Cariboo Rose Resources Ltd. (TSX-V: CRB) and Casino Mining Corp. a wholly owned subsidiary of Western Copper and Gold Corp. (TSX: WRN) (NYSE MKT:WRN) are pleased to announce that they have entered into a property purchase agreement dated July 29, 2019 whereby Casino Mining has agreed to purchase the 311 mineral claims that comprise the Canadian Creek Property owned by Cariboo Rose. The Property lies directly adjacent to Western’s Casino Project.
The total consideration to be paid to Cariboo Rose for the Property will consist of the issuance of 3 million common shares of Western at a deemed price of C$0.928 per Share for an aggregate Acquisition cost of C$2.78 million.
Paul West-Sells, President & CEO of Western commented, “The acquisition of the Canadian Creek Project will considerably strengthen the Casino Project. It will add significant exploration potential, with a number of exploration targets with the potential to increase mineralization of the Casino project – particularly the initial heap leach. By increasing the overall land package and increased border with the Coffee project, it will also further solidify the key position of the Casino Project in the region.”
Bill Morton President and CEO of Cariboo Rose commented, “The sale of our Canadian Creek Project to Western allows Cariboo Rose to maintain a strongly levered position in the development of the Casino Deposit while at the same time bringing focused and immediate exploration spending on the Canadian Creek targets. The enhanced potential for advancing not only the Casino Deposit but also in tying potential future infrastructure development to the Newmont Goldcorp Coffee Project is very significant.”
Completion of the Acquisition is conditional upon, among other things, receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange and TSX Venture Exchange.
Any Shares issued pursuant to the Agreement will be subject to a 4 month hold period pursuant to applicable securities laws.
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a well-funded prospect generating mineral exploration company with six precious and base metal exploration projects in BC and the Yukon.
About Western Copper and Gold Corporation
Western is developing the Casino Project, Canada’s premier Copper-Gold mine in the Yukon.
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