YUKON - Vancouver-based Western Copper Corp. has entered into a bought deal financing worth $20 million with which to advance its Carmacks and Casino projects. The company will issue approximately 8.2 million units at a price of $2.45 per unit. Each unit will consist of one common share and one-half of one common share purchase warrant.
Western Copper is ready to begin construction at the Carmacks project, but the Yukon water board denied it a licence. The decision is under appeal. When the water licence is finally issued, the company will proceed with a heap leach and solvent extraction/electrowinning project that will produce copper cathode for at least six years. Proven and probable reserves are 10.6 million tonnes grading 1.044% Cu, 0.483 g/t Au and 4.62 g/t Ag. Capital costs are estimated to be $182 million.
The Casino porphyry project is less advanced than Carmacks. The deposit has proven and probable reserve of 914 million tonnes grading 0.212% Cu, 0.237 g/t Au and 0.0236% Mo. An open pit and mill with a 30-year life is proposed. A heap leach is also possible to treat an additional 78 million tonnes of lower grade material. Capital costs at Casino have been estimated at $2.11 billion.
Please see www.WesternCopperCorp.com for more information.