YUKON – Western Copper of Vancouver has closed a bought deal financing and over-allotment worth $23 million with which to advance its Casino and Carmacks projects. Each unit (priced at $2.45) consisted of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase a common share of the company at a price of $3.45 for a period of 24 months.
A feasibility study has been completed for the Casino project. An open pit and conventional flotation concentrator will be built to process 914 million tonnes of proven and probable ore that grades 0.212% Cu, 0.237 g/t Au and 0.0236% Mo. Another part of the deposit, 78 million tonnes at 0.062% Cu and 0.427 g/t Au, will be recovered using heap leaching. More detailed resource estimates are available at www.WesternCopperCorp.com.
Work at the Carmacks project has slowed recently since the Yukon Water Board refused the water permit last summer. Western Copper is appealing. Meanwhile, proven and probable reserves total 10.6 billion tonnes with a total copper grade of 1.04%. The plan for this project is to build a heap leach-solvent extraction-electrowinning operation.