Western Copper Corporation

Western Copper Corporation

May 12, 2006 08:30 ET

Introducing Western Copper Corporation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2006) - Western Copper Corporation is a public mining company, which will list with the ticker symbol "WRN" on the Toronto Stock Exchange (TSX) at 9.30am EST on Monday, May 15, 2006.

Western Copper Corporation is the spin-off company of Western Silver Corporation, which was acquired by Glamis Gold (GLG) on Wednesday, May 3, 2006. Most of the directors and key management from Western Silver will form the new Western Copper.

Western Copper's focus will be to develop the Carmacks deposit through an updated Feasibility Study in 2006 and to advance it towards production.

Western Copper will execute a strategic review of the metals market, identifying other opportunities and potential acquisitions.

Western Copper holds two mining properties (Carmacks and Sierra Almoloya) and $38 CAD million in cash.

To view accompanying map, please click on the following link: http://www.ccnmatthews.com/docs/wrn0512.jpg.


- Western Copper holds 100 per cent ownership of the Carmacks oxide copper project, located 200 kilometers north of Whitehorse in the Yukon Territory, Canada.

- Historical estimates have indicated that the Carmacks deposit contains an open-pit mineable reserve of 13.3 million tonnes grading 0.97 per cent copper (this figure is not NI-43-101 compliant).

- Basic engineering was completed on this project in 1997, suggesting an economic project was possible at that time with copper prices above US$1.05/lb. Economic factors such as cost escalation over the past eight years, metal prices and the current exchange rate will affect this figure.

- Drilling will commence shortly with an updated NI-43-101 complaint resource estimate targeted for Q3 2006.

- An updated Feasibility Study is targeted for Q4 2006.


- Sierra Almoloya is an early-stage silver-gold-lead-zinc property, being actively explored by Queenston Mining Inc. under an option agreement.

- Queenston can earn a 60 per cent interest through staged exploration expenditures of US$1.5 million over a four-year period, with minimum expenditures of US$200,000 in the first year.



F. Dale Corman, B.Sc., P.Eng. F. Dale Corman, B.Sc., P.Eng.
- President & CEO
Robert J. Gayton, B.Comm, Ph.D., FCA Jonathan Clegg, P.Eng. -
VP, Engineering
Klaus Zeitler, Ph.D. David Jensen, P.Eng., L.L.B.,
MBA - VP Corporate Development
David Williams, MBA Jim Marlow, P.Eng. - Senior
Mining Engineer
Brent Kinney, B.Sc., L.L.B. Julien Francois, CA - VP,
Finance & CFO
Cory Dean, B.Comm, L.L.B -
Corporate Secretary
Cameron Brown, P.Eng., -
Project Manager
Nicole Rizgalla, BA -
Investor Relations Coordinator


Copper prices have seen a strong increase in the last three years. Yet, with an increase in price from 2001's low of approximately $0.75 /lb. to today's price of approximately $3.50 /lb., copper's price is still well below its historical highs in inflation-adjusted terms.


Our mission is to deliver, exceptional returns to our shareholders by:

- Maintaining our commitment to deliver to our shareholders, employees, and our communities

- Advancing the Carmacks deposit to unlock shareholder value

- Assembling a uniquely qualified team giving Western Copper a competitive advantage in rapidly and accurately evaluating and responding to emergent opportunities to acquire valuable assets

- Creating a thriving internal culture of excellence and innovation allowing us to attract and retain the highest-caliber employees to sustain operations at a high performance level

- Focusing on strategic metals which will have high value in the years ahead

- Acting ethically in all aspects of our business practices, and

- Operating in an environmentally responsible manner wherever we go.


Shares Outstanding (as at May 4, 2006)

Shares Outstanding: 49,246,413
Options Outstanding: 2,013,168
Fully Diluted: 51,259,581

Share Trading Information
Exchange: Toronto Stock Exchange (TSX)
Ticker Symbol: "WRN"
Cusip No: 95805Y102

Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the Company's projects, the Company's future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund development, changes in general economic conditions or financial markets, changes in prices for the Company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico or Canada, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company's filings with the Securities and Exchange Commission.

The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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