff>&nbsp; &nbsp;Camp </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff>$70 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><B>Sub-Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="20%"><B>$1,566</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff><B>Indirect Costs</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff>$295 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left><B>Infrastructure Costs</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp;Power Plant </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff>$209 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; &nbsp;Access Road </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%">$99 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    bgColor=#e6efff>&nbsp; &nbsp;Airstrip </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff>$24 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; &nbsp;Subtotal Infrastructure </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="20%">$332 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left bgColor=#e6efff><B>Contingency</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff><B>$218</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Owner's Costs </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="20%">$44 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left bgColor=#e6efff><B>Grand Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="20%" bgColor=#e6efff><B>$2,456</B>
    </TD></TR></TABLE></DIV>
<P align=center>- 22 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=justify>In addition to the above, the total life of mine sustaining
capital is estimated to be $361.7 million. This capital will be expended during
a 22 year period. </P>
<P align=justify><B>1.8.2 Operating Cost Estimate </B></P>
<P align=justify>Life of mine average operating cost is $8.52 per tonne for
sulphide ore, which includes mining, concentrator plant and general and
administrative costs. The life of mine average operating cost is $4.04 per tonne
for oxide ore which includes processing only. </P>
<P align=justify><B>1.8.3 Financial Analysis</B></P>
<P align=justify>Net Income after Tax amounts to $6.7 billion for the life of
the mine. The base case economic analysis (Table 1-5) indicates that the project
has an Internal Rate of Return (IRR) of 20.1% after taxes with a payback period
of 3.0 years.</P>
<P align=justify>Table 1-5 compares the base case project financial indicators
with the financial indicators for other cases when the sales price, the amount
of capital expenditure, operating cost, and copper recovery are varied from the
base case values. By comparing the results of this sensitivity study, it can be
seen that the project IRR&#146;s sensitivity to variation in metal sales price has
the most impact, while variation of operating cost, variation of mill recovery,
and variation of capital cost are approximately equal. </P>
<P align=center><B>Table 1-5: Sensitivity Analysis (After tax figures) </B></P>
<TABLE
style="BORDER-COLOR: black; PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap
    borderColor=#000000 style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD
    width="11%" align=center nowrap borderColor=#000000 style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD
    width="11%" align=center nowrap borderColor=#000000 style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD
    width="11%" align=center nowrap borderColor=#000000 style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD
    width="11%" align=center nowrap borderColor=#000000 style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD
    width="11%" align=center nowrap borderColor=#000000 style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD width="11%" align=center nowrap
    borderColor=#000000 style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"><B>Payback</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap
    borderColor=#000000 style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>NPV @ 0%</B> </TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>NPV @ 5%</B> </TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>NPV @ 8%</B> </TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>NPV @ 10%</B> </TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>IRR</B> </TD>
    <TD width="11%" align=center nowrap
    borderColor=#000000
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Years</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Base Case (LTP) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$6,651 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,986 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,830 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,296 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">20.1% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">3.0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>SEC Prices </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$7,848 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$3,621 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,287 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,669 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">22.5% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.7 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Spot Prices* </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$7,744 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$3,597 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,282 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,672 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">22.7% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.6 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Base-Case Sensitivities </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Metals Price +10% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$8,157 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$3,786 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,407 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,768 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">23.1% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.6 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Metals Price -10% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$5,146 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,186 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,253 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$824 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">16.7% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">3.5 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Capex +10% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$6,499 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,840 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,689 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,158 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">18.4% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">3.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Capex -10% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$6,804 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$3,133 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,972 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,434 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">22.1% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.7 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Opex +10% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$6,103 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,705 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,631 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,135 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">19.0% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">3.1 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Opex -10% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$7,200 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$3,268 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,029 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,457 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">21.1% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.9 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Mill Recovery +5% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$7,304 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$3,329 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,075 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,495 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">21.3% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">2.8 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>Mill Recovery -5% </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$5,998 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$2,644 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,585 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">$1,096 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">18.7% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">3.1 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>$ in millions </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>*Spot prices are on the last </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="22%" colSpan=2>Base Case </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="22%" colSpan=2>SEC Prices </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="22%" colSpan=2>Spot Prices* </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>day of December 2012 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Copper </TD>
    <TD align=right width="11%">$3.16 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Copper </TD>
    <TD align=right width="11%">$3.67 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Copper </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" borderColor=#000000 align=right
    width="11%">$3.57 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Molybdenum </TD>
    <TD align=right width="11%">$14.74 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Molybdenum </TD>
    <TD align=right width="11%">$14.67 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Molybdenum </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" borderColor=#000000 align=right
    width="11%">$11.80 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Gold </TD>
    <TD align=right width="11%">$1,473.68 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Gold </TD>
    <TD align=right width="11%">&nbsp; &nbsp;$1.487.85 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="11%">Gold </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" borderColor=#000000 align=right
    width="11%">$1,657.50 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="11%">Silver </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$26.32 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="11%">Silver </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$28.80 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left width="11%">Silver </TD>
<TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=right width="11%">$29.95 </TD></TR></TABLE>
<P align=center>- 23 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=justify><B><U>1.9 Conclusions and Recommendations </U></B></P>
<P align=justify>The Casino mineral occurrence can be successfully and
economically exploited by proven and conventional mining and processing methods
under the conditions and assumptions outlined in this report. Overall, the main
risk and key metric for financial success is metal pricing. </P>
<P align=justify>Opportunities exist to enhance the project economics including:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Conversion of some of the inferred resource into measured and
  indicated.&nbsp;&nbsp;
  <LI>Sharing of infrastructure development costs with other
  parties.&nbsp;&nbsp;
  <LI>Optimize the process during the basic and detailed engineering phases.
  </LI></UL>
<P align=justify>To further enhance the project, M3 recommends that CMC perform
the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>CMC should continue to further define the resource through exploration
  drilling, particularly in the more sparsely drilled area west of the main zone
  and deep drilling adjacent to the microbreccia pipe (approximately $2 million
  required). <BR>&nbsp;
  <LI>CMC should continue with the environmental studies and permitting efforts
  now underway (approximately $5 million required). <BR>&nbsp;
  <LI>CMC should continue with the engineering effort in support of permitting
  (approximately $1 million required). <BR>&nbsp;
  <LI>CMC should continue to monitor developments in the Yukon, northern British
  Columbia, and Alaska to be in a position to share infrastructure development
  (approximately $200,000 required). </LI></UL>
<P align=center>- 24 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=center><IMG
src="exhibit99-1x26x1.jpg"
border=0></P>
<P align=center>- 25 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=center><IMG
src="exhibit99-1x27x1.jpg"
border=0></P>
<P align=center><B>Figure 1-2: Road to Casino Concentrator Site from the Yukon
River</B><B> <BR></B>(Source: M3) </P>
<P align=center><IMG
src="exhibit99-1x27x2.jpg"
border=0></P>
<P align=center><B>Figure 1-3: Path from Yukon River to Proposed Fresh Water
Pond <BR></B>(Source: M3) </P>
<P align=center>- 26 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=justify><B><U>Work Undertaken in 2012 and Work Plan for 2013</U></B><B>
</B></P>
<P align=justify>Baseline data acquisition and other permitting activities
continued in 2012. Community meetings were held in Whitehorse and the Village of
Carmacks in May, and Western met with the Selkirk and Little Salmon/Carmacks
First Nations late in the fourth quarter 2012 and in early 2013. Western has
prioritized engagement with communities, First Nations and other governments in
preparation for formal submission of its application to the Yukon Environmental
and Socio-economic Act Board (&#147;YESAB&#148;) - the first step of the Yukon permitting
process. </P>
<P align=justify>The Company will continue its permitting activities in 2013
with the goal of submitting its application to the YESAB in the fourth quarter
of 2013. </P>
<P align=center><B>DIVIDENDS</B> </P>
<P align=justify>The Company has not paid any dividends on its common shares
since its incorporation, nor has it any present intention of doing so. The
Company anticipates that all available funds will be used to undertake
exploration and development programs on its mineral properties.</P>
<P align=center><B>DESCRIPTION OF CAPITAL STRUCTURE</B> </P>
<P align=justify><B><I>Authorized Capital </I></B></P>
<P align=justify>The authorized capital of the Company consists of the
following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Unlimited number of Common Shares without par value. As
      of the date of this AIF, there are 93,782,503 common shares
      outstanding.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>All of the issued common shares of the Company are fully
      paid and non-assessable. All of the common shares issued rank equally as
      to dividends, voting rights (one vote per share) and distribution of
      assets on winding up or liquidation. Shareholders have no pre-emptive
      rights, nor any right to convert their common shares into other
      securities. There are no existing indentures or agreements affecting the
      rights of shareholders other than the Notice of Articles and Articles of
      the Company; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Unlimited number of Preferred Shares without par value,
      with the following special rights and restrictions: they may be issued in
      one or more series and the directors may from time to time fix the number
      and designation and create special rights and restrictions. Preferred
      shares would rank in priority, with respect of payment of dividends and
      distributions of assets on a liquidation, dissolution or winding-up of the
      Company, to shares ranking junior to the preferred shares including common
      shares. Preferred shares do not give the holders any right to receive
      notice of or vote at general or special meetings of the Company. As of the
      date of this AIF, there are no Preferred Shares
  outstanding.</P></TD></TR></TABLE>
<P align=center>- 27 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=justify><B><I>Stock Options </I></B></P>
<P align=justify>The Company has a stock option plan pursuant to which the
directors of the Company are authorized to grant stock options to directors,
officers, employees, and consultants of the Company and its subsidiaries.</P>
<P align=justify>As at March 18, 2013, the following stock options were
outstanding under the stock option plan: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>Expiry
      Date</B> </TD>
    <TD
      width="33%" align=center bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of stock options</B> </TD>
    <TD
      width="33%" align=center bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>Exercise price</B> </TD>
  </TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>June 24, 2013
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$1.14 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>May 12, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$0.55 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>October 19, 2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$1.85 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>March 30, 2015
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$1.74 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>July 16, 2015
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731,667 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$0.79 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>November 4, 2015
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$1.50 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>July 6, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;1,475,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$2.84 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>September 14,
      2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$2.84 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>July 12, 2017
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;1,610,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$0.80 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>September 10,
      2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$0.84 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>January 15, 2018
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">$1.59 </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>TOTAL</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%"><B>5,373,667</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">&nbsp; </TD></TR></TABLE></DIV>
<P align=center><B>MARKET FOR SECURITIES</B> </P>
<P align=justify>The common shares of the Company are listed on the Toronto
Stock Exchange under the symbol &#147;WRN&#148;. During the Company's most recently
completed financial year, the Company&#146;s common shares traded as follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Month</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>High</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Low</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Total Volume</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>January </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.88
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.58
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">3,447,948 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>February </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">2.04
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.65
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">3,611,892 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>March </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.93
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.41
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,804,782 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>April </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.43
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.18
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">2,016,761 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>May </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.27
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.85
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,295,186 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>June </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.92
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.70
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,719,353 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>July </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.79
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.59
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,343,604 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>August </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.03
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.61
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,260,278 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>September </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.98
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.65
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">3,238,869 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>October </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.77
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.65
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,109,795 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>November </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.73
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.61
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">781,863 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>December </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">1.46
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">0.68
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">2,978,000 </TD></TR></TABLE></DIV>
<P align=center>- 28 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center><B>PRIOR SALES</B> </P>
<P align=justify>The Company issued the following securities which are not
listed or quoted on a marketplace during the most recently completed financial
year:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>Grant Date</B> </TD>
    <TD align=center width="33%"><B>Number of Stock Options</B> </TD>
    <TD align=center width="33%"><B>Exercise Price</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>July 12, 2012 </TD>
    <TD align=center width="33%">1,610,000 </TD>
    <TD align=center width="33%">$0.80 </TD></TR>
  <TR vAlign=top>
    <TD align=center>September 10, 2012 </TD>
    <TD align=center width="33%">50,000 </TD>
    <TD align=center width="33%">$0.84 </TD></TR></TABLE></DIV>
<P align=center><B>ESCROWED SECURITIES </B></P>
<P align=justify>None of the Company&#146;s securities are held under an escrow or
similar arrangement. </P>
<P align=center><B>DIRECTORS AND OFFICERS </B></P>
<P align=justify><B><I>Name, Occupation, and Experience </I></B></P>
<P align=justify>The following table sets forth all current directors and
executive officers as of the date of this AIF, with each position and office
held by them in the Company and the period of service as such. Each director&#146;s
term of office expires at the next annual general meeting. </P>
<TABLE
style="BORDER-COLOR: black; PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center
    borderColor=#000000 bgcolor="#D9D9D9" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Name and Position</B> </TD>
    <TD width="29%" align=center
    borderColor=#000000 bgcolor="#D9D9D9" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Province and Country</B>    </TD>
    <TD width="29%" align=center
    borderColor=#000000 bgcolor="#D9D9D9"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Director or Officer</B>  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
    borderColor=#000000 bgcolor="#D9D9D9" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="29%" align=center
    borderColor=#000000 bgcolor="#D9D9D9" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>of
      Residence</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="29%" align=center
    borderColor=#000000 bgcolor="#D9D9D9"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>since</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Dale Corman </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=left
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Chairman, Director and Chief Executive
      Officer</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">May 3, 2006 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Robert Byford <SUP>(2) (4)</SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Director</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">September 22, 2009 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Robert Gayton <SUP>(2) (3)</SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Director</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">May 3, 2006 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>David Williams <SUP>(2) (3) (4)</SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Director</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">Ontario, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">May 3, 2006 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Klaus Zeitler <SUP>(3) (4)</SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Director</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">May 3, 2006 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Paul West-Sells </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>President and Chief Operating
      Officer</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">November 20, 2008 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Julien Fran&#231;ois<I>,</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Vice President Finance and Chief
      Financial Officer</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">May 3, 2006 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Cameron Brown </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Vice President Engineering</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">Washington State, USA </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">July 16, 2010 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000
      align=left>Corey Dean </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" borderColor=#000000 align=center
    width="29%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=center width="29%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=left><I>Corporate Secretary</I> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">British Columbia, Canada </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    borderColor=#000000 align=center width="29%">May 3, 2006
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The information as to country of residence and principal
      occupation has been furnished by the respective individuals.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Denotes member of Audit Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Denotes member of Compensation Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Denotes member of the Corporate Governance and Nominating
      Committee.</P></TD></TR></TABLE>
<P align=justify>The principal occupation of Robert Byford, Robert Gayton, David
Williams, Klaus Zeitler, and Corey Dean is not acting as Director or Officer of
the Company. Information as to the principal occupation of these Directors and
Officer is described in the narratives below. </P>
<P align=center>- 29 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=justify><B>Dale Corman</B>, B.Sc., P.Eng., has served as Chief
Executive Officer, Director, and Chairman of the Board Directors since the
Company&#146;s inception in 2006. From 1995 to 2006, he was Chairman of the Board of
Directors and Chief Executive Officer of Western Silver Corporation. He has 30
years&#146; experience as a senior corporate officer of publicly listed companies in
Canada and the United States, as well as extensive expertise in mineral and
geothermal exploration and development, property evaluation and acquisition,
project financing, and corporate management. Mr. Corman received a B.S. in
geology from Rensselaer Polytechnic Institute in Troy, New York, in 1961 and
obtained Professional Engineer status in Ontario in 1972.</P>
<P align=justify>Mr. Corman is a Director of Spanish Mountain Gold [TSXV:SPA],
NorthIsle Copper and Gold Inc. [TSXV:NCX], and Copper North Mining Corp.
[TSXV:COL]. </P>
<P align=justify><B>Robert M. Byford,</B> FCA<B>, </B>has served as director in
2009. He is a former partner of KPMG LLP and Senior Vice President and Director
of KPMG Corporate Finance Inc. He has a background in audit and tax and acquired
significant experience with numerous public companies during his 39 years with
KPMG and predecessor firms. In 1983, Mr. Byford became Managing Partner of the
BC Region consulting practice and was a founding partner of the firm&#146;s Corporate
Finance Practice. Mr. Byford has acted as lead financial adviser on a wide range
of finance, divestiture and acquisition transactions in many industry sectors.
He was an elected Governor of the Vancouver Stock Exchange and has been a
frequent speaker on corporate governance, securities and corporate finance
matters. He graduated from Simon Fraser University in 1969 and obtained his
professional qualification as a Chartered Accountant in 1971. Mr. Byford was
elected a fellow of the Institute of Chartered Accountants of British Columbia
in 2009 for outstanding service to the community and this profession.
<B></B></P>
<P align=justify><B>Robert Gayton</B>, B.Comm., Ph.D., FCA, has served as
Director, and Chairman of the Audit Committee since the Company&#146;s inception in
2006.</P>
<P align=justify>Dr. Gayton is a Chartered Accountant and holds a Ph.D. &#150;
Accounting/Finance from the University of California, Berkeley (1973). Dr.
Gayton was a member of the Business School faculties at Berkeley and the
University of BC from 1965 to 1974.</P>
<P align=justify>In 1974, Dr. Gayton left academia to join Peat Marwick Mitchell
(now KPMG LLP) and establish their professional development program. He became
partner in 1976 and transferred to the audit practice in 1979. In 1987, Dr.
Gayton left the firm to join a client and since that time has acted as financial
advisor/officer to various resource based companies. </P>
<P align=justify>He is currently a director and chair/member of the audit and
other committees of the following companies: Amerigo Resources Ltd. [TSX:ARG],
B2 Gold Corp. [TSX:BTO], Eastern Platinum Limited [TSX &amp; AIM:ELR], Nevsun
Resources Ltd. [TSX &amp; NYSE MKT:NSU], and Silvercorp Metals Inc. [TSX &amp;
NYSE:SVM]. </P>
<P align=justify><B>David Williams</B>, LL.B., MBA, has served as Director since
the Company&#146;s inception in 2006. Mr. Williams currently manages investments for
his family holding company and is involved in a number of charitable
organizations. He is a Director of Atlantis Systems Corp. [NEX:AIQ.H] and SQI
Diagnostics [TSXV:SQD]. Mr. Williams holds a Master of Business Administration
Degree from Queens University and a Doctor of Civil Laws Degree from Bishops
University. </P>
<P align=center>- 30 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=justify><B>Klaus Zeitler</B>, Ph.D., has served as Director since the
Company&#146;s inception in 2006. Dr. Zeitler was the founder and CEO of Inmet from
1987 to 1996. Dr. Zeitler was Senior Vice President of Teck Cominco Limited from
1997 to 2002, and previously was on the Board of Directors of Teck Corp. from
1981 to 1997 and Cominco Limited from 1986 to 1996. Dr. Zeitler is President,
CEO, and Director of Amerigo Resources Ltd. [TSX:ARG] and he is the Chairman and
a Director of Los Andes Copper Ltd. [TSXV:LA], and of Rio Alto Mining Limited
[TSX:RIO]. He is also a Director of Vena Resources Inc. [TSX:VEM]. </P>
<P align=justify><B>Paul West-Sells</B>, Ph.D., has served as President and
Chief Operating Officer since March 2010. He joined the Company in 2006 as its
Senior Metallurgist to provide metallurgical support to the Company&#146;s projects
and to lead the advancement of the Casino Project through pre-feasibility
engineering. Dr. West-Sells has 20 years&#146; experience in the mining industry, and
was at BHP Billiton, Placer Dome Inc. and Barrick Gold Corporation in a series
of increasingly senior roles in research and development and project
development. He holds a Ph.D. from the University of British Columbia in
metallurgical engineering. </P>
<P align=justify><B>Julien Fran&#231;ois</B>, CA has served as Vice President,
Finance and Chief Financial Officer since the Company&#146;s inception in 2006. Prior
to joining the Company, he was the Controller of Western Silver Corporation from
2005 to 2006. From 2000 to 2005, Mr. Fran&#231;ois worked in the audit practice at
PricewaterhouseCoopers LLP. Mr. Fran&#231;ois graduated from the University of
British Columbia in 2000 and obtained his professional qualification as a
Chartered Accountant in 2004. He is also Chief Financial Officer of Copper North
Mining Corp. [TSXV:COL]. </P>
<P align=justify><B>Cameron Brown</B>, P. Eng., has served as Vice President,
Engineering since July 2010. From 2006 to 2010, Mr. Brown was the Company&#146;s
Project Manager. Mr. Brown has 41 years&#146; experience in mineral processing and
has been responsible for plant maintenance, project management and engineering
of major base and precious metal projects. He was formerly Project Manager for
Western Silver Corporation and worked for 22 years for Bechtel Mining &amp;
Metals in various capacities including; Project Manager, Project Engineering
Manager, and Manager of Engineering for Bechtel Mining &amp; Metals (Global).
</P>
<P align=justify><B>Corey Dean</B>, B. Comm., L.L.B has served as Corporate
Secretary since the Company&#146;s inception in 2006. Mr. Dean has practiced
corporate, securities and natural resource law with a focus on corporate finance
and mergers and acquisitions since 1981. He was educated at the University of
British Columbia where he received his B.Comm. in 1979 and his LL.B. in 1980.
Since 1987, he has been a partner of the firm of DuMoulin Black LLP, a law firm
focused on corporate finance for public companies, and is currently managing
partner of the firm. Mr. Dean has an extensive corporate and securities practice
with particular emphasis on mergers and acquisitions as well as public and
private financings and corporate governance matters. He has advised numerous
clients in listing matters on stock exchanges and in cross border financings. He
acts as counsel for corporate clients engaged in various industry sectors but
primarily in mineral exploration, development and operations.</P>
<P align=justify>Mr. Dean is an officer of Bear Creek Mining Corporation
[TSXV:BCM], Copper North Mining Corp. [TSXV:COL], and Rio Cristal Resources
Corporation [TSXV:RCZ]. </P>
<P align=center>- 31 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=justify><B><I>Control of Securities </I></B></P>
<P align=justify>As at March 18, 2013, the directors and executive officers of
the Company as a group beneficially owned, directly or indirectly, or exercised
control or direction over, and aggregate of 7,098,742 common shares of the
Company, representing approximately 7.6% of the issued and outstanding common
shares of the Company. In addition, the directors and executive officers of the
Company as a group held 3,645,000 stock options for the purchase of common
shares of the Company. The stock options are exercisable at prices ranging from
$0.55 and $2.84 per common share and expire between 2013 and 2017. Of the total
stock options held by directors and executive officers, 2,011,662 stock options
had vested as at March 18, 2013.</P>
<P align=justify><B><I>Cease Trade Orders, Bankruptcies, Penalties or
Sanctions</I></B></P>
<P align=justify>Other than as disclosed below, to the knowledge of the Company,
none of the Company's directors or executive officers or any shareholder holding
a sufficient number of securities of the Company to affect materially the
control of the Company, is, at the date of this AIF, or was within ten years
before the date of this AIF, a director, chief executive officer or chief
financial officer of any company (including the Company) that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>was subject to an order that was issued while the
      director or executive officer was acting in the capacity as director,
      chief executive officer or chief financial officer; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>was subject to an order that was issued after the
      director or executive officer ceased to be a director, chief executive
      officer or chief financial officer and which resulted from an event that
      occurred while that person was acting in the capacity as director, chief
      executive officer or chief financial officer.</P></TD></TR></TABLE>
<P align=justify>For the purposes of the disclosure above, an &#147;order&#148; means (a)
a cease trade order, including a management cease trade order, (b) an order
similar to a cease trade order, or (c) an order that denied the relevant company
access to any exemption under securities legislation, that was in effect for a
period of more than 30 consecutive days. </P>
<P align=justify>Other than as disclosed below, to the knowledge of the Company,
no director or executive officer of the Company or any shareholder holding a
sufficient number of securities of the Company to affect materially the control
of the Company:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is, at the date of this AIF, or has been within the ten
      years before the date this AIF, a director or executive officer of any
      company (including the Company) that, while that person was acting in that
      capacity, or within a year of that person ceasing to act in that capacity,
      became bankrupt, made a proposal under any legislation relating to
      bankruptcy or insolvency or was subject to or instituted any proceedings,
      arrangement or compromise with creditors or had a receiver, receiver
      manager or trustee appointed to hold its assets; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>has, within the ten years before the date of this AIF,
      become bankrupt, made a proposal under any legislation relating to
      bankruptcy or insolvency, or become subject to or instituted any
      proceedings, arrangement or compromise with creditors, or had a receiver,
      receiver manager or trustee appointed to hold the assets of the director,
      executive officer or shareholder.</P></TD></TR></TABLE>
<P align=center>- 32 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=justify>To the knowledge of the Company, no director or executive
officer of the Company or any shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company, has
been subject to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any penalties or sanctions imposed by a court relating to
      securities legislation or by a securities regulatory authority or has
      entered into a settlement agreement with a securities regulatory
      authority; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any other penalties or sanctions imposed by a court or
      regulatory body that would likely be considered important to a reasonable
      investor in making an investment decision.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Robert Gayton was a director of Newcoast Silver Mines
      Ltd. at the date of a Cease Trade Order by the British Columbia Securities
      Commission on September 30, 2003 and by the Alberta Securities Commission
      on October 31, 2003 for failure to file financial statements. The orders
      were revoked on October 23, 2003 and March 25, 2004,
  respectively.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>David Williams was a director of the reporting issuers
      when the following events occurred:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On June 30 2010, Roador was delisted from the TSX Venture
      Exchange for failure to file financial statements. The Ontario Securities
      Commission and the British Columbia Securities Commission issued cease
      trade orders on Roador in early February 2011. Roador continues as a
      viable business and is in the process of seeking an alternate exchange
      listing. The cease trade orders are still in
effect.</P></TD></TR></TABLE>
<P align=justify><B><I>Conflicts of Interest </I></B></P>
<P align=justify>Certain of the Company's directors and officers serve or may
agree to serve as directors or officers of other reporting companies or have
significant shareholdings in other reporting companies and, to the extent that
such other companies may participate in ventures in which the Company may
participate, the directors of the Company may have a conflict of interest in
negotiating and concluding terms respecting the extent of such participation. In
the event that such a conflict of interest arises at a meeting of the Company's
directors, a director who has such a conflict will abstain from voting for or
against the approval of such participation or such terms and such director will
not participate in negotiating and concluding terms of any proposed
transaction.</P>
<P align=center><B>LEGAL PROCEEDINGS AND REGULATORY ACTIONS </B></P>
<P align=justify>The Company and its properties are not currently subject to,
and were not during the Company's most recently completed financial year subject
to, any legal proceedings, nor are any proceedings known to be contemplated that
involve a claim for damages in an amount that excluding interest and costs
exceeds 10% of the current assets of the Company.</P>
<P align=justify>No penalties or sanctions were imposed against the Company by a
court relating to securities legislation or by a securities regulatory authority
and the Company did not enter into any settlement agreements before a court in
respect of securities legislation or with a securities regulatory authority
during the most recently completed financial year or prior to the date of this
AIF.</P>
<P align=center>- 33 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=center><B>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
</B></P>
<P align=justify>Other than as disclosed herein, to the knowledge of the
Company, none of the following persons has had any material interest, direct or
indirect, in any transaction during the Company's three most recently completed
financial years or during the current financial year that has materially
affected or is reasonably expected to materially affect the Company: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a director or executive officer of the Company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a person or company that beneficially owns, or controls
      or directs, directly or indirectly more than 10% of any class or series of
      the outstanding voting securities of the Company; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>an associate or affiliate of any of the persons or
      companies referred to in the above paragraphs (a) or
(b).</P></TD></TR></TABLE>
<P align=justify>The Company&#146;s directors and officers may serve as directors or
officers of other public resource companies or have significant shareholdings in
other public resource companies and, to the extent that such other companies may
participate in ventures in which the Company may participate, the directors of
the Company may have a conflict of interest in negotiating and concluding terms
respecting the extent of such participation. The interests of these companies
may differ from time to time. See &#147;Risk Factors &#150; Conflicts of Interest&#148; and
&#147;Conflicts of Interest&#148;. </P>
<P align=center><B>TRANSFER AGENTS AND REGISTRARS</B> </P>
<P align=justify>The registrar and transfer agent of the Company is
Computershare at its offices in Vancouver, British Columbia, at 510 Burrard
Street, Vancouver, BC, V6C 3B9, in Toronto, Ontario, and in Denver, Colorado,
USA. </P>
<P align=center><B>MATERIAL CONTRACTS </B></P>
<P align=justify>The Company has entered into the following material contracts,
other than in the ordinary course of business: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Net Smelter Returns Royalty Agreement dated December 21, 2012 between
  Western Copper and Gold Corporation, Casino Mining Corp., and 8248567 Canada
  Limited. <BR>&nbsp;
  <LI>Royalty Purchase Agreement dated December 20, 2012 between Western Copper
  and Gold Corporation, Casino Mining Corp., and 8248567 Canada Limited.
<BR>&nbsp;
  <LI>Option Agreement dated July 2002 between CRS Copper Resources Corp. and
  Great Basin Gold Ltd. <BR>&nbsp;
  <LI>Amended and Restated Arrangement Agreement dated August 30, 2011 between
  Western Copper Corporation, NorthIsle Copper and Gold Inc., Copper North
  Mining Corp. and Others. </LI></UL>
<P align=center>- 34 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_36></A>
<P align=center><B>NAMES AND INTERESTS OF EXPERTS </B></P>
<P align=justify>The information of a scientific or technical nature regarding
the Casino Project is based on the technical report entitled, &#147;Casino Project,
Form NI 43-101F1 Technical Report Feasibility Study &#150; Revision 1, Yukon, Canada&#148;
dated January 25, 2013 and prepared by Conrad E. Huss, P. E., Thomas L.
Drielick, P.E., Jeff Austin, P. Eng., Gary Giroux, P. Eng., Scott Casselman,
P.Geo., Graham Greenaway, P. Eng., Michael G. Hester, FAus IMM, and Jesse Duke,
P. Geo.; each of whom is a qualified person pursuant to NI 43-101. </P>
<P align=justify>To the best of the Company&#146;s knowledge, none of the above
persons, held at the time of preparing the report, received after preparing the
report, or will receive any registered or beneficial interests, direct or
indirect, in any securities or other property of the Company or of one of the
Company's associates or affiliates in connection with the preparation or
certification of the report prepared by such person. None of the above persons
is or is expected to be elected, appointed or employed as a director, officer or
employee of the Company or any associate or affiliate of the Company. </P>
<P align=justify>The auditors of the Company are PricewaterhouseCoopers LLP,
Chartered Accountants, of Vancouver, British Columbia. PricewaterhouseCoopers
LLP report that they are independent of the Company in accordance with the Rules
of Professional Conduct of the Institute of Chartered Accountants of British
Columbia, Canada.</P>
<P align=center><B>AUDIT COMMITTEE INFORMATION</B></P>
<P align=justify><B><U>Audit Committee Charter</U></B><B> </B></P>
<P align=justify>The Audit Committee Charter, as approved by the Company&#146;s Board
of Directors, is included in Schedule A of this AIF. </P>
<P align=justify><B><U>Audit Committee composition and relevant education and
experience</U></B></P>
<P align=justify>The Audit Committee is comprised of Robert Gayton (Chair),
Robert Byford, and David Williams. All three members are independent and are
financially literate, as described in National Instrument 52-110 &#150; Audit
Committees (<B>&#147;NI 52-110&#148;</B>). Please refer to the &#147;Directors and Officers&#148;
section of this AIF for a detailed description of each member&#146;s education and
experience relevant to being a member of the Audit Committee.<B> </B></P>
<P align=justify><B>Reliance on Certain Exemptions </B></P>
<P align=justify>Since the commencement of 2012, Western&#146;s most recently
completed financial year, the Company has not relied on: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>The exemption in section 2.4 of NI 52-110 (De Minimis
      Non- audit Services);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>The exemption in section 3.2 of NI 52-110 (Initial Public
      Offerings);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>The exemption in section 3.4 of NI 52-110 (Events Outside
      Control of Member);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>The exemption in section 3.5 of NI 52-110 (Death,
      Disability or Resignation of Audit Committee Member); or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD>
      <P align=justify>An exemption from of NI 52-110, in whole or in part,
      granted from Part 8 (Exemptions).</P></TD></TR></TABLE>
<P align=center>- 35 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>Reliance on the Exemption in Subsection 3.3(2) or Section
3.6 </B></P>
<P align=justify>Since the commencement of 2012, Western&#146;s most recently
completed financial year, the Company has not relied on the exemption in
subsection 3.3(2) of NI 52-110 (Controlled Companies) or section 3.6 of NI
52-110 (Temporary Exemption for Limited and Exceptional Circumstances). </P>
<P align=justify><B>Reliance on Section 3.8 </B></P>
<P align=justify>Since the commencement of 2012, Western&#146;s most recently
completed financial year, the Company has not relied on the exemption in section
3.8 of NI 52-110 (Acquisition of Financial Literacy) as all members of the Audit
Committee are financially literate. </P>
<P align=justify><B>Audit Committee Oversight</B></P>
<P align=justify>At no time since the commencement of 2012, Western&#146;s most
recently completed financial year, has a recommendation of the Audit Committee
to nominate or compensate an external auditor, not been adopted by the Board of
Western. </P>
<P align=justify><B><U>Pre-approval policies and procedures</U></B><B> </B></P>
<P align=justify>All audit, audit related, tax, and non-audited services to be
performed by the external audit firm are pre-approved by the Audit Committee.
Before approval is given, the Audit Committee examines the independence of the
external auditor in relation to the services to be provided and assesses the
reasonableness of the fees to be charged for such services. </P>
<P align=justify><B><U>External auditor service fees (by category)</U></B><B>
</B></P>
<P align=justify>The following table sets forth the aggregate professional fees
billed to the Company by its external auditor, PricewaterhouseCoopers LLP,
during each year ended December 31, 2012 and 2011.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="70%" border=1>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="66%" colSpan=2><B>Year ended December 31,</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="33%"><B>2012</B> </TD>
    <TD align=center width="33%"><B>2011</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Audit Fees </TD>
    <TD align=center width="33%">$70,350 </TD>
    <TD align=center width="33%">$101,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Audit Related Fees </TD>
    <TD align=center width="33%">$1,800 </TD>
    <TD align=center width="33%">$97,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tax Fees </TD>
    <TD align=center width="33%">$46,200 </TD>
    <TD align=center width="33%">$46,870 </TD></TR>
  <TR vAlign=top>
    <TD align=left>All Other Fees </TD>
    <TD align=center width="33%">- </TD>
    <TD align=center width="33%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total</B> </TD>
    <TD align=center width="33%"><B>$118,350</B> </TD>
    <TD align=center width="33%"><B>$246,070</B> </TD></TR></TABLE></DIV>
<P align=justify>Audit Fees are professional fees billed for the audit of the
Company&#146;s annual consolidated financial statements, reviews of interim financial
statements and attestation services that are provided in connection with regular
statutory or regulatory filings. </P>
<P align=justify>Audit Related Fees are professional fees billed for assurance
and related services that are reasonably related to the performance of the audit
or review of the Company&#146;s financial statements and are not reported under
&#147;Audit Fees&#148;. The total noted in the table above includes amounts billed for
assurance services in connection with filings required for the Arrangement
completed in 2011. </P>
<P align=justify>Tax Fees are professional fees billed for tax return
preparation and advice related to tax compliance. </P>
<P align=justify>All Other Fees include fees billed for services other than
disclosed in any other category.</P>
<P align=center>- 36 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>ADDITIONAL INFORMATION </B></P>
<P align=justify><B><I>General </I></B></P>
<P align=justify>Information relating to the Company may be found under the
Company&#146;s profile on the SEDAR website at <U>www.sedar.com</U>. The information
available at <U></U><U>www.sedar.com</U> includes copies of the full text of the
technical report prepared for the Company in respect to the Casino Project
described herein.</P>
<P align=justify>Additional financial information is provided in the Company&#146;s
audited annual consolidated financial statements and management&#146;s discussion and
analysis as at and for the year ended December 31, 2012. This information is
also available under the Company&#146;s profile on SEDAR at <U>www.sedar.com</U>.
</P>
<P align=center>- 37 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=center>Schedule A<BR>Audit Committee Charter </P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE
</B></P>
<P align=justify>The Board of Directors of the Corporation has an overall
responsibility to oversee the affairs of the Corporation for the benefit of the
shareholders. The Committee is appointed by the Board to assist the Board in
fulfilling its financial oversight responsibilities. The Committee&#146;s primary
duties and responsibilities are to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>review the effectiveness of the overall process of identifying and
  addressing material, financial- related business risk and the adequacy of the
  related disclosure;
  <LI>monitor the integrity of the Corporation&#146;s financial reporting process and
  systems of internal controls regarding finance, accounting and legal
  compliance;
  <LI>monitor the independence and the performance of the Corporation&#146;s external
  auditors;
  <LI>provide an avenue of communications among the external auditors,
  management and the Board of Directors;
  <LI>encourage adherence to, and continuous improvement of, the Corporation&#146;s
  policies, procedures and practices relating to financial matters at all
  levels; and
  <LI>maintain an effective complaints procedure. </LI></UL>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPOSITION
AND MEETINGS </B></P>
<P align=justify>The Committee shall be comprised of a minimum of three or more
directors, as determined by the Board, each of whom shall meet the independence
requirements of the relevant securities exchanges and regulatory agencies as may
apply from time to time. Each member will be independent of management and free
from any relationship that, in the opinion of the Board, would interfere with
the exercise of his or her independent judgment. All members of the Committee
must be financially literate. Financially literate means that the member has the
ability to read and understand a set of financial statements that present a
breadth and level of complexity of accounting issues that are generally
comparable to the breadth and complexity of the issues that can reasonably be
expected to be raised by the Corporation&#146;s financial statements.</P>
<P align=justify>The Committee members shall be appointed by the Board at its
first meeting following each annual shareholders&#146; meeting. If the Committee
Chair is not designated by the Board, the members of the Committee may designate
a Chair by majority vote of the Committee membership.</P>
<P align=justify>The Committee shall meet at least four times annually, or more
frequently as circumstances dictate. The Committee Chair shall prepare and/or
approve an agenda in advance of each meeting. The Committee meetings may be held
in person, by telephone conference or by video conference. A majority of the
members of the Committee present in person, by teleconferencing or by
videoconferencing will constitute a quorum. </P>
<P align=justify>The Committee may invite the Corporation's external auditors,
the Chief Financial Officer (&#147;CFO&#148;), and such other persons as deemed
appropriate by the Committee, to attend meetings of the Committee. The Committee
shall meet at least annually with management and the external auditors to
discuss any matters that the Committee or each of these groups believes should
be discussed. In addition, a portion of each Committee meeting shall be held, in
camera, without any member of management being present. </P>
<P align=center>- 38 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=center>Schedule A<BR>Audit Committee Charter </P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POWER
AND AUTHORITY </B></P>
<P align=justify>The Committee shall have: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the power to conduct or authorize investigations into any
      matter within the scope of its responsibilities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the right to engage independent legal, accounting or
      other advisors as it determines necessary to carry out its duties and the
      right to set the compensation for any advisors employed by the
      Committee;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the right at any time and without restriction to
      communicate directly with the CFO, other members of management who have
      responsibility for the audit process and external auditors; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>such other powers and duties as may be delegated to it
      from time to time by the Board.</P></TD></TR></TABLE>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESPONSIBILITIES
AND DUTIES - DETAIL </B></P>
<P align=justify><U>Review Procedures</U> </P>
<P align=justify>The Committee shall: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>review with the external auditors, in advance of the
      audit, the audit process and standards, as well as regulatory or
      Corporation-initiated changes in accounting practices and policies and the
      financial impact thereof, and selection or application of appropriate
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>review with the external auditors and, if necessary,
      legal counsel, any litigation, claim or contingency, including tax
      assessments, that could have a material effect upon the financial position
      of the Corporation and the manner in which these matters are being
      disclosed in the financial statements; the appropriateness and disclosure
      of any off-balance sheet matters; and disclosure of related-party
      transactions;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>meet at least annually with the external auditors
      separately from management to review the integrity of the Corporation's
      financial reporting processes, including the clarity of financial
      disclosure and the degree of conservatism or aggressiveness of the
      accounting policies and estimates, performance of internal audit
      management, any significant disagreements or difficulties in obtaining
      information, adequacy of internal controls over financial reporting and
      the degree of compliance of the Corporation with prior recommendations of
      the external auditors. The Committee shall review with management any
      matters raised by the external auditors and direct management to implement
      such changes as the Committee considers appropriate, subject to any
      required approvals of the Board arising out of the review;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>discuss with management significant financial or other
      risk exposures and the steps management has taken to monitor, control and
      report such exposures;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>review the Corporation&#146;s annual audited financial
      statements and management discussion and analysis prior to public
      disclosure and make recommendations to the Board respecting approval of
      the audited financial statements;</P></TD></TR></TABLE>
<P align=center>- 39 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=center>Schedule A<BR>Audit Committee Charter </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>review with management, the Corporation&#146;s interim
      financial results and management discussion and analysis prior to public
      disclosure. Discuss any significant changes to the Corporation&#146;s
      accounting principles and any items required to be communicated by the
      external auditors. If the statements are to be reviewed by the auditors,
      the Committee shall consult with the auditors as required during the
      process. The Committee shall make recommendations to the Board respecting
      approval of the interim financial statements or, if authorized to do so by
      the Board, approve the interim statements and MD&amp;A; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>periodically assess the procedures in place for the
      review of the Corporation&#146;s public disclosure of financial information
      extracted or derived from the Corporation&#146;s financial statements, other
      than the public disclosure of the statements themselves, and satisfy
      itself that those procedures are satisfactory. If the procedures are not
      considered satisfactory, the Committee should work with management to
      revise the procedures appropriately.</P></TD></TR></TABLE>
<P align=justify><U>External auditors</U> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The external auditors shall report and are accountable
      directly to the Committee. The Committee shall at least annually review
      the independence and performance of the external auditors. It shall
      recommend to the Board of Directors the external auditors to be approved
      at a shareholders' meeting and recommend to the Board any discharge of
      auditors when circumstances warrant. If the auditors are not to be
      reappointed, the Committee shall select and recommend a suitable
      alternative.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The Committee is directly responsible for overseeing the
      work of the external auditor engaged for the purpose of preparing or
      issuing an auditor&#146;s report or performing other audit, review or attest
      services for the Corporation, including the resolution of disagreements
      between management and the external auditor regarding financial
      reporting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The Committee is responsible for approving the fees and
      other significant compensation to be paid to the external auditors, and
      pre-approving, subject to ratification by the Board, any non-audit
      services that the auditor may provide. The Committee may delegate certain
      pre-approval functions for non- audit services to one or more independent
      members of its Committee if it first adopts specific policies and
      procedures respecting same and provided such decisions are presented to
      the full Committee for approval at its next meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>On an annual basis, the Committee should review and
      discuss with the external auditors all significant relationships they have
      with the Corporation that could impair the auditor&#146;s
  independence.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The Committee shall review and approve the Corporation&#146;s
      hiring policies regarding partners, employees and former partners and
      employees of the present and former external auditor of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>The Committee shall obtain from the external auditors
      confirmation that the external auditors are a 'participating audit' firm
      for the purpose of National Instrument 52-108 Auditor Oversight and are in
      compliance with governing regulations.</P></TD></TR></TABLE>
<P align=center>- 40 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=center>Schedule A<BR>Audit Committee Charter </P>
<P
align=justify><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DUTIES
AND RESPONSIBILITIES - GENERAL </B></P>
<P align=justify>The Committee shall: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>on at least an annual basis, review with the
      Corporation&#146;s counsel, any legal matters that could have a significant
      impact on the organization&#146;s financial statements, the Corporation&#146;s
      compliance with applicable laws and regulations, and inquiries received
      from regulators or governmental agencies;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>annually prepare a report to shareholders to be included
      in the Corporation&#146;s annual information circular as required by applicable
      securities laws. The Chairman of the Committee, or other member appointed
      by the Chair, will review all disclosure documents to be issued by the
      Corporation relating to financial matters, including news releases, annual
      information forms and information circulars;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>review and assess the adequacy of this Charter at least
      annually and submit it to the Board for approval;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>annually evaluate the Committee's performance and report
      its findings to the Board;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>maintain minutes of meetings and periodically report to
      the Board on significant results of the Committee&#146;s activities;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>perform any other activities consistent with this
      Charter, the Corporation&#146;s documents, and governing law, as the Committee
      or the Board deems necessary or appropriate.</P></TD></TR></TABLE>
<P
align=justify><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPLAINTS
PROCEDURE </B></P>
<P align=justify>Complaints regarding accounting, internal accounting controls,
or auditing matters may be submitted to the Committee, attention: The Chair.
Complaints may be made anonymously and, if not made anonymously, the identity of
the person submitting the complaint will be kept confidential. Upon receipt of a
complaint, the Chair will conduct or designate a member of the Committee to
conduct an initial investigation. If the results of that initial investigation
indicate there may be any merit to the complaint, the matter will be brought
before the Committee for a determination of further investigation and action.
Records of complaints made and the resulting action or determination with
respect to the complaint shall be documented and kept in the records of the
Committee for a period of three years. </P>
<P align=center>- 41 - </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated)    </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=justify><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED
DECEMBER 31, 2012</B></P>
<P align=justify>The following management discussion and analysis of Western
Copper and Gold Corporation (along with its subsidiaries, &#147;Western&#148; or the
&#147;Company&#148;) is dated March 22, 2013, and provides an analysis of the Company&#146;s
results of operations for the year ended December 31, 2012.</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
audited consolidated financial statements for the year ended December 31, 2012
and the notes thereto. The Company&#146;s accounting policies are described in note 3
of the audited consolidated financial statements for the year ended December 31,
2012. All of the financial information presented herein is expressed in Canadian
dollars, unless otherwise indicated.</P>
<P align=justify>Western is listed on the Toronto Stock Exchange (&#147;TSX&#148;) and the
NYSE MKT under the symbol: WRN. As at the date of this report, the Company had
93,782,503 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>www.sedar.com </U>and with the United
States Securities and Exchange Commission (the &#147;SEC&#148;) at <U>www.sec.gov </U>on Form 40-F.</P>
<P align=justify>The operations of the Company are speculative due to the
high-risk nature of the mining industry. Western faces risks that are generally
applicable to its industry and others that are specific to its operations.
Certain key risks affecting the Company&#146;s current and future operations are
discussed in its AIF and Form 40-F. This list is not exhaustive. Additional
risks not currently known to the Company, or that the Company currently deems
immaterial, may also impair the Company&#146;s operations. Such risk factors could
materially affect the value of the Company&#146;s assets, and future operating
results of the Company and could cause actual results to differ materially from
those described in the forward looking statements contained in this management
discussion and analysis. Reference is made to the discussion of forward-looking
statements at the end of this document. </P>
<P align=justify><B>DESCRIPTION OF BUSINESS</B><BR></P>
<P align=justify>Western Copper and Gold Corporation is a Canadian-based
publicly-traded mineral exploration company with a primary focus of advancing
its Casino deposit towards production. The Casino deposit contains significant
gold, copper, and molybdenum contained in greater than one billion tonnes of
reserves and an additional upside of 1.7 billion tonnes in an inferred resource.
Located in the Yukon, the Casino deposit is one of the largest undeveloped
copper-gold deposits in Canada. </P>
<P align=justify><B>CASINO PROJECT</B><BR>FINANCING<BR></P>
<P align=justify>On December 21, 2012, Western completed a royalty sale with
8248567 Canada Limited (the &#147;Purchaser&#148;), an arms&#146; length party, whereby the
Purchaser cancelled the 5% net profits interest royalty (the &#147;NPI Royalty&#148;) on
all claims comprising the Casino Project, other than the Casino B claims, and
paid Western US$32 million in exchange for a 2.75% net smelter returns royalty
(the &#147;NSR Royalty&#148;) on the future sale of any metals and minerals derived from
the Casino Project, other than the Casino B claims (the &#147;Transaction&#148;).</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 1 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The Purchaser had acquired the NPI Royalty, along with two
other royalty interests, on August 10, 2012 from Strategic Metals Ltd.
(&#147;Strategic&#148;) for US$30 million. An additional US$6 million is due from the
Purchaser to Strategic contingent on the Casino Project meeting certain
permitting targets by December 31, 2016 (see Strategic&#146;s news release dated
August 10, 2012, available on SEDAR, for more information).</P>
<P align=justify>Western has the option to repurchase 0.75% of the NSR Royalty
(resulting in a 2.00% remaining royalty) for the following amount:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>US$39 million if the amount is paid on or prior to
      December 31, 2013; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>US$59 million if the amount is paid on or after January
      1, 2014 but on or before December 31, 2017.</P></TD></TR></TABLE>
<P align=justify>The Company believes that the NSR Royalty sale was a superior
financing option to a standard equity deal. Based on the Company&#146;s analysis, the
valuation of the NSR Royalty represented a significant premium to the market
valuation of the Company. The proceeds from the Transaction should provide
Western with sufficient funds for the estimated period to permit the Casino
Project without massively diluting current shareholders or unduly affecting the
returns of the project.</P>
<P align=justify>FEASIBILITY STUDY<BR></P>
<P align=justify><U>Summary</U><BR></P>
<P align=justify>On January 7, 2013, the Company released the results of the
feasibility study on its Casino Project and subsequently filed the technical
report titled &#147;Casino Project, Form NI 43-101F1 Technical Report Feasibility
Study, Yukon, Canada &#150; Revision 1&#148; dated January 25, 2013 (the &#147;Feasibility
Study&#148;) on SEDAR on February 12, 2013. The Feasibility Study succeeds the
pre-feasibility study dated May 17, 2011 and incorporates an updated reserve,
significant updated engineering, particularly in the areas of energy supply,
metallurgy and flow sheet design, and brings the engineering on the project to a
feasibility study level. The following summary is qualified in its entirety by
reference to the full text of the Feasibility Study, which is available under
the Company&#146;s profile on SEDAR.</P>
<P align=justify>The Feasibility Study establishes the Casino Project as a
robust copper-gold project with positive economics at conservative commodity
prices. Globally over the past few years, very few projects of the size of
Casino have been engineered to a feasibility study level and maintained
attractive economics.</P>
<P align=justify>The following is a summary of key financial results at each
price scenario used in the Feasibility Study. These results include the
following assumptions:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>An exchange rate of US$1:$1 was used for capital and operating cost
  estimates.
  <LI>The exchange rate applied to each commodity price scenario is indicated
  below.
  <LI>All financial results include the NSR Royalty.
  <LI>Unless otherwise noted, all financial figures are calculated using the
  long term metal price scenario. </LI></UL>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 2 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">Long Term </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">SEC </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">Spot </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="13%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="13%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left bgColor=#e6efff>NPV
      after-tax (8% discount) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>$1.83 billion </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>2.29 billion </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>2.28 billion </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>IRR after-tax (100%
      equity) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%">20.1% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%">22.5% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%">22.7% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Payback period (years) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>3.0 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>2.7 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>2.6 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="13%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="13%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left bgColor=#e6efff>Net
      Smelter Return ($/t milled) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>22.59 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>24.62 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="13%" bgColor=#e6efff>24.27 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Copper Cash Cost* (US$/lb) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">(0.81) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">(0.85) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">(0.90) </TD></TR></TABLE></DIV>
<P align=justify>*Net of byproduct credits.</P>
<P align=justify>The financial results of the Feasibility Study were calculated
using three different metal price scenarios. Long term prices ("Long Term") were
based on long term copper price projections from Wood Mackenzie and typical
analyst projections of long term metal prices for the other metals. SEC pricing
guidance uses LME three-year historical rolling average prices from December 31,
2012. Spot prices ("Spot") are the spot prices on December 31, 2012.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">Long Term </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">SEC </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">Spot </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Copper (US$/lb) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3.00 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3.67 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3.57 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Molybdenum (US$/lb)    </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">14.00 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">14.67 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">11.80 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left bgColor=#e6efff>Gold
      (US$/oz) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,400.00 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,488.00 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,658.00 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Silver (US$/oz) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">25.00 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">28.80 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">29.95 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Exchange Rate (C$:US$) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>0.95 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><U>Operational Highlights</U></P>
<P align=justify>The Feasibility Study evaluates the development of the Casino
deposit as a conventional open pit mine, concentrator complex, and heap leach
operation. The initial production will focus on the deposit's oxide cap as a
heap leach operation to recover gold and silver in dor&#233; form. The main sulphide
deposit will be processed using a conventional concentrator to produce
copper-gold-silver and molybdenum concentrates. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>Operation </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="33%">Nominal Throughput </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=center width="33%">Life of Mine </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="33%">(tonnes per day) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="33%">(years) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center
      bgColor=#e6efff>Mill </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="33%" bgColor=#e6efff>120,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="33%"
    bgColor=#e6efff>22 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>Heap </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="33%">25,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="33%">18 </TD></TR></TABLE></DIV>
<P align=justify>Higher grade ore fed to the concentrator during the first four
years of the concentrator operation, combined with a low strip ratio in these
years, result in higher yearly cash flows during this period that contribute
significantly to the project's financial performance and quick pay-back
period.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Years 1-4 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Life of Mine </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Average Annual Pre-tax Cash Flow ($millions) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>773 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>531 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Average Annual
      After-tax Cash Flow ($millions) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">682 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Average NSR ($/t ore milled) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>31.59 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>22.59 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Strip ratio </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>0.49 </TD>
<TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>0.59</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 3 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Key processing plant metrics:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Years 1-4 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Life of Mine </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Average Annual Metal Production </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Copper (Mlbs) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">245 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">171 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Gold (kozs) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>399 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>266 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Silver (kozs) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">1,777 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">1,425 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Molybdenum (Mlbs) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>15.3 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>15.5 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Average Annual Mill Feed Grade </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Copper (%) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">0.307 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">0.204 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Gold (g/t) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>0.371 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>0.240 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Silver (g/t) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">2.103 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">1.74 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Molybdenum (%) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>0.025 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>0.023 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Recovery (Mill) </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Copper (%) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">83.7% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">86.4% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Gold (%) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>67.7% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>67.1% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Silver (%) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">55.8% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">53.4% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Molybdenum (%) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>64.8% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>70.7% </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Recovery (Heap) </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Gold (%) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">66.0% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">66.0% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right
      bgColor=#e6efff>Copper (%) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>18.0% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>18.0% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Silver (%) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">26.0% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">26.0% </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Annual Concentrate
      Production </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right bgColor=#e6efff>Cu
      (dry ktonnes) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>395 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>275 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Mo (dry ktonnes)</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">12 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">13 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Average Concentrate
      Grade </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Copper Concentrate </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Cu (%) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">28.0% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">28.0% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right bgColor=#e6efff>Au
      (g/t) </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>27.3 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>25.6 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=right>Ag (g/t) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">127.7 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">147.8 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Molybdenum Concentrate </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right>Mo (%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">56.0% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">56.0% </TD></TR></TABLE></DIV>
<P align=justify>Most of the Casino Project&#146;s revenue is from copper (46%), but
gold is a significant contributor to the project (34%); establishing the Casino
Project as an attractive project from either a copper or gold perspective.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>% of Revenue, by Commodity </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Years 1-4 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Life of Mine </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Copper </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>48% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>46% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Gold </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">37% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%">34% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Molybdenum </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>12% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="15%" bgColor=#e6efff>17% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Silver </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">3% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">3% </TD></TR></TABLE></DIV><BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR>
        <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
        <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=right>&nbsp;</TD>
        <TD align=right width="50%">- 4 - </TD>
      </TR>
    </TABLE>
    <BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Mineral Reserves</U> </P>
<P align=justify>The mineral resource estimate first reported in November 2010
was used unmodified for the Feasibility Study.</P>
<P align=justify>The Feasibility Study estimates a proven and probable mill ore
reserve of 965 million tonnes and a proven and probable heap leach ore reserve
of 157 million tonnes, as outlined below. Total contained metal in the combined
proven and probable mineral reserve is equal to 4.5 billion pounds of copper,
8.9 million ounces of gold, 483 million pounds of molybdenum, and 65 million
ounces of silver. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Proven
      &amp; Probable </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="13%">Tonnes    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="13%">Copper    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="13%">Gold </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="13%">Moly </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="13%">Silver    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">(%)    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">(g/t)    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">(%)    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">(g/t)    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Mill Ore Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;
      &nbsp;Proven Mineral Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">91.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">0.336 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">0.437 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">0.0275 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">2.23 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Probable Mineral
      Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>873.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>0.190 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>0.219 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>0.0222 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>1.68 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Total Proven &amp; Probable (Mill)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">965.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">0.204    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">0.240    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">0.0227 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">1.74    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Heap Leach Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;
    &nbsp;Proven Mineral Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">31.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">0.051 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">0.480 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">n/a </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">2.79 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Probable Mineral
      Reserve </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>125.7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>0.032 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>0.244 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>n/a </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>2.06 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Total Proven &amp; Probable (Heap)</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">157.5    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">0.036    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">0.292    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">n/a    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2.21    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><U>Capital Costs</U> </P>
<P align=justify>Total initial capital investment in the project is estimated to
be $2.46 billion, which represents the total direct and indirect cost for the
complete development of the Casino Project, including associated infrastructure
and power plant. The following table shows how the initial capital is
distributed between the various components. Sustaining capital for the project
is estimated at $362 million.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>CAPITAL COST </TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">$</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">&nbsp;millions </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Direct Costs </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Mining Equipment &amp; Mine Development </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>454 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Concentrator (incl.
      related facilities) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">904 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Heap Leach Operation </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>139 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Camp </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">70</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Subtotal Direct Costs </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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>1,567 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Indirect Costs </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">295    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Infrastructure Costs </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Power Plant </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">209 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Access Road </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>99 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Airstrip </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">24</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Subtotal Infrastructure </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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>332 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Contingency </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">218 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Owner's Costs </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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>44 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>TOTAL CAPITAL COST </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,456    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>
<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 5 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Operating Costs</U> </P>
<P align=justify>Operating costs at the Casino Project are expected to be
typical for an operation of this scale. The combined mining and milling
operating costs are $8.52 per tonne ore milled. </P>
<P align=justify>The mining costs per mill ore were estimated at $3.05. The
operating costs for the milling operation are expected to average $5.47 per
tonne of ore processed through the mill over the life of the mine. Heap leach
operating costs are expected to average $4.04 per tonne of ore processed through
the heap leach over the life of the heap leach.</P>
<P align=justify><U>Power and Infrastructure</U><BR></P>
<P align=justify>Electrical power for the Casino Project will be provided by a
gas fired power plant based on liquefied natural gas ("LNG") sourced from a new
facility to be constructed by a third party near existing gas processing
facilities currently in operation at Ft. Nelson, BC. The LNG supply chain used
in the Feasibility Study is based upon various engineering studies undertaken by
Western and its consultants and as a result of extensive discussions with
potential third party suppliers in the Ft. Nelson area.</P>
<P align=justify>LNG will be hauled by over-the-highway tankers to an on-site
LNG storage facility, then vaporized and fed to the power plant to generate
electrical power. </P>
<P align=justify>The region is serviced by paved all-weather roads connecting
the towns of Carmacks and Whitehorse in the Yukon with the Port of Skagway,
Alaska. With the completion of the 132 km Casino access road, the project will
have an all-weather access route through Carmacks to Whitehorse (approx. 380 km)
and to the Port of Skagway (550 km). The Port of Skagway has existing facilities
to store and load-out concentrates as well as facilities to receive bulk
commodity shipments, fuels and connection to the Alaska Marine Highway. The Port
of Skagway is developing plans to expand these facilities to better serve the
expanding mining activity in the Yukon and Alaska. </P>
<P align=justify>A new airstrip will be constructed at the mine to accommodate
appropriately sized aircraft. The existing airstrip will be razed in preparation
for grading for process facilities.</P>
<P align=justify>PERMITTING<BR></P>
<P align=justify>Baseline data acquisition and other permitting activities
continued in 2012. Community meetings were held in Whitehorse and the Village of
Carmacks in May, and Western met with the Selkirk and Little Salmon/Carmacks
First Nations late in the fourth quarter 2012 and in early 2013. Western has
prioritized engagement with communities, First Nations and other governments in
preparation for formal submission of its application to the Yukon Environmental
and Socio-economic Act Board (&#147;YESAB&#148;) - the first step of the Yukon permitting
process.</P>
<P align=justify>The Company expects to continue its permitting activities in
2013 with the goal of submitting its application to the YESAB in the fourth
quarter of 2013.</P>
<P align=justify><B>CORPORATE ACTIVITIES</B><BR></P>
<P align=justify>On October 4, 2012, the Company closed a non-brokered private
placement of 500,000 flow-through common shares at a price of $0.80 per share
for gross proceeds of $400,000. Certain insiders were involved in the private
placement. The gross proceeds of the financing will be used to incur qualifying
Canadian Exploration Expenses.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 6 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>SELECTED ANNUAL FINANCIAL INFORMATION</B></P>
<P align=justify>The following annual information has been extracted from the
Company&#146;s audited annual 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 year ended</B> </TD>
    <TD align=right width="13%"><B>31-Dec-12</B> </TD>
    <TD align=right width="13%"><B>31-Dec-11</B> </TD>
    <TD align=right width="13%"><B>31-Dec-10</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Loss and comprehensive loss </TD>
    <TD width="13%" align=right bgColor=#e6efff>3,913,276 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">22,005,813 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">4,037,115 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss per share &#150; basic and diluted </TD>
    <TD align=right width="13%">0.04 </TD>
    <TD align=right width="13%">0.24 </TD>
    <TD align=right width="13%">0.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Exploration and evaluation assets </TD>
    <TD width="13%" align=right bgColor=#e6efff>17,706,346 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">42,114,531 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">73,402,621 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash, cash equivalents, and short-term investments </TD>
    <TD align=right width="13%">33,517,542 </TD>
    <TD align=right width="13%">9,465,568 </TD>
    <TD align=right width="13%">23,636,895 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Total assets </TD>
    <TD width="13%" align=right bgColor=#e6efff>51,634,275 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">52,114,445 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">97,449,751 </TD></TR></TABLE>
<P align=justify><B>Items that resulted in significant differences in the annual
figures presented above are explained in the following narrative.</B></P>
<P align=justify><B>Loss and comprehensive loss</B><BR></P>
<P align=justify>The loss and comprehensive loss reported for the year ended
December 31, 2011 is largely due to the $19.7 million loss on distribution
recorded as a result of the plan of arrangement (the &#147;Arrangement&#148;) completed on
October 17, 2011. Refer to the Western audited consolidated financial statements
for the year ended December 31, 2012 for more information regarding the
Arrangement.</P>
<P align=justify><B>Exploration and evaluation assets</B><BR></P>
<P align=justify>In 2012, exploration and evaluation assets were reduced by the
net proceeds from the sale of the NSR Royalty, described in more detail in the
Casino Project section, above. The carrying value of exploration and evaluation
assets also decreased in 2011 from 2010 due to the Arrangement. As part of the
Arrangement, Western transferred the Carmacks Copper Project and the Redstone
Project to Copper North Mining Corp (&#147;Copper North&#148;) and the Island Copper
property to NorthIsle Copper and Gold Inc (&#147;NorthIsle&#148;). Consequently, the
Company reduced the carrying value of its exploration and evaluation assets by
the carrying value of the transferred properties.</P>
<P align=justify><B>Cash, cash equivalents, and short-term investments</B></P>
<P align=justify>Cash is substantially higher as at December 31, 2012 as
compared to December 31, 2011 because the the Company received gross proceeds of
US$32 million from the sale of the NSR Royalty on December 21, 2012. Cash
decreased during the year ended December 31, 2011 because the Company continued
to spend cash to fund ongoing operations. In addition, pursuant to the
Arrangement, the Company transferred $2 million to Copper North and $2.5 million
to NorthIsle on October 17, 2011. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 7 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<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 condensed interim consolidated financial statements.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; 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=right width="13%"><B>31-Dec-12</B> </TD>
    <TD align=right width="13%"><B>30-Sep-12</B> </TD>
    <TD align=right width="13%"><B>30-Jun-12</B> </TD>
    <TD align=right width="13%"><B>31-Mar-12</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Loss and comprehensive loss </TD>
    <TD width="13%" align=right bgColor=#e6efff>953,999 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">738,445 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">1,019,102 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">1,201,730 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss per share &#150; basic and diluted </TD>
    <TD align=right width="13%">0.01 </TD>
    <TD align=right width="13%">0.01 </TD>
    <TD align=right width="13%">0.01 </TD>
    <TD align=right width="13%">0.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Exploration and evaluation assets </TD>
    <TD width="13%" align=right bgColor=#e6efff>17,706,346 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">47,528,131 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">45,938,009 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">43,734,281 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and short-term investments </TD>
    <TD align=right width="13%">33,517,542 </TD>
    <TD align=right width="13%">3,441,580 </TD>
    <TD align=right width="13%">5,184,195 </TD>
    <TD align=right width="13%">7,574,938 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Total assets </TD>
    <TD width="13%" align=right bgColor=#e6efff>51,634,275 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">51,371,026 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">51,469,800 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">51,761,289 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>As at and for the quarter ended</B> </TD>
    <TD align=right width="13%"><B>31-Dec-11</B> </TD>
    <TD align=right width="13%"><B>30-Sep-11</B> </TD>
    <TD align=right width="13%"><B>30-Jun-11</B> </TD>
    <TD align=right width="13%"><B>31-Mar-11</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD>
    <TD align=right width="13%"><B>$</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Loss and comprehensive loss </TD>
    <TD width="13%" align=right bgcolor="#e6efff">19,096,053 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">1,473,417 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">748,943 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">687,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss per share &#150; basic and diluted </TD>
    <TD align=right width="13%">0.21 </TD>
    <TD align=right width="13%">0.02 </TD>
    <TD align=right width="13%">0.01 </TD>
    <TD align=right width="13%">0.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Exploration and evaluation assets </TD>
    <TD width="13%" align=right bgcolor="#e6efff">42,114,531 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">81,619,696 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">76,515,156 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">74,414,221 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and short-term investments </TD>
    <TD align=right width="13%">9,465,568 </TD>
    <TD align=right width="13%">16,821,163 </TD>
    <TD align=right width="13%">21,915,277 </TD>
    <TD align=right width="13%">22,080,673 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Total assets </TD>
    <TD width="13%" align=right bgcolor="#e6efff">52,114,445 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">99,185,859 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">99,092,973 </TD>
    <TD width="13%" align=right bgcolor="#e6efff">96,875,640 </TD></TR></TABLE>
<P align=justify><B>Items that resulted in significant differences in the
quarterly figures presented above are explained in the following
narrative.</B></P>
<P align=justify><B>Loss and comprehensive loss</B><BR></P>
<P align=justify>The loss for the three months ended December 31, 2012 is
slightly elevated compared to the loss for the three months ended September 30,
2012 as a result of bonuses paid in the fourth quarter. Promotional activities
and advertising also increased in anticipation of the release of the Feasibility
Study compared to the three months ended September 30, 2012.</P>
<P align=justify>Western reported a loss of $19.1 million for the three months
ended December 31, 2011. This quarterly loss includes a loss on distribution of
$19.7 million as a result of the distribution of assets pursuant to the
Arrangement completed on October 17, 2011. The impact of the loss on
distribution was somewhat offset by an income tax recovery of $1.95 million.
Plan of arrangement costs related to the Arrangement also contributed $161,000
to the loss incurred during the three months ended December 31, 2011. </P>
<P align=justify>Other than the loss on distribution discussed above, the
Company also experienced higher than usual quarterly loss figures from September
30, 2011 to June 30, 2012 as a result of the high value assigned to stock
options granted in July 2011 and the method used to amortize that value.</P>
<P align=justify>The determination of stock option value using the Black-Scholes
option pricing model is correlated to the exercise price and the volatility of
the underlying stock price. All other things being equal, the higher the
exercise price, the higher the value assigned to the stock option. Each stock
option granted in July 2011 has an exercise price of $3.11. The value assigned
to each stock option is $2.13. In comparison, the stock options granted in July
2012 have an exercise price of $0.80 per share and have been assigned a value of
$0.34 per stock option using the Black-Scholes option pricing model.</P>
<P align=justify>The value assigned to stock options is amortized over their
vesting period (i.e. two years) on a graded basis, as required under
International Financial Reporting Standards. This method heavily weights the
amortization over the first 12 months; explaining much of the increase in loss
and comprehensive loss from July 2011 to June 2012.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 8 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>In addition to the items discussed above, the loss incurred
during the three months ended September 30, 2011 is elevated because it includes
$520,000 in costs relating to the Arrangement.</P>
<P align=justify><B>Exploration and evaluation assets</B><BR></P>
<P align=justify>Expenditures incurred by the Company relating to its mineral
properties are capitalized. As a result, the carrying value of exploration and
evaluation assets should generally increase from period to period. As most field
work relating to the Casino Project is performed from April to October due to
weather considerations, the carrying value of exploration and evaluation assets
typically sees larger increases during the second and third quarters of each
year.</P>
<P align=justify>During the quarter ended December 31, 2012, Western received
US$32 million in gross proceeds from the Transaction. This amount was recorded
as a reduction to the carrying value of the Company&#146;s exploration and evaluation
assets.</P>
<P align=justify>During the quarter ended December 31, 2011, Western distributed
the Carmacks Copper Project, the Redstone Property, and the Island Copper
Property to its shareholders pursuant to the Arrangement. As part of the
accounting for the distribution, Western eliminated the carrying value of the
assets no longer held by the Company. This amounted to a decrease in exploration
and evaluation assets of $41 million.</P>
<P align=justify><B>Cash, cash equivalents, and short-term investments</B></P>
<P align=justify>For the most part, cash is used to fund ongoing operations that
increase the carrying value of the Company&#146;s exploration and evaluation assets.
Unless there is a significant financing transaction, cash, cash equivalents and
short-term investments generally decrease from one period to the next.</P>
<P align=justify>Cash increased substantially during the quarter ended December
31, 2012 as a result of US$32 million received from the Transaction.</P>
<P align=justify>Cash decreased more than usual from September 30, 2011 to
December 31, 2011 because the Company transferred $2 million cash to Copper
North and $2.5 million cash to NorthIsle pursuant to the Arrangement.</P>
<P align=justify><B>Total assets</B><BR></P>
<P align=justify>Because the Company capitalizes expenditures on its mineral
properties as exploration and evaluation assets, no significant impact to total
assets is expected unless Western completes a financing, distribution, or
disposal.</P>
<P align=justify>Net cash proceeds received from the Transaction reduced the
carrying value of exploration and evaluation assets. As such, there was no
significant net change to total assets during the three months ended December
31, 2012. </P>
<P align=justify>Total assets decreased significantly during the three months
ended December 31, 2011 as a result of the Arrangement. Pursuant to the
Arrangement, Western distributed certain exploration and evaluation assets and
cash to Copper North and NorthIsle. Consequently, exploration and evaluation
assets decreased by $41 million and cash decreased by $4.5 million. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 9 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</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>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Year ended</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=center width="23%" colSpan=4><B>December 31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>December 31,</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="10%"><B>2012</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>2011</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>2012</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>2011</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="10%"><STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">CORPORATE EXPENSES </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">4,616 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Filing and regulatory fees </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>6,812 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">19,500 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>190,801 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">246,569 </TD>
    <TD width="2%" align=left 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="10%">53,179 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">50,866 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">211,776 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">247,690 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Professional fees </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>64,108 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">62,063 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>278,653 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">328,142 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Rent and utilities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">28,798 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">22,418 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">106,155 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">181,374 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Share-based payments </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>384,833 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">672,907 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>1,979,337 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">1,374,832 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Shareholder communication and travel </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">104,406 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">63,289 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">372,492 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">356,465 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">Wages and benefits    </TD>
    <TD
    width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">359,336 </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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">290,604 </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="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">981,085 </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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">1,037,470 </TD>
    <TD
    width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&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="10%"><B>1,001,472</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="10%"><B>1,181,647</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="10%"><B>4,120,299</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="10%"><B>3,777,158</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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" 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="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Exploration tax credit </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>- </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">- </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>(145,789</TD>
    <TD width="2%" align=left bgColor=#e6efff>) </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">- </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange loss (gain) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(39,072</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">797 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(34,202</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">3,180 </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="10%" align=right bgColor=#e6efff>(8,401</TD>
    <TD width="2%" align=left bgColor=#e6efff>) </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">(37,284</TD>
    <TD width="2%" align=left bgcolor="#e6efff">) </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>(72,830</TD>
    <TD width="2%" align=left bgColor=#e6efff>) </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">(245,054</TD>
    <TD width="2%" align=left bgcolor="#e6efff">) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss on distribution </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">19,734,629 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">19,734,629 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">Plan of
      arrangement costs </TD>
    <TD
    width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">161,400 </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="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">45,798 </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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">681,036 </TD>
    <TD
    width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LOSS BEFORE
      TAXES</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="10%"><B>953,999</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="10%"><B>21,041,189</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="10%"><B>3,913,276</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="10%"><B>23,950,949</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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income tax expense
      (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </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="10%">(1,945,136</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </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="10%">(1,945,136</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>LOSS AND
      COMPREHENSIVE LOSS</B> </TD>
    <TD
    width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>953,999</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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>19,096,053</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="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>3,913,276</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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>22,005,813</B> </TD>
    <TD
    width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR></TABLE>
<P align=justify>3 MONTHS ENDED &#150; DECEMBER 31, 2012</P>
<P align=justify>Western incurred a loss of $954,000 ($0.01 per common share)
for the three months ended December 31, 2012 compared to a loss of $19.1 million
($0.21 per common share) over the same period in 2011. The scale and nature of
the Company&#146;s administrative activity have remained generally consistent
throughout these periods, but a number of items have led to a significant
difference in the loss figures.</P>
<P align=justify>The large loss figure reported for the three months ended
December 31, 2011 is in large part due to the $19.7 million loss on distribution
recorded as a result of the plan of arrangement completed on October 17, 2011.
In addition, the Company incurred $161,000 in costs relating to the Arrangement
during the three months ended December 31, 2011. These amounts were offset by
the $1.95 million income tax recovery that resulted from the Arrangement. For
more information on the plan of arrangement, refer to Western audited
consolidated financial statements for the year ended December 31, 2012 and the
notes thereto.</P>
<P align=justify>Filing and regulatory fees decreased during the three months
ended December 31, 2012 compared to the same period in 2011 due to reduced
transfer agent activity.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 10 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Share-based payments during the quarter ended December 31, 2012
decreased by $288,000 as compared to the same period in 2011 due to the high
value assigned to stock options granted in July 2011 and the timing of its
amortization.</P>
<P align=justify>Rent and utilities decreased slightly due to cost sharing
through the management company.</P>
<P align=justify>Shareholder communication increased by $41,000 during the three
months ended December 31, 2012 compared to same period in 2011 due to increased
promotion in preparation for the Feasibility Study released in January 2013.</P>
<P align=justify>Wages and benefits increased due to increased headcount and
somewhat higher bonuses than in 2011.</P>
<P align=justify>The Company experienced an unusually large foreign exchange
gain during the three months ended December 31, 2012 due to the movement in
exchange rates between the Canadian and US dollar and its effect on the US$32
million received from the Transaction that was still mostly held in US dollars
at year end.</P>
<P align=justify>Interest income decreased during the three months ended
December 31, 2012 as compared to the same period in 2011 because the Company had
lower interest bearing balances in 2012.</P>
<P align=justify>YEAR ENDED &#150; DECEMBER 31, 2012<BR></P>
<P align=justify>For the year ended December 31, 2012, Western incurred a loss
of $3.9 million ($0.04 per common share). This compares with a loss of $22
million ($0.24 per common share) for the year ended December 31, 2011. The scale
and nature of the Company&#146;s administrative activity have remained generally
consistent throughout 2011 and 2012; however a number of items have experienced
significant swings from one year to the next.</P>
<P align=justify>Filing and regulatory fees for the year ended December 31, 2012
are lower than over the same period in 2011 in large part due to the initial
listing fee incurred to list on the NYSE MKT stock exchange in February 2011.
This charge is not recurring.</P>
<P align=justify>2012 professional fees have decreased as compared to 2011
because in 2011 Western incurred professional fees on certain non-recurring
items including legal fees relating to the Company&#146;s listing on the NYSE MKT and
accounting fees relating to the transition to International Financial Reporting
Standards. Legal fees were also generally higher in 2011.</P>
<P align=justify>The sharing of costs through the management company since the
Arrangement in October 2011 has reduced some of the Western&#146;s overhead costs,
such as rent and utilities, office and administration, and wages and
benefits.</P>
<P align=justify>Share-based payments increased by $604,000 during the year
ended December 31, 2012 compared to the year ended December 31, 2011 as a result
of the large value attributed to the July 2011 stock option grant.</P>
<P align=justify>During 2012 the Company received an exploration tax credit of
$146,000 for 2011 exploration expenditures on the previously owned Island Copper
Property. This type of tax credit would normally be credited to the related
exploration and evaluation asset, but since the Company disposed of the Island
Copper Property as part of the Arrangement in 2011, the proceeds were recorded
as a gain on the statement of loss.</P>
<P align=justify>Interest income decreased during the year ended December 31,
2012 as compared to the 2011 year-to-date figures because the Company had lower
interest bearing balances throughout 2012.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 11 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<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>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Year ended</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=center width="23%" colSpan=4><B>December 31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>December 31,</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="10%"><B>2012</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>2011</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>2012</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>2011</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="10%"><STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">CASH PROVIDED BY (USED IN) </TD>
    <TD width="1%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left 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="10%">(59,673</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(476,546</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,360,791</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(2,975,224</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Financing activities </TD>
    <TD width="1%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>31,793,068 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">(4,500,000</TD>
    <TD width="2%" align=left bgcolor="#e6efff">) </TD>
    <TD width="1%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#e6efff>32,094,568 </TD>
    <TD width="2%" align=left bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">(2,089,631</TD>
    <TD width="2%" align=left bgcolor="#e6efff">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Investing
      activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">919,558 </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="10%">4,543,861 </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="10%">1,420,629 </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="10%">4,797,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>CHANGE IN CASH
      AND EQUIVALENTS</B> </TD>
    <TD width="1%" align=left
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>32,652,953</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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>(432,685</B></TD>
    <TD
      width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>32,154,406</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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>(267,562</B></TD>
    <TD
      width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">Cash and cash
      equivalents &#150; beginning </TD>
    <TD width="1%" align=left
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">864,589 </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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">1,795,821 </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="10%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,363,136 </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="10%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">1,630,698 </TD>
    <TD
    width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CASH AND CASH
      EQUIVALENTS</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="10%"><B>33,517,542</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="10%"><B>1,363,136</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="10%"><B>33,517,542</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="10%"><B>1,363,136</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The Company had $33.5 million in cash and cash equivalents as
at December 31, 2012. As at December 31, 2011, cash and short-term investments
totaled $9.5 million. The increase in cash is due to the US$32 million received
from the Transaction.</P>
<P align=justify>As at December 31, 2012, Western had $32.3 million in working
capital, which is sufficient working capital to fund the Company&#146;s anticipated
corporate expenses through 2015 and continue advancing the Casino Project
through the permitting phase. The Company will have to raise significant
additional capital in order to build the Casino Project.</P>
<P align=justify>Western is an exploration stage enterprise. As at the date of
this report, 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>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>During the three months ended December 31, 2012, the Company
received US$32 million as a result of the Transaction. The Company also
completed $400,000 from a private placement of flow-through shares during the
three months ended December 31, 2012.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 12 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>During the three months ended December 31, 2011, the Company
completed the Arrangement that resulted in Western, among other things,
transferring $2.0 million to Copper North and $2.5 million to NorthIsle.</P>
<P align=justify>During the year ended December 31, 2012, Western received
$302,000 from the exercise of stock option compared to $2.7 million received
from the same source during the year ended December 31, 2011.</P>
<P align=justify><B>Investing activities</B><BR></P>
<P align=justify>Investing activities include both mineral property expenditures
and purchases and redemptions of short-term investments. These numbers often
off-set to a great degree; as a result, net investing activity figures are lower
than one might expect if this figure contained only amounts invested in the
Company&#146;s exploration and evaluation assets. </P>
<P align=justify>The Company expended $1.6 million on mineral property
expenditures during the fourth quarter of 2012. This compares with $2.3 million
during the same period in 2011. During the year ended December 31, 2012, Western
incurred $6.7 million in exploration and evaluation costs as compared to $9.1
million over the same period in 2011.</P>
<P align=justify>The majority of the costs in both years relate to engineering
studies (e.g. pre-feasibility, feasibility) and permitting work on the Casino
Project. A summary of activities relating to the Casino Project is available
under the Casino Project section at the beginning of this report.</P>
<P align=justify>During the three months ended December 31, 2012, the Company
redeemed $2.6 million from short-term investments to pay for operating expenses
and exploration and evaluation expenditures. This compares to $6.8 million
during the three months ended December 31, 2011. During the year ended December
31, 2012, Western has redeemed $8.1 million in short-term investments, as
compared to $13.9 million in 2011.</P>
<P align=justify><B>CONTRACTUAL OBLIGATIONS</B></P>
<P align=justify>The Company leases office space in Vancouver, British Columbia.
The future minimum lease payments by calendar year are approximately as
follows:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Year</B> </TD>
    <TD align=right width="15%"><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2013 </TD>
    <TD align=right width="15%" bgColor=#e6efff>317,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>2014 </TD>
    <TD align=right width="15%">327,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2015 </TD>
    <TD align=right width="15%" bgColor=#e6efff>337,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>2016 </TD>
    <TD align=right width="15%">141,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Thereafter </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>- </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>TOTAL</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff><B>1,122,000</B> </TD></TR></TABLE></DIV>
<P align=justify>The Company is required to use the proceeds received from the
royalty sale for furthering the development of the Casino Project and for
general working capital purposes; provided that the general working capital
purposes of Western do not include the acquisition and development of any
mineral properties unrelated to the Casino Project.</P>
<P align=justify>The Company must spend approximately $190,000 on qualifying
Canadian exploration expenditures by December 31, 2013. Otherwise, Western 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 2013 by December 31, 2013 and
the amount that the investors actually realized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 13 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The Company has no off-balance sheet arrangements, no capital
lease agreements and no long term obligations other than those described above,
and throughout this document, or in the description of exploration and
evaluation assets contained in the notes to the consolidated financial
statements.</P>
<P align=justify><B>RELATED PARTY TRANSACTIONS</B><BR></P>
<P align=justify>The Company had related party transactions with Ravenwolf
Resource Group Ltd. (&#147;Ravenwolf&#148;), a private company owned equally by Western,
NorthIsle, and Copper North. Ravenwolf provides administration, accounting and
other services to its owners on a cost-recovery basis. The related party
transactions incurred during the years presented were in the normal course of
operations.</P>
<P align=justify>Amounts charged by Ravenwolf were categorized as follows: </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>&nbsp;For the year ended December 31, </TD>
    <TD align=right width="15%">2012 </TD>
  <TD align=right width="15%">2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="15%">$ </TD>
  <TD align=right width="15%">$ </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">&nbsp;Filing and regulatory fees </TD>
    <TD width="15%" align=right bgColor=#e6efff>1,655 </TD>
  <TD width="15%" align=right bgcolor="#e6efff">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Office and administration </TD>
    <TD align=right width="15%">119,655 </TD>
  <TD align=right width="15%">13,657 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">&nbsp;Rent and utilities </TD>
    <TD width="15%" align=right bgColor=#e6efff>106,154 </TD>
  <TD width="15%" align=right bgcolor="#e6efff">22,419 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shareholder communication and travel </TD>
    <TD align=right width="15%">26,842 </TD>
  <TD align=right width="15%">19,457 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">&nbsp;Wages and benefits </TD>
    <TD width="15%" align=right bgColor=#e6efff>914,257 </TD>
  <TD width="15%" align=right bgcolor="#e6efff">135,929 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Other assets </TD>
    <TD align=right width="15%">4,241 </TD>
  <TD align=right width="15%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Exploration
      and evaluation assets </TD>
    <TD width="15%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">273,239 </TD>
  <TD
      width="15%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">59,462 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"><B>1,446,043</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>250,924</B> </TD></TR></TABLE>
<P align=justify>At December 31, 2012, the Company&#146;s accounts payable includes
$12,600 due to Ravenwolf for corporate and administrative costs. This amount is
non-interest bearing, unsecured and payable on demand. </P>
<P align=justify>The Company&#146;s related parties also include its directors and
officers. The remuneration of directors and officers was as follows:</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>For the year ended December 31, </TD>
    <TD align=right width="15%">2012 </TD>
  <TD align=right width="15%">2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="15%">$ </TD>
  <TD align=right width="15%">$ </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Salaries and director fees </TD>
    <TD width="15%" align=right bgColor=#e6efff>905,013 </TD>
  <TD width="15%" align=right bgcolor="#e6efff">896,259 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Share-based
      payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">1,588,780 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">1,238,971 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="15%" align=right
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>2,493,793</B> </TD>
  <TD
      width="15%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>2,135,230</B> </TD></TR></TABLE>
<P align=justify>Share-based payments represent the fair value of stock options
previously granted to directors and officers that was recognized during the
periods presented above.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 14 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><STRONG>SIGNIFICANT ACCOUNTING ESTIMATES</STRONG> </P>
<P align=justify><STRONG>Use of estimates</STRONG> </P>
<P align=justify>The preparation of financial statements in conformity with
International Financial Reporting Standards (&#147;IFRS&#148;) requires management to make
judgments, estimates, and assumptions that affect the application of policies
and reported amounts of assets and liabilities and disclosures of contingent
assets and contingent liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.</P>
<P align=justify>Actual results could differ from those estimates. Significant
accounts that require estimates as the basis for determining the stated amounts
include exploration and evaluation assets, share-based payments, the fair value
of assets distributed pursuant to the plan of arrangement, and income and mining
taxes. Differences may be material.</P>
<P align=justify><B>Exploration and evaluation asset</B><BR></P>
<P align=justify>The carrying amount of the Company&#146;s exploration and evaluation
asset 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>The Company&#146;s asset are reviewed for indication of impairment
at each balance sheet date. If indication of impairment exists, the asset&#146;s
recoverable amount is estimated.</P>
<P align=justify><B>Environmental rehabilitation</B><BR></P>
<P align=justify>Minimum standards for site reclamation have been established by
various governmental agencies that affect certain operations of the Company. The
determination of reclamation costs requires assumptions with respect to future
expected costs and legislation in effect at that time. Changes in these
assumptions could have a material effect on the amount required to be recognized
as an environmental rehabiliation provision.</P>
<P align=justify><B>Share-based payments</B><BR></P>
<P align=justify>The fair value of share-based payments 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 of the Company&#146;s shares and the expected life of the option. Changes
in the subjective input assumptions can materially affect the fair value
estimate.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 15 - </TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>RECENT ACCOUNTING PRONOUNCEMENTS</B><BR></P>
<P align=justify>Unless otherwise stated, the following revised standards and
amendments are effective for annual periods beginning on or after January 1,
2013. The Company does not expect these standards and amendments to have a
significant impact on its financial statements.</P>
<P align=justify>IFRS 9 <I>Financial Instruments </I>was issued in November 2009
and addresses classification and measurement of financial assets. It replaces
the multiple category and measurement models in IAS 39 for debt instruments with
a new mixed measurement model having only two categories: amortized cost and
fair value through the consolidated comprehensive income (loss). IFRS 9 also
replaces the models for measuring equity instruments. Such instruments are
either recognized at fair value through the consolidated comprehensive income
(loss) or at fair value through other comprehensive income. Where equity
instruments are measured at fair value through other comprehensive income,
dividends are recognized in the consolidated comprehensive income (loss) to the
extent that they do not clearly represent a return of investment; however, other
gains and losses (including impairments) associated with such instruments remain
in accumulated comprehensive income indefinitely. Requirements for financial
liabilities were added to IFRS 9 in October 2010 and they largely carried
forward existing requirements in IAS 39 <I>Financial Instruments &#150; Recognition
and Measurement</I>, except that fair value changes due to credit risk for
liabilities designated at fair value through profit and loss are generally
recorded in other comprehensive income. </P>
<P align=justify>IFRS 10 <I>Consolidated Financial Statements </I>requires an
entity to consolidate an investee when it has power over the investee, is
exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the
investee. Under existing IFRS, consolidation is required when an entity has the
power to govern the financial and operating policies of an entity so as to
obtain benefits from its activities. IFRS 10 replaces SIC-12 <I>Consolidation
&#150;Special Purpose Entities </I>and parts of IAS 27 <I>Consolidated and Separate
Financial Statements</I>. </P>
<P align=justify>IFRS 12 <I>Disclosure of Interests in Other Entities
</I>establishes disclosure requirements for interests in other entities, such as
subsidiaries, joint arrangements, associates, and unconsolidated structured
entities. The standard carries forward existing disclosures and also introduces
significant additional disclosure that address the nature of, and risks
associated with, an entity&#146;s interests in other entities. </P>
<P align=justify>IFRS 13 <I>Fair Value Measurement </I>is a comprehensive
standard for fair value measurement and disclosure for use across all IFRS
standards. The new standard clarifies that fair value is the price that would be
received to sell an asset, or paid to transfer a liability in an orderly
transaction between market participants, at the measurement date. Under existing
IFRS, guidance on measuring and disclosing fair value is dispersed among the
specific standards requiring fair value measurements and does not always reflect
a clear measurement basis or consistent disclosures. Based on the current facts
and circumstances, the Company does not expect to be materially affected by the
application of this standard.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 16 - </TD>
  </TR>
</TABLE>
<br>
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<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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>DISCLOSURE CONTROLS AND PROCEDURES</B><BR>
</P>
<P align="justify">
Management is 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 information relating to the Company
is made known to management, particularly during the period in which the annual filings are being prepared and that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation.</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 as of December 31, 2012.  As a result of the material weakness identified during the assessment of
internal control over financial reporting, as described below, management has also concluded that its disclosure controls and procedures were not effective as at December 31, 2012.</P>
<P align="justify">
<B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</B></P>
<P align="justify">
Management is responsible for designing, establishing, and maintaining a system of internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with accounting principles generally accepted in Canada.</P>
<P align="justify">
The Company designed its system of internal control based on the Internal Control-Integrated Framework established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>
<P align="justify">
The Chief Executive Officer and the Chief Financial Officer assessed the design and the operating effectiveness of the Company&#146;s internal control over financial reporting as of December 31, 2012.</P>
<P align="justify">
Based on that assessment, management concluded that, as at December 31, 2012, 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&#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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 17 - </TD>
  </TR>
</TABLE>
<br>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>FINANCIAL INSTRUMENT RISK</B><BR></P>
<P align=justify>The Board of Directors has overall responsibility for the
establishment and oversight of the Company&#146;s risk management framework. The
Company has exposure to liquidity, credit, and currency risks from the use of
financial instruments. Financial instruments consist of cash and cash
equivalents, short-term investments, certain other assets, and accounts payable
and accrued liabilities.</P>
<P align=justify><B>Liquidity risk</B><BR></P>
<P align=justify>Liquidity risk is the risk that the Company will be unable to
meet its financial obligations as they come due. The Company uses cash forecasts
to help ensure that there is sufficient cash on hand to meet short-term business
requirements. Cash is invested in highly liquid investments which are available
to discharge obligations when they come due. The Company does not maintain a
line of credit. </P>
<P align=justify><B>Credit risk</B><BR></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. These financial instruments are at risk to the extent that the
institutions issuing or holding them cannot redeem amounts when they are due or
requested. 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 Canadian governments or
by Canadian chartered banks. The carrying amount of financial assets recorded in
the financial statements, net of any allowance for losses, represents Western&#146;s
maximum exposure to credit risk.</P>
<P align=justify><B>Currency risk</B><BR></P>
<P align=justify>Currency risk is the risk that the Company will lose
significant purchasing power to operate its business as a result of changes in
currency rates. The Company typically 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 aims to maintain funds in the
currency that matches that of the costs incurred. Historically, Western has not
held significant amounts denominated in currencies other than the Canadian
dollar.</P>
<P align=justify>In December 2012, the Company closed a significant royalty
transaction, the proceeds of which were denominated in US dollars. Western still
had significant financial instruments denominated in US dollars at December 31,
2012. As at December 31, 2012, a 1% change in the exchange rate between the
Canadian and US dollar would have resulted in an unrealized gain or loss of
approximately $319,000.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 18 - </TD>
  </TR>
</TABLE>
<br>
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<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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>FORWARD-LOOKING STATEMENTS</B><BR>
</P>
<P align="justify">
This Management&#146;s Discussion and Analysis contains certain forward-looking statements concerning anticipated developments in Western&#146;s operations in future periods. Statements that are not historical fact are forward-looking statements as
that term is defined in the United States Private Securities Litigation Reform Act of 1995 and forward looking information as that term is defined in National Instrument 51-102 (&#147;NI 51-102&#148;) of the Canadian Securities Administrators.
Certain forward looking information should also be considered future-oriented financial information (&#147;FOFI&#148;) as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management&#146;s
expectations regarding the anticipated results of operations and capital expenditures. Forward-looking statements and information (referred to herein together as &#147;forward-looking statements&#148;) 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;Casino Project&#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, exploration results at the Company&#146;s property; budgets; work programs;
timelines; strategic plans; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices
and foreign exchange rates, exploitation and exploration estimates and results, continued availability of capital and financing, and general economic, market or business conditions and as more specifically disclosed throughout this document.
Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of Western and its subsidiaries may differ materially from those reflected in the forward-looking statements due to a variety of risks,
uncertainties and other factors. </P>
<P align="justify">
Western&#146;s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western 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 &#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 the property and the issuance of required permits; the need to obtain additional financing to develop the property 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&#146;s Annual Information Form, Western&#146;s annual report on Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 19 - </TD>
  </TR>
</TABLE>
<br>
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<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>WESTERN COPPER AND GOLD CORPORATION </TD>
    <TD align=right width="50%">MANAGEMENT DISCUSSION AND ANALYSIS </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Formerly Western
      Copper Corporation) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="50%">Year
      ended December 31, 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars, unless otherwise indicated) </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>CAUTIONARY NOTE TO U.S. INVESTORS REGARDING RESOURCE AND RESERVE ESTIMATES</B></P>
<P align="justify">
The Company&#146;s management discussion and analysis has been prepared in accordance with the requirements of the securities laws in effect in Canada as of December 31, 2012, which differ in certain material respects from the disclosure
requirements of United States securities laws. The terms &#147;mineral reserve&#148;, &#147;proven mineral reserve&#148; and &#147;probable mineral reserve&#148; are Canadian mining terms as defined in accordance with Canadian National Instrument
43-101 Standards of Disclosure for Mineral Projects (&#147;NI 43-101&#148;) and the Canadian Institute of Mining, Metallurgy and Petroleum (the &#147;CIM&#148;) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as amended.  NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The definitions
of these terms differ from the definitions of such terms for purposes of the disclosure requirements of the Securities and Exchange Commission (the &#147;Commission&#148;) and contained in Industry Guide 7 of the Commission. Under Industry Guide 7
standards, a &#147;final&#148; or &#147;bankable&#148; feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental authority.</P>
<P align="justify">
In addition, the terms &#147;mineral resource&#148;, &#147;measured mineral resource&#148;, &#147;indicated mineral resource&#148; and &#147;inferred mineral resource&#148; are defined in NI 43-101 and required by NI 43-101 to be used for disclosure
of mineral resources. These terms, however, are not defined terms under Industry Guide 7 and are not permitted to be used in reports and registration statements of United States companies filed with the Commission. Investors are cautioned not to
assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. &#147;Inferred mineral resources&#148; have a great amount of uncertainty as to their existence, and great uncertainty as to their economic
and legal 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 form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of &#147;contained ounces&#148; in a resource is
permitted disclosure under Canadian regulations. In contrast, the Commission only permits U.S. companies to report mineralization that does not constitute &#147;reserves&#148; by Commission standards as in place tonnage and grade without reference
to unit measures.</P>
<P align="justify">
Accordingly, information contained and incorporated by reference into this management discussion and analysis that describes the Company&#146;s mineral deposits may not be comparable to similar information made public by issuers subject to the
Commission&#146;s reporting and disclosure requirements applicable to domestic United States issuers.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="50%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">- 20 - </TD>
  </TR>
</TABLE>
<br>
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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><br>
<IMG border=0 src="exhibit99-3x1x1.jpg"> <BR>
<P align=justify><B>Western Copper and Gold Corporation <BR></B>(Formerly
Western Copper Corporation) <BR>(An exploration stage company) </P>
<P align=justify><B>Consolidated Financial Statements <BR></B><B>For the years
ended December 31, 2012 and 2011 </B></P>
<P align=justify>(Expressed in Canadian dollars) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=justify><B>Management&#146;s Responsibility for Financial Reporting</B> </P>
<P align=justify>The accompanying consolidated financial statements of Western
Copper and Gold Corporation (the &#147;Company&#148;) have been prepared by management in
accordance with International Financial Reporting Standards and contain
estimates based on management&#146;s judgment.</P>
<P align=justify>Management maintains an appropriate system of internal control
to provide reasonable assurance that assets are safeguarded, transactions are
properly authorized and recorded, and proper records are maintained. Further
information on the Company&#146;s internal control over financial reporting and its
disclosure controls is available in management&#146;s report on internal control,
which follows.</P>
<P align=justify>The Audit Committee of the Board of Directors has met with the
Company&#146;s independent auditors to review the scope and results of the annual
audit and to review the consolidated financial statements and related financial
reporting matters prior to submitting the consolidated financial statements to
the Board of Directors for approval. </P>
<P align=justify>The Company&#146;s independent auditors, PricewaterhouseCoopers LLP,
have audited the Company&#146;s consolidated financial statements on behalf of the
shareholders and their report follows. </P>
<P align=justify>March 22, 2013 </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Dale
      Corman</I> </TD>
    <TD  width="15%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="42%" align=left><I>/s/
      Julien Fran&#231;ois</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="15%" >&nbsp;</TD>
    <TD width="42%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dale Corman </TD>
    <TD  width="15%" align=left >&nbsp;</TD>
    <TD width="42%" align=left>Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD  width="15%" align=left >&nbsp;</TD>
    <TD width="42%" align=left>Chief Financial Officer
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 2 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>Management&#146;s Report on Internal Control over Financial
Reporting</B> </P>
<P align=justify>The management of Western Copper and Gold Corporation (the
&#147;Company&#148;) is responsible for establishing and maintaining adequate internal
control over financial reporting. The Securities and Exchange Act of 1934, in
Rule 13a-15(f) and 15d-15(f) thereunder, defines this as a process designed by,
or under the supervision of, the Company&#146;s principal executive and principal
financial officers and effected by the Company&#146;s Board of Directors, management
and other personnel, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles, and
includes those policies and procedures that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Pertain to the maintenance of records that, in reasonable detail,
  accurately and fairly reflect the transactions and dispositions of the assets
  of the Company;
  <LI>Provide reasonable assurance that transactions are recorded as necessary
  to permit preparation of financial statements in accordance with generally
  accepted accounting principles, and that receipts and expenditures of the
  Company are being made only in accordance with authorizations of management
  and directors of Company; and
  <LI>Provide reasonable assurance regarding prevention or timely detection of
  unauthorized acquisitions, use or disposition of the Company&#146;s assets that may
  have a material effect on the consolidated financial statements. </LI></UL>
<P align=justify>Because of its inherent limitations, internal control over
financial reporting may not prevent or detect all misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to
risk that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
</P>
<P align=justify>Management assessed the effectiveness of the Company&#146;s internal
control over financial reporting as at December 31, 2012. In making this
assessment, the Company&#146;s management used the criteria established by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its
Internal Control-Integrated Framework. </P>
<P align=justify>During the year ended December 31, 2012, and to the date of
this report, there has been no change to internal controls that would have a
material effect on internal controls over financial reporting. </P>
<P align=justify>Based on our assessment, management has concluded that, as at
December 31, 2012, 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 and Gold
Corporation&#146;s development, the Company does not have sufficient size and scale
to warrant the hiring of additional staff to correct the material weakness at
this time.</P>
<P align=justify>March 22, 2013 </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Dale
      Corman</I> </TD>
    <TD  width="15%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="42%" align=left><I>/s/
      Julien Fran&#231;ois</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="15%" >&nbsp;</TD>
    <TD width="42%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dale Corman </TD>
    <TD  width="15%" align=left >&nbsp;</TD>
    <TD width="42%" align=left>Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD  width="15%" align=left >&nbsp;</TD>
    <TD width="42%" align=left>Chief Financial Officer
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 3 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A><IMG border=0
src="exhibit99-3x4x1.jpg"> <BR>
<P align=justify>March 22, 2013 </P>
<P align=justify><B>To the Shareholders of Western Copper and Gold
Corporation</B> </P>
<P align=justify>We have audited the accompanying consolidated financial
statements of Western Copper and Gold Corporation, which comprise the
consolidated balance sheets as at December 31, 2012 and December 31, 2011, the
consolidated statements of loss and comprehensive loss, cash flows and changes
in shareholders&#146; equity for the years then ended, and the related
notes, which comprise a summary of significant accounting policies and other
explanatory information. </P>
<P align=justify><B>Management&#146;s responsibility for the consolidated financial
statements</B> <BR>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error. </P>
<P align=justify><B>Auditor&#146;s responsibility</B> <BR>Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits. We conducted our audits in accordance with Canadian generally accepted
auditing standards. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free from material
misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor&#146;s judgment, including
the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity&#146;s
preparation and fair presentation of the consolidated financial statements in
order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
entity&#146;s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the
consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a basis for our audit opinion.
</P>
<P align=justify><B>Opinion</B> <BR>In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of
Western Copper and Gold Corporation as at December 31, 2012 and December 31,
2011 and its financial performance and its cash flows for the years then ended
in accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board. </P>
<P align=justify><B><I>(signed) PricewaterhouseCoopers LLP</I></B> </P>
<P align=justify><B>Chartered Accountants </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid"
      align=left><I>PricewaterhouseCoopers LLP</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>PricewaterhouseCoopers Place, 250 Howe Street, Suite
      700, Vancouver, British Columbia, Canada V6C 3S7</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>T: +1 604 806 7000, F: +1 604 806 7806,
      </I><I>www.pwc</I><I>.</I><I>com/ca</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#147;PwC&#148; refers to PricewaterhouseCoopers LLP, an Ontario
      limited liability partnership. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 4 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE>
<P align=justify><B>CONSOLIDATED BALANCE SHEETS</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right>December 31, 2012 </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right>December 31, 2011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>ASSETS</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><B>Note</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,517,542 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,363,136 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Short-term investments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>5 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,102,432 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>383,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>452,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>CURRENT ASSETS </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>33,900,580 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>9,917,857 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>27,349 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>82,057 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Exploration and evaluation assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>17,706,346 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>42,114,531 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>51,634,275</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>52,114,445</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>LIABILITIES</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accounts payable
      and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>1,623,669 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>1,192,197 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>CURRENT LIABILITIES </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,623,669 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,192,197 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LIABILITIES</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>1,623,669</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>1,192,197</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>SHAREHOLDERS&#146; EQUITY</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share capital </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>7 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>104,603,488 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>103,747,315 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Contributed surplus </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>31,494,020 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>29,348,559 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(86,086,902</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(82,173,626</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>SHAREHOLDERS&#146; EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>50,010,606</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>50,922,248</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LIABILITIES AND
      SHAREHOLDERS&#146; EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>51,634,275</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>52,114,445</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Commitments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>10 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Approved by the Board of Directors </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Robert J.
      Gayton</I> </TD>
    <TD width="25%" align=left>&nbsp;&nbsp;&nbsp;&nbsp; Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=left><I>/s/
      Robert Byford</I> </TD>
    <TD width="25%" align=left>&nbsp;&nbsp;&nbsp;&nbsp; Director
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="15%"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>The accompanying notes are an integral part of these
      financial statements </TD>
    <TD width="15%" align=right>- 5 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
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  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE>
<P align=justify><B>CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>For the year ended December 31, </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2012 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CORPORATE EXPENSES</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><B>Note</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Amortization </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,616 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Filing and regulatory fees </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>190,801 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>246,569 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Office and administration </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>211,776 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>247,690 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Professional fees </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>278,653 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>328,142 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Rent and utilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>106,155 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>181,374 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based payments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,979,337 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,374,832 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Shareholder communication and travel </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>372,492 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>356,465 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Wages and benefits
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>981,085 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>1,037,470 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LOSS BEFORE
      TAXES AND OTHER ITEMS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>4,120,299</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>3,777,158</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>OTHER ITEMS</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Exploration tax credit </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(145,789</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange loss (gain) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(34,202</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,180 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Interest income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(72,830</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(245,054</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss on distribution </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>4 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19,734,629 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Plan of arrangement costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>45,798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>681,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>LOSS BEFORE TAXES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>3,913,276</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>23,950,949</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(1,945,136</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>LOSS AND COMPREHENSIVE LOSS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>3,913,276</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>22,005,813</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Basic and diluted loss per share </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.04 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.24 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Weighted average number of common shares
      outstanding </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>93,398,131 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>92,505,747 </TD>
    <TD bgColor=#e6efff  width="2%"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="15%"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>The accompanying notes are an integral part of these
      financial statements </TD>
    <TD width="15%" align=right>- 6 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE>
<P align=justify><B>CONSOLIDATED STATEMENTS OF CASH FLOWS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>For the year ended December 31, </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2012 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash flows provided by (used in) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><B>Note</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>OPERATING ACTIVITIES</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss and comprehensive loss </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(3,913,276</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(22,005,813</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>ITEMS NOT AFFECTING CASH </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amortization </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,616 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Income
      tax expense (recovery) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>13 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,945,136</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share-based payments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,979,337 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,374,832 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Loss on
      distribution </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>4 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>19,734,629 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>ITEMS NOT AFFECTING CASH </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,979,337 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19,168,941 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Change in non-cash working capital items </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>573,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(138,352</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>OPERATING
      ACTIVITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>(1,360,791</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>(2,975,224</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>FINANCING ACTIVITIES</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net proceeds from royalty sale </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>6 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>31,406,744 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Issuance of common shares and warrants </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>7 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>400,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share issuance costs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>7 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(13,676</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(317,715</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Exercise of stock options </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>8 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>301,500 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,728,084 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Distribution
      pursuant to plan of arrangement </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>4
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(4,500,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>FINANCING ACTIVITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>32,094,568</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(2,089,631</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>INVESTING ACTIVITIES</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Redemption (purchase) of short-term
      investments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,100,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>13,900,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mineral property
      expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(6,679,371</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(9,102,707</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>INVESTING ACTIVITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>1,420,629</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>4,797,293</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>INCREASE
      (DECREASE) IN CASH AND CASH</B> <B>EQUIVALENTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>32,154,406</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>(267,562</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Cash and cash equivalents &#150; Beginning </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,363,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,630,698 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CASH AND CASH
      EQUIVALENTS - ENDING</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>33,517,542</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>1,363,136</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="15%"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>The accompanying notes are an integral part of these
      financial statements </TD>
    <TD width="15%" align=right>- 7 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE>
<P align=justify><B>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#146;
EQUITY</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Number of </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Share </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Contributed </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Deficit </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Shareholders&#146; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Shares </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Capital </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Surplus </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap>Equity </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$&nbsp;</TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$&nbsp;</TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$&nbsp;</TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>91,487,836</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>99,352,358</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>29,271,320</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>(34,359,602</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>94,264,076</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Fair value of distributed assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(25,808,211</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(25,808,211</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of stock options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,514,667 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,728,084 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,728,084 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Transfer of stock option value </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1,666,873 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,666,873</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based payments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,744,112 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,744,112 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Loss and comprehensive loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(22,005,813</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(22,005,813</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>93,002,503</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>103,747,315</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>29,348,559</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>(82,173,626</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>50,922,248</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Private placement </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>500,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>400,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>400,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp; Share issuance costs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(13,676</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(13,676</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Exercise of stock options </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>280,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>301,500 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>301,500 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Transfer of stock option value </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>168,349 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(168,349</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Share-based payments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,313,810 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,313,810 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Loss and
      comprehensive loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(3,913,276</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(3,913,276</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>DECEMBER 31,
      2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>93,782,503</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>104,603,488</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>31,494,020</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>(86,086,902</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>50,010,606</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="15%"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>The accompanying notes are an integral part of these
      financial statements </TD>
    <TD width="15%" align=right>- 8 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>NATURE OF OPERATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Western Copper and Gold Corporation (&#147;Western&#148; or the
      &#147;Company&#148;), formerly Western Copper Corporation, is an exploration stage
      company that is directly engaged in exploration and development of the
      Casino mineral property located in Yukon, Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company is incorporated in British Columbia, Canada.
      Its head office is located at Suite 2050, 1111 West Georgia Street,
      Vancouver, British Columbia.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company will have to raise additional funds to
      complete the development of its mineral property. While it has been
      successful in doing so in the past, there can be no assurance that it will
      be able to do so in the future.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>BASIS OF PRESENTATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD>
      <P align=justify><B>Summary of significant accounting
  policies</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These financial statements have been prepared in
      accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as
      issued by the International Accounting Standards Board (&#147;IASB&#148;) under the
      historical cost convention. The policies applied in these financial
      statements are based on IFRS in effect as at December 31, 2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These financial statements were approved for issue by the
      Company&#146;s board of directors on March 22, 2013.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD>
      <P align=justify><B>Accounting estimates</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The preparation of financial statements in conformity
      with IFRS requires management to make judgments, estimates, and
      assumptions that affect the application of policies and reported amounts
      of assets and liabilities and disclosures of contingent assets and
      contingent liabilities at the date of the financial statements and the
      reported amounts of revenues and expenses during the reporting
    period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Actual results could differ from those estimates.
      Significant accounts that require estimates as the basis for determining
      the stated amounts include exploration and evaluation assets, share-based
      payments, the fair value of assets distributed pursuant to the plan of
      arrangement, and income and mining taxes. Differences may be
    material.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The recoverability of the amounts shown for exploration
      and evaluation assets is dependent upon the existence of economically
      recoverable reserves and the Company&#146;s ability to secure and maintain
      title and beneficial interest in the properties, to obtain the necessary
      financing to continue the exploration and future development of the
      properties, or to realize the carrying amount through a sale or partial
      disposal.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 9 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD colSpan=3>
      <P align=justify><B>ACCOUNTING POLICIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Summary of significant accounting
  policies</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company&#146;s principal accounting policies are outlined
      below:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Basis of consolidation</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These consolidated financial statements incorporate the
      financial statements of the Company and the entities controlled by the
      Company. Control exists when the Company has the power, directly or
      indirectly, to govern the financial and operating policies of an entity so
      as to obtain benefits from its activities. The financial statements of
      subsidiaries are included in the consolidated financial statements from
      the date that control commences until the date that control ceases. All
      significant intercompany transactions and balances have been
      eliminated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Presentation currency</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s presentation currency is the Canadian
      dollar (&#147;$&#148;). The functional currency of Western and its significant
      subsidiaries is the Canadian dollar.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Foreign currency translation</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In preparing the financial statements of the individual
      entities, transactions in currencies other than the entity&#146;s functional
      currency (&#147;foreign currencies&#148;) are recorded at the rates of exchange
      prevailing at the dates of the transactions. At each balance sheet date,
      monetary assets and liabilities are translated using the period end
      foreign exchange rate. Non-monetary assets and liabilities are translated
      using the historical rate on the date of the transaction. All gains and
      losses on translation of these foreign currency transactions are included
      in the statement of loss.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Share-based payments</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company grants stock options to buy common shares of
      the Company to directors, officers, employees and service providers. The
      fair value of stock options granted by the Company is treated as
      compensation costs in accordance with IFRS 2 - <I>Share-based
      Payments</I>. The fair value of such awards is calculated using the
      Black-Scholes option pricing model. These costs are charged to the
      statement of loss or, if appropriate, are capitalized to exploration and
      evaluation assets over the stock option vesting period with an offsetting
      entry to contributed surplus. The Company&#146;s allocation of share-based
      payments is consistent with its treatment of other types of compensation
      for each recipient.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If the stock options are exercised, the value
      attributable to the stock options is transferred to share
  capital.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Income taxes</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Income tax expense consists of current and deferred tax
      expense. Income tax expense is recognized in the statement of
  loss.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 10 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_11></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Current tax expense is the expected tax payable on the
      taxable income for the period, using tax rates enacted or substantively
      enacted at year end, adjusted for amendments to tax payable with regards
      to the previous year.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Deferred taxes are recorded using the liability method.
      Under the liability method, deferred tax assets and liabilities are
      recognized for future tax consequences attributable to differences between
      the financial statement carrying amounts of existing assets and
      liabilities and their respective tax bases (i.e. timing differences).
      Deferred tax assets and liabilities are measured using the enacted or
      substantively enacted tax rates expected to apply when the asset is
      realized or the liability settled.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The effect on deferred tax assets and liabilities of a
      change in tax rates is recognized in income in the period that the
      substantive enactment occurs.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>A deferred tax asset is recognized to the extent that it
      is probable that future taxable profits will be available against which
      the asset can be utilized.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Deferred tax assets and liabilities are offset when there
      is a legally enforceable right to offset current tax assets against
      current tax liabilities and when they relate to income taxes levied by the
      same taxation authority on either the same taxable entity or different
      entities that intend to settle their current tax assets and liabilities on
      a net basis or to realize the assets and settle the liabilities
      simultaneously, in each future period in which significant amounts of
      deferred tax liabilities or assets are expected to be settled or
      recovered.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD colSpan=2>
      <P align=justify>Loss per share</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Basic loss per share is computed by dividing the net loss
      available to common shareholders by the weighted average number of shares
      outstanding during the reporting period. Diluted loss per share is
      computed similar to basic loss per share except that the weighted average
      shares outstanding are increased to include additional shares for the
      assumed exercise of all stock options and warrants, if dilutive.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD colSpan=2>
      <P align=justify>Long-lived assets</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Exploration and evaluation assets</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Direct costs related to the acquisition and exploration
      of mineral properties held or controlled by the Company are capitalized on
      an individual property basis until the property is put into production,
      sold, abandoned, or determined to be impaired. Administration costs and
      general exploration costs are expensed as incurred. When a property is
      placed into commercial production, deferred costs will be depleted using
      the units-of-production method.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company classifies its mineral properties as
      exploration and evaluation assets until technical feasibility and
      commercial viability of extracting a mineral resource are demonstrable. At
      this point, the exploration and evaluation assets are transferred to
      property and equipment.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 11 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Proceeds received from royalties or tax credits, or as
      part of government assistance programs are recognized as a reduction in
      the carrying value of the related asset when the money is more likely than
      not to be 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 more likely than not to be
  received.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <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></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Property and equipment</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Property and equipment are depreciated using the
      straight-line method based on their estimated useful lives, which range
      from three to five years.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Where an item of plant and equipment comprises major
      components with different useful lives, the components are accounted for
      as separate items of plant and equipment.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The depreciation method, useful life and residual values
      of property and equipment are assessed annually.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Impairment</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s assets are reviewed for indication of
      impairment at each balance sheet date. If indication of impairment exists,
      the asset&#146;s recoverable amount is estimated.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>An impairment loss is recognized when the carrying amount
      of an asset, or its cash-generating unit, exceeds its recoverable amount.
      The recoverable amount is the greater of the asset&#146;s fair value less costs
      to sell and value in use. In assessing value in use, the estimated future
      cash flows are discounted to their present value using a pre-tax discount
      rate that reflects current market assessments of the time value of money
      and the risks specific to the asset. For an asset that does not generate
      largely independent cash inflows, the recoverable amount is determined for
      the cash-generating unit.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A cash-generating unit is the smallest identifiable group
      of assets that generates cash inflows that are largely independent of the
      cash inflows from other assets or groups of assets.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Impairment losses are recognized on the statement of
      loss.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Reversal of impairment</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>An impairment loss is reversed if there is an indication
      that there has been a change in the estimates used to determine the
      recoverable amount. An impairment loss is reversed only to the extent that
      the asset&#146;s carrying amount does not exceed the carrying amount that would
      have been determined, net of amortization, if no impairment loss had been
      recognized.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 12 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_13></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD colSpan=2>
      <P align=justify>Cash and cash equivalents</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Cash and cash equivalents consist of cash on hand,
      deposits in banks and highly liquid investments with an original maturity
      of three months or less.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD colSpan=2>
      <P align=justify>Short-term investments</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Short-term investments are investments which are
      transitional or current in nature, with an original maturity date greater
      than three months, but no more than one year from the date of
      acquisition.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD colSpan=2>
      <P align=justify>Flow-through common shares</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The issuance of flow-through common shares of the Company
      results in the tax deductibility of the qualifying resource expenditures
      funded from the proceeds of the sale of such shares being transferred to
      the purchasers of the shares. Under IFRS, on issuance of such shares, the
      Company bifurcates the flow-through shares into: a flow-through share
      premium, equal to the estimated premium investors pay for the flow-through
      feature, which is recognized as a liability, and share capital. As the
      related exploration expenditures are incurred, the Company derecognizes
      the liability and recognizes a related income tax recovery.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Proceeds received from the issuance of flow-through
      shares are restricted to be used only for Canadian resource property
      exploration expenditures within a two -year period.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(xi) </TD>
    <TD colSpan=2>
      <P align=justify>Distribution of non-cash assets to
shareholders</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Any gain or loss on the distribution of non-cash assets
      to shareholders is determined as the difference between the fair value of
      the proceeds and the carrying value of the distributed assets on the date
      of the transaction. The gain or loss is recognized in the statement of
      loss. The fair value of the proceeds is also charged directly to
      deficit.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(xii) </TD>
    <TD colSpan=2>
      <P align=justify>Financial instruments</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Loans and receivables</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Trade receivables, loans, and other receivables that have
      fixed or determinable payments that are not quoted in an active market are
      classified as loans and receivables.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Loans and receivables are initially recognized at the
      transaction value and subsequently carried at amortized cost less
      impairment losses using the effective interest rate method. Interest
      income is recognized by applying the effective interest rate.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has classified cash and cash equivalents,
      short-term investments, and other assets as &#147;Loans and
  receivables&#148;.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 13 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_14></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Other financial liabilities</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Other financial liabilities are initially measured at
      fair value, net of transaction costs, and are subsequently measured at
      amortized cost using the effective interest rate method.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has classified accounts payable and accrued
      liabilities as other financial liabilities.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(xiii) </TD>
    <TD colSpan=2>
      <P align=justify>Provisions</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Provisions are recorded when a present legal or
      constructive obligation exists as a result of past events where it is
      probable that an outflow of resources embodying economic benefits will be
      required to settle the obligation, and a reliable estimate of the amount
      of the obligation can be made.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The amount recognized as a provision is the best estimate
      of the consideration required to settle the present obligation at the
      balance sheet date, taking into account the risks and uncertainties
      surrounding the obligation. Where a provision is measured using the cash
      flows estimated to settle the present obligation, its carrying amount is
      the present value of those cash flows.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Recent accounting pronouncements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Unless otherwise stated, the following revised standards
      and amendments are effective for annual periods beginning on or after
      January 1, 2013. The Company does not expect these standards and
      amendments to have a significant impact on its financial
  statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>IFRS 9 <I>Financial Instruments </I>was issued in
      November 2009 and addresses classification and measurement of financial
      assets. It replaces the multiple category and measurement models in IAS 39
      for debt instruments with a new mixed measurement model having only two
      categories: amortized cost and fair value through the consolidated
      comprehensive income (loss). IFRS 9 also replaces the models for measuring
      equity instruments. Such instruments are either recognized at fair value
      through the consolidated comprehensive income (loss) or at fair value
      through other comprehensive income. Where equity instruments are measured
      at fair value through other comprehensive income, dividends are recognized
      in the consolidated comprehensive income (loss) to the extent that they do
      not clearly represent a return of investment; however, other gains and
      losses (including impairments) associated with such instruments remain in
      accumulated comprehensive income indefinitely. Requirements for financial
      liabilities were added to IFRS 9 in October 2010 and they largely carried
      forward existing requirements in IAS 39 <I>Financial Instruments&#150;
      Recognition and Measurement</I>, except that fair value changes due to
      credit risk for liabilities designated at fair value through profit and
      loss are generally recorded in other comprehensive
  income.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 14 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_15></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>IFRS 10 <I>Consolidated Financial Statements </I>requires
      an entity to consolidate an investee when it has power over the investee,
      is exposed, or has rights, to variable returns from its involvement with
      the investee and has the ability to affect those returns through its power
      over the investee. Under existing IFRS, consolidation is required when an
      entity has the power to govern the financial and operating policies of an
      entity so as to obtain benefits from its activities. IFRS 10 replaces
      SIC-12 <I>Consolidation &#150; Special Purpose Entities </I>and parts of IAS 27
      <I>Consolidated and Separate Financial Statements</I>.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>IFRS 12 <I>Disclosure of Interests in Other Entities
      </I>establishes disclosure requirements for interests in other entities,
      such as subsidiaries, joint arrangements, associates, and unconsolidated
      structured entities. The standard carries forward existing disclosures and
      also introduces significant additional disclosure that address the nature
      of, and risks associated with, an entity&#146;s interests in other
    entities.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>IFRS 13 <I>Fair Value Measurement </I>is a comprehensive
      standard for fair value measurement and disclosure for use across all IFRS
      standards. The new standard clarifies that fair value is the price that
      would be received to sell an asset, or paid to transfer a liability in an
      orderly transaction between market participants, at the measurement date.
      Under existing IFRS, guidance on measuring and disclosing fair value is
      dispersed among the specific standards requiring fair value measurements
      and does not always reflect a clear measurement basis or consistent
      disclosures. Based on the current facts and circumstances, the Company
      does not expect to be materially affected by the application of this
      standard.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>PLAN OF ARRANGEMENT</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On October 17, 2011, Western Copper
Corp. (&#147;Western Copper&#148;) completed a plan of arrangement (the &#147;Arrangement&#148;)
involving Western Copper and two of its subsidiaries formed on August 3, 2011
for the purposes of the Arrangement: Copper North Mining Corp. (&#147;Copper North&#148;),
and NorthIsle Copper and Gold Inc. (&#147;NorthIsle&#148;). Pursuant to the Arrangement,
Western Copper transferred the Carmacks Copper Project, the Redstone Project,
and $2 million in cash to Copper North and the Island Copper property and $2.5
million in cash to NorthIsle in consideration for common shares of each
respective company. Western Copper then changed its name to Western Copper and
Gold Corp. (&#147;Western&#148;) and distributed the common shares of Copper North and
NorthIsle to Western&#146;s shareholders. </P>
<P style="MARGIN-LEFT: 5%" align=justify>For each common share of Western Copper
held as at the effective date of the Arrangement, each shareholder of Western
Copper received one common share of Western, 0.5 of a common share of Copper
North, and 0.5 of a common share of NorthIsle. Upon closing of the Arrangement,
Copper North and NorthIsle were owned exclusively by existing Western Copper
shareholders.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Each Western Copper stock option
outstanding on the effective date (&#147;Old Option&#148;) was exchanged for one Western
stock option (&#147;New Option&#148;), 0.5 of a NorthIsle stock option, and 0.5 of a
Copper North stock option. The exercise price of a New Option equalled that of
an Old Option less the exercise price allocated to the Copper North and
NorthIsle stock options. Other than the exercise price, the terms of the New
Options remained the same as the Old Options. The stock options granted by
Copper North and NorthIsle as part of the Arrangement vested immediately. The
expiry dates of these stock options remained the same as the Old Options unless
the stock option holder did not continue to participate in the respective
company; in which case the stock options were to expire on October 17, 2012.
</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 15 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_16></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the distributed
shares was determined by multiplying the amount of common shares distributed by
the closing price of those common shares on October 24, 2011, the first day that
NorthIsle and Copper North traded on the TSX Venture Stock Exchange. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following is a summary of the fair
value, carrying value, and resulting loss attributed to the Arrangement. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Copper North</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>NorthIsle</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Total</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Number of common shares distributed </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>46,501,281 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>46,501,281 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Closing price on
      October 24, 2011 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.335
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.22
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Fair value of
      common share distribution</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>15,577,929</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>10,230,282</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>25,808,211</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Distributed assets: </TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Carmacks </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>17,143,325 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>17,143,325 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Redstone </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,346,398 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,346,398 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Island Copper </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>14,553,117 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>14,553,117 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>2,000,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>2,500,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>4,500,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Carrying value
      of distributed assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>28,489,723</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>17,053,117</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>45,542,840</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>LOSS ON
      DISTRIBUTION</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>12,911,794</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>6,822,835</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>19,734,629</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>SHORT-TERM INVESTMENTS</B></P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="90%">

  <TR vAlign=top>
    <TD align=left>As at December 31, </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Guaranteed Investment Certificates </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>8,100,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accrued interest
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>2,432
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>8,102,432</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 16 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>6.</B> </TD>
    <TD width="95%" align=left><B>EXPLORATION AND EVALUATION ASSETS</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="41%" colSpan=10 noWrap
    align=center>Canada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="19%" colSpan=4 noWrap align=center>Yukon </TD>
    <TD width="2%" noWrap align=center>&nbsp;</TD>
    <TD width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="8%" noWrap align=center>British </TD>
    <TD width="2%" noWrap align=center>&nbsp;</TD>
    <TD width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="8%" noWrap align=center>Northwest </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=4 noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=center>Columbia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=center>Territories </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right>Casino </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right>Carmacks </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right>Island Copper </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right>Redstone </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right>TOTAL </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right>$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right>$&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="2%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right>$&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="2%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right>$&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="2%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right>$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>33,796,624</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>16,892,724</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>13,626,006</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>9,087,267</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>73,402,621</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Claims maintenance </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>4,509 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,045 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>5,219 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,110 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>14,883 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Engineering studies </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,651,970 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>374,880 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,026,850 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Exploration &amp; camp support </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1,744,774 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>14,905 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>299,201 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>243,882 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,302,762 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Permitting </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,433,440 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>260,797 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>87,740 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,781,977 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Reclamation obligation </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(80,300</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(80,300</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Salary &amp; wages </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>209,526 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>28,409 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>96,363 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,000 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>339,298 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Share-based payments </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>273,688 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>23,745 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>63,708 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>8,139 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>369,280 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Distributed to
      shareholders </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(17,143,325</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(14,553,117</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(9,346,398</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(41,042,840</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>DECEMBER 31,
      2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>42,114,531</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>42,114,531</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Claims maintenance </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>20,982 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>20,982 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Engineering studies </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,338,695 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,338,695 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Exploration &amp; camp support </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>524,514 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>524,514 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Permitting </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,507,395 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,507,395 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Royalty proceeds, net </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(31,406,744</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(31,406,744</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Salary &amp; wages </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>272,500 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>272,500 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Share-based
      payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>334,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>334,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>DECEMBER 31,
      2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>17,706,346</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>17,706,346</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Casino (100% - Yukon, Canada)
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Casino porphyry
copper-gold-molybdenum deposit is located in Yukon, Canada.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On December 21, 2012, Western completed
a royalty sale with 8248567 Canada Limited (the &#147;Purchaser&#148;), an arms&#146; length
party, whereby the Purchaser cancelled the 5% net profits interest royalty on
all claims comprising the Casino Project, other than the Casino B claims, and
paid Western US$32 million in exchange for a 2.75% net smelter returns royalty
(the &#147;NSR Royalty&#148;) on the future sale of any metals and minerals derived from
the Casino Project, other than the Casino B claims. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Should Western maintain title to any
Casino B claims after the period covered by the existing option agreement or
reacquire the Casino B claims in any way, the 5% Net Profits Royalty in favour
of 8248567 Canada Limited will be suspended and the NSR Royalty will apply to
such claims. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Western has the option to repurchase
0.75% of the NSR Royalty (resulting in a 2.00% remaining NSR Royalty) for the
following amount: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="MARGIN-LEFT: 5%">US$39 million if the amount is paid on or prior to
  December 31, 2013; or </P>
  <LI>
  <P style="MARGIN-LEFT: 5%">US$59 million if the amount is paid after December
  31, 2013, but on or before December 31, 2017. </P></LI></UL>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 17 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The gross proceeds of US$32 million
($31,788,800) were recorded as a reduction in the carrying value of the Casino
Project. Associated transaction costs ($382,056) were recorded as an offsetting
increase to the carrying value. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As part of a separate agreement,
Western is required to make a payment of $1 million upon making a production
decision on the Casino Project. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SHARE CAPITAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD>
      <P align=justify><B>Authorized share capital</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Unlimited common shares without par value</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Unlimited number of preferred shares without par
    value</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD>
      <P align=justify><B>Financing</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On October 4, 2012, Western completed a non-brokered
      private placement whereby the Company issued 500,000 flow-through common
      shares at a price of $0.80 per common share.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B>8.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>WARRANTS AND STOCK OPTIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A summary of the Company&#146;s warrants outstanding and the
      changes for the years then ended, is presented
below:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Number of</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Weighted average</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Warrants</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>exercise price</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap
      align=right>$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>6,933,750</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>3.17</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(86,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>2.50
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>6,847,750</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>3.18</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(6,847,750</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>3.18
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD>
      <P align=justify><B>Stock options</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Based on the stock option plan approved by the Company&#146;s
      shareholders at the annual general meeting held on June 21, 2012, the
      Company may issue stock options for the purchase of up to 10% of issued
      capital. The exercise price of the stock options must be greater than, or
      equal to, the market value of the Company&#146;s common shares on the last
      trading day immediately preceding the date of grant. Stock options vest
      over a two year period from the date of grant unless otherwise determined
      by the directors. The maximum stock option term is 10 years. At December
      31, 2012, the Company could issue an additional 4,104,583 stock options
      under the terms of the plan.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 18 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>A summary of the Company&#146;s stock
options outstanding and the changes for the years then ended, is presented
below: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Number of</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Weighted average</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Stock options</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>exercise price</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap
      align=right>$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>DECEMBER 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>4,203,334</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>1.41</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&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 bgColor=#e6efff align=left>Granted </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,675,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>3.11 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercised </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,514,667</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1.80 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Expired </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(16,666</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>0.97 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Forfeited </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(33,334</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>0.89 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Cancelled on modification </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(4,313,667</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1.94 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Granted on
      modification </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>4,313,667 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>1.77
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>DECEMBER 31,
      2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>4,313,667</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>1.77</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Granted </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,660,000 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>0.80 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Exercised </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(280,000</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1.08 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(420,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>1.72
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>DECEMBER 31,
      2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>5,273,667</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>1.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>Stock options outstanding are as
follows: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><B>Stock options outstanding,</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Number of</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Weighted average</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Average</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>by exercise price</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Stock options</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>exercise price</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>remaining</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>contractual life</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>years </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>$0.55 - 0.84 </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,853,667 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.76 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.51 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>$1.14 </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>445,000 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1.14 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.48 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>$1.50 &#150; 1.85 </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>300,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1.70 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2.29 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>$2.84 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>1,675,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>2.84
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>3.54
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>DECEMBER 31,
      2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>5,273,667</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>1.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>3.19</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Of the total stock options
outstanding, 2,496,994 were vested and exercisable at December 31, 2012. The
weighted average exercise price of vested stock options is $1.38 and the average
remaining contractual life is 2.15 years.<B> </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>SHARE-BASED PAYMENTS</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Pursuant to the Arrangement described
in note 4, the Company modified the exercise price of all stock options
outstanding as at October 17, 2011. All other terms remain the same.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The incremental fair value associated
with the stock option modification was determined using the Black-Scholes option
pricing model. The incremental value is the difference between the fair value of
the stock options on October 17, 2011 at the original exercise price and the
fair value of the stock options on October 17, 2011 at the new exercise
price.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 19 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars) </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The incremental fair value of $187,923
will be amortized over the vesting period of each stock option. $133,293 was
recognized on the transaction date. The remaining $54,630 in incremental fair
value will be recognized over the remaining vesting period of each stock option
along with the fair value assigned at the time of the original grant. The
Company&#146;s allocation of the incremental fair value is consistent with its
treatment of other types of compensation for each recipient.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following range of assumptions was
used to calculate the incremental fair value of the modified stock options: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="70%">

  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Market price per common share </TD>
    <TD bgColor=#e6efff width="50%" align=center>$2.33 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected option term (years) </TD>
    <TD width="50%" align=center>0.24 - 4.91 </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Expected stock price volatility </TD>
    <TD bgColor=#e6efff width="50%" align=center>81 - 101% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Average risk-free interest rate </TD>
    <TD width="50%" align=center>1.0 &#150; 1.5% </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Expected dividend yield </TD>
    <TD bgColor=#e6efff width="50%" align=center>- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected forfeiture rate </TD>
    <TD width="50%" align=center>- </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The following is a summary of stock
options granted by the Company in 2012 and 2011 and the fair value assigned to
each grant. The fair value was calculated at the time of grant using the
Black-Scholes option pricing model and the following inputs and assumptions:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap>September 10, </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>July 12, </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>September 14, </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>July 6, </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Inputs and
      assumptions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Stock options granted </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>50,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,610,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>200,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,475,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Exercise price </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>0.84 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>0.80 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>3.11 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>3.11 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Market price </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>0.84 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>0.72 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>2.94 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>3.11 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Expected option term (years) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.0 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.0 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.05 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.02 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Expected stock price volatility </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>73.5% </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>76.5% </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>109% </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>114% </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Average risk-free interest rate </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1.25% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1.01% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1.10% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1.82% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Expected forfeiture rate </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Expected dividend yield </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>FAIR VALUE ASSIGNED</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>20,390</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>548,442</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>386,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>3,141,750</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>COMMITMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has an agreement to lease its head office
      space until May 31, 2016. The total amount of payments remaining during
      the course of the agreement as at December 31, 2012 is $1,122,000. Of this
      amount, $317,000 is due within the next twelve months.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company is required to use the proceeds received from
      the royalty sale for furthering the development of the Casino Project and
      for general working capital purposes; provided that the general working
      capital purposes of Western do not include the acquisition and development
      of any mineral properties unrelated to the Casino Project.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Other commitments related to exploration and evaluation
      assets are described in note 6.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 20 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_21></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company must spend approximately $190,000 on
      qualifying Canadian exploration expenditures by December 31, 2013.
      Otherwise, Western 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 2013 by December 31, 2013 and the amount that the
      investors actually realized.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>11.</B> </TD>
    <TD>
      <P align=justify><B>RELATED PARTY TRANSACTIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company had related party transactions with Ravenwolf
      Resource Group Ltd. (&#147;Ravenwolf&#148;), a private company owned equally by
      Western, NorthIsle, and Copper North. Ravenwolf provides administration,
      accounting and other office services to its owners on a cost-recovery
      basis. The related party transactions incurred during the year were in the
      normal course of operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Amounts charged by Ravenwolf were categorized as
      follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="90%">

  <TR vAlign=top>
    <TD align=left>For the year ended December 31, </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Filing and regulatory fees </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,655 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office and administration </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>119,655 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>13,657 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Rent and utilities </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>106,154 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>22,419 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Shareholder communication and travel </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>26,842 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>19,457 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Wages and benefits </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>914,257 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>135,929 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other assets </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,241 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Exploration and evaluation assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>273,239 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>59,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>1,446,043</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>250,924</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2012, the Company&#146;s
accounts payable includes $12,600 due to Ravenwolf for corporate and
administrative costs. This amount is non-interest bearing, unsecured and payable
on demand. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s related parties also
include its directors and officers. The remuneration of directors and officers
during the period was as follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="90%">

  <TR vAlign=top>
    <TD align=left>For the year ended December 31, </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Salaries and director fees </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>905,013 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>896,259 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Share-based
      payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>1,588,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>1,238,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2,493,793</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2,135,230</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Share-based payments represent the fair
value of stock options previously granted to directors and officers that was
recognized during the periods presented above.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 21 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_22></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>12.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SEGMENTED INFORMATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD>
      <P align=justify><B>Operating segment</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s operations are primarily directed towards
      the acquisition, exploration, and future development of resource
      properties in Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD>
      <P align=justify><B>Geographic information</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>All interest income is earned in Canada and all assets
      are held in Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B>13.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>INCOME TAXES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD>
      <P align=justify><B>Rate reconciliation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The income tax expense or recovery reported by the
      Company differs from the amounts obtained by applying statutory rates to
      the loss before income tax. A reconciliation of the income tax provision
      computed at statutory rates to the reported income tax provision is
      provided below:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left>For the year ended December 31, </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&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 bgColor=#e6efff align=left>Statutory tax rate </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>25% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>26.5% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&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 bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="12%" align=right>$&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="12%" align=right>$&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss before taxes </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>3,913,276 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>23,950,949 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Income tax recovery calculated at statutory rate </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>978,319 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>6,347,001 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-deductible expenditures </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(523,159</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(5,807,993</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Amounts expensed for tax purposes only </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>220,064 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>131,298 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Difference in current tax rate in other jurisdictions </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,116 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,387 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Effect of future changes in tax rates </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(37,941</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Recognized
      (unrecognized) tax benefit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(677,340</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>1,311,384 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>INCOME TAX
      RECOVERY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>1,945,136</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD>
      <P align=justify><B>Unrecognized deferred income tax asset</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Future potential tax deductions that are not used to
      offset deferred income tax liabilities are considered to be unrecognized
      deferred income tax assets. The significant components of the Company&#146;s
      unrecognized deferred income tax asset are as
follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left>As at December 31, </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Mineral property interests </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,316,470 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,376,346 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-capital losses </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>845,715 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>148,046 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Property and equipment </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>291,210 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>141,630 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other items </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>347,994 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>332,843 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>UNRECOGNIZED
      DEFERRED INCOME TAX ASSET</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>3,801,389</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2,998,865</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 22 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_23></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company estimates that the realization of income tax
      benefits related to these deferred income tax assets is uncertain and
      cannot be considered to be more likely than not. Accordingly, no deferred
      income tax asset has been recorded.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%"><B>c.</B> </TD>
    <TD>
      <P align=justify><B>Non-capital losses</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has incurred non-capital losses that may be
      carried forward and used to reduce taxable income of future years. These
      losses will expire as follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left>Expiry Date </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right>$&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>2032 </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,700,898 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>2031 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>672,122 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>590,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>NON-CAPITAL
      LOSSES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>3,373,020</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>590,812</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has approximately $14.5
million in Canadian exploration and development expenditures, and has cumulative
eligible capital and undepreciated capital cost balances totalling $1.2 million.
These amounts are available to reduce future taxable income and do not expire.
</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD>
      <P align=justify><B>CAPITAL MANAGEMENT</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Western is a mineral exploration
company with a primary focus of advancing its Casino Project towards production.
Its principal source of funds is the issuance of common shares. The Company
considers capital to be equity attributable to common shareholders, comprised of
share capital, contributed surplus, and deficit. It is the Company&#146;s objective
to safeguard its ability to continue as a going concern so that it can continue
to explore and develop its projects.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Western manages its capital structure
based on the funds available for its operations and makes adjustments for
changes in economic conditions, capital markets and the risk characteristics of
the underlying assets. To maintain its objectives, the Company may attempt to
issue new shares, seek debt financing, acquire or dispose of assets or change
the timing of its planned exploration and development projects. There is no
assurance that these initiatives will be successful.</P>
<P style="MARGIN-LEFT: 5%" align=justify>To facilitate the management of its
capital, Western prepares annual expenditure budgets and updates them as
necessary, depending on various factors, many of which are beyond the Company&#146;s
control. The Board of Directors approves all annual budgets and subsequent
updates.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company monitors its cash position
and its short-term investments on a regular basis to determine whether
sufficient funds are available to meet its short-term and long-term corporate
objectives. The Company also seeks to provide liquidity and limit credit risk by
acquiring investments that are guaranteed by Canadian governments or by a
Canadian chartered bank and that are redeemable in portion or in full at the
Company&#146;s option without penalty.</P>
<P style="MARGIN-LEFT: 5%" align=justify>There was no change in the Company&#146;s
approach to capital management during the year. Western has no debt and does not
pay dividends.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 23 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_24></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left><B>Western Copper and Gold Corporation </B>(formerly
      Western Copper Corporation) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2012 and 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian dollars)
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>15.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FINANCIAL INSTRUMENT RISK</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Board of Directors has overall responsibility for the
      establishment and oversight of the Company&#146;s risk management framework.
      The Company has exposure to liquidity, credit, and currency risks from the
      use of financial instruments. Financial instruments consist of cash and
      cash equivalents, short-term investments, certain other assets, and
      accounts payable and accrued liabilities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>a.</B> </TD>
    <TD>
      <P align=justify><B>Liquidity risk</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Liquidity risk is the risk that the Company will be
      unable to meet its financial obligations as they come due. The Company
      uses cash forecasts to ensure as far as possible that there is sufficient
      cash on hand to meet short-term business requirements. Cash is invested in
      highly liquid investments which are available to discharge obligations
      when they come due. The Company does not maintain a line of
  credit.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>b.</B> </TD>
    <TD>
      <P align=justify><B>Credit risk</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial instruments that potentially subject the
      Company to credit risk consist primarily of cash and cash equivalents and
      short-term investments. These financial instruments are at risk to the
      extent that the institutions issuing or holding them cannot redeem amounts
      when they are due or requested. 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 Canadian governments or by Canadian chartered banks. The
      carrying amount of financial assets recorded in the financial statements,
      net of any allowance for losses, represents Western&#146;s maximum exposure to
      credit risk.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>c.</B> </TD>
    <TD>
      <P align=justify><B>Currency risk</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Currency risk is the risk that the Company will lose
      significant purchasing power to operate its business as a result of
      changes in currency rates. The Company typically 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 aims
      to maintain funds in the currency that matches that of the costs incurred.
      Historically, Western has not held significant amounts denominated in
      currencies other than the Canadian dollar.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In December 2012, the Company closed a significant
      royalty transaction, the proceeds of which were denominated in US dollars.
      Western still had significant financial instruments denominated in US
      dollars at December 31, 2012. As at December 31, 2012, a 1% change in the
      exchange rate between the Canadian and US dollar would have resulted in an
      unrealized gain or loss of approximately
$319,000.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid"
    align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>- 24 - </TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.4</B></P>
<P align=center><B>CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a),
PURSUANT <BR>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P align=justify>I, Dale Corman, certify that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>I have reviewed this annual report on Form 40-F of
      Western Copper and Gold Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Based on my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The issuer&#146;s other certifying officer(s) and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the issuer and
have:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the issuer,
      including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Designed such internal control over financial reporting,
      or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial
      statements for external purposes in accordance with generally accepted
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Evaluated the effectiveness of the issuer&#146;s disclosure
      controls and procedures and presented in this report our conclusions about
      the effectiveness of the disclosure controls and procedures, as of the end
      of the period covered by this report based on such evaluation;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>Disclosed in this report any change in the issuer&#146;s
      internal control over financial reporting that occurred during the period
      covered by the annual report that has materially affected, or is
      reasonably likely to materially affect, the issuer&#146;s internal control over
      financial reporting; and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The issuer&#146;s other certifying officer(s) and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the issuer&#146;s auditors and the audit committee of
      the issuer&#146;s board of directors (or persons performing the equivalent
      functions):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>All significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the issuer&#146;s ability to record,
      process, summarize and report financial information; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Any fraud, whether or not material, that involves
      management or other employees who have a significant role in the issuer&#146;s
      internal control over financial reporting.</P></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  >Date: March 22, 2013 </TD>
    <TD align=left width="5%" ></TD>
    <TD align=left width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="48%"
    colSpan=2>/s/ Dale Corman </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="43%">Dale Corman </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="43%">Chief Executive Officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.5</B></P>
<P align=center><B>CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a),
PURSUANT</B><BR><B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P align=justify>I, Julien Fran&#231;ois, certify that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>I have reviewed this annual report on Form 40-F of
      Western Copper and Gold Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Based on my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The issuer&#146;s other certifying officer(s) and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the issuer and
have:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the issuer,
      including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Designed such internal control over financial reporting,
      or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial
      statements for external purposes in accordance with generally accepted
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Evaluated the effectiveness of the issuer&#146;s disclosure
      controls and procedures and presented in this report our conclusions about
      the effectiveness of the disclosure controls and procedures, as of the end
      of the period covered by this report based on such evaluation;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>Disclosed in this report any change in the issuer&#146;s
      internal control over financial reporting that occurred during the period
      covered by the annual report that has materially affected, or is
      reasonably likely to materially affect, the issuer&#146;s internal control over
      financial reporting; and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The issuer&#146;s other certifying officer(s) and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the issuer&#146;s auditors and the audit committee of
      the issuer&#146;s board of directors (or persons performing the equivalent
      functions):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>All significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the issuer&#146;s ability to record,
      process, summarize and report financial information; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Any fraud, whether or not material, that involves
      management or other employees who have a significant role in the issuer&#146;s
      internal control over financial reporting.</P></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 >Date: March 22, 2013 </TD>
    <TD align=left width="5%" ></TD>
    <TD align=left width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    colSpan=2>/s/ Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="45%">Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="45%">Chief Financial Officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.6</B></P>
<P align=center><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, <BR>AS
ADOPTED PURSUANT TO SECTION 906 <BR>OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P align=justify>In connection with the Annual Report of Western Copper and Gold
Corporation (the &#147;Company&#148;) on Form 40-F for the year ended December 31, 2012,
as filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), I, Dale Corman, Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The Report fully complies with the requirements of
      Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The information contained in the Report fairly
      represents, in all material respects, the financial condition and results
      of the operations of the Company.</P></TD></TR></TABLE>
<P align=justify>Date: March 22, 2013</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="48%"
    colSpan=2>/s/ Dale Corman </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="43%">Dale Corman </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="43%">Chief Executive Officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.7 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.7</B></P>
<P align=center><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, <BR>AS
ADOPTED PURSUANT TO SECTION 906 <BR>OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P align=justify>In connection with the Annual Report of Western Copper and Gold
Corporation (the &#147;Company&#148;) on Form 40-F for the year ended December 31, 2012,
as filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), I, Julien Fran&#231;ois, Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The Report fully complies with the requirements of
      Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The information contained in the Report fairly
      represents, in all material respects, the financial condition and results
      of the operations of the Company.</P></TD></TR></TABLE>
<P align=justify>Date: March 22, 2013</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    colSpan=2>/s/ Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="45%">Julien Fran&#231;ois </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="45%">Chief Financial Officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>exhibit99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.8 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.8</B></P>
<P align=center><B>CONSENT OF INDEPENDENT AUDITORS</B></P>
<P align=justify>We hereby consent to the inclusion in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012 of
our Auditor&#146;s Report dated March 22, 2013 relating to the consolidated financial
statements comprising the consolidated balance sheets as at December 31, 2012
and December 31, 2011, and the consolidated statements of loss and comprehensive
loss, cash flows and changes in shareholders&#146; equity for the year ended December
31, 2012.</P>
<P align=justify><B><I>(signed) PricewaterhouseCoopers LLP</I></B></P>
<P align=justify><B>Chartered Accountants<BR></B>Vancouver, Canada <BR>March 22,
2013</P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>exhibit99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.9 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.9</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Conrad E.
      Huss, P. E. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Conrad E. Huss, P. E. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>exhibit99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.10 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.10</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Gary Giroux,
      P. Eng. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gary Giroux, P. Eng. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>exhibit99-11.htm
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.11 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.11</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Graham
      Greenaway, P. Eng. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Graham Greenaway, P. Eng. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>13
<FILENAME>exhibit99-12.htm
<DESCRIPTION>EXHIBIT 99.12
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.12 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.12</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Thomas
      Drielick, P.E. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Drielick, P.E. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>exhibit99-13.htm
<DESCRIPTION>EXHIBIT 99.13
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.13 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.13</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Jesse Duke,
      P.Geo. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Jesse Duke, P.Geo. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14
<SEQUENCE>15
<FILENAME>exhibit99-14.htm
<DESCRIPTION>EXHIBIT 99.14
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.14 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.14</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Michael
      Hester, F Aus IMM </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Michael Hester, F Aus IMM </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15
<SEQUENCE>16
<FILENAME>exhibit99-15.htm
<DESCRIPTION>EXHIBIT 99.15
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.15 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.15</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</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-BOTTOM: #000000 1px solid" align=left>/s/ Scott
      Casselman, P.Geo. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott Casselman, P.Geo. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>17
<FILENAME>exhibit99-16.htm
<DESCRIPTION>EXHIBIT 99.16
<TEXT>
<HTML>
<HEAD>
   <TITLE>Western Copper and Gold Corp.: Exhibit 99.16 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.16</B></P>
<P align=center><B>CONSENT OF EXPERT</B></P>
<P align=justify>I hereby consent to the use and reference to my name and my
report entitled &#147;Casino Project, NI 43-101F1 Technical Report Feasibility Study,
Yukon Territory, Canada &#150; Revision 1&#148; dated January 25, 2013, and the
information derived therefrom, as contained in Western Copper and Gold
Corporation&#146;s Annual Report on Form 40-F for the year ended December 31, 2012.
</P>
<P align=justify>March 22, 2013</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Jeff Austin,
      P.Eng. </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeff Austin, P.Eng. </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>exhibit99-1x5x1.jpg
<DESCRIPTION>GRAPHIC
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