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Press release from Marketwire

Western Copper Closes Bought Deal Financing and Over-Allotment Option Exercise for Total Proceeds of $23 Million

Wednesday, December 22, 2010

Western Copper Closes Bought Deal Financing and Over-Allotment Option Exercise for Total Proceeds of $23 Million08:36 EST Wednesday, December 22, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESWestern Copper Corporation (TSX:WRN) ("Western Copper" or the "Company") is pleased to announce that further to its news release dated December 2, 2010, it has completed a fully subscribed bought deal offering of 8,170,000 units (the "Units") at a price of $2.45 per Unit and the Underwriters' exercise in full of an over-allotment option to purchase an additional 1,225,500 shares and 612,750 Warrants granted by the Company in connection with such offering for total gross proceeds of approximately $23 million. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share (each a "Warrant Share") at an exercise price of $3.45 per Warrant Share for a period of 24 months. A syndicate of underwriters led by CIBC and including Dundee Securities Corporation and Cormark Securities Inc. (collectively, the "Underwriters") acted as underwriters in respect to the Offering.The Company intends to use the net proceeds from the offering to fund the development of its Casino and Carmacks Projects, and for general corporate purposes.The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.As a result of the completion of the Offering, Western Copper's share structure consists of 91,487,836 common shares, 4,203,334 options and 6,933,750 warrants, totaling 102,624,920 fully diluted shares.ABOUT WESTERN COPPER CORPORATIONWestern Copper is a Vancouver based exploration and development company with significant copper, gold and molybdenum resources and reserves. The Company has 100% ownership of four Canadian properties. The two most advanced projects are the Carmacks Copper Project and the Casino Project both located in the Yukon. The Casino Project is one of the world's largest open-pittable copper, gold and molybdenum deposits.For more information, visit www.westerncoppercorp.com.On behalf of the board,F. Dale Corman, Chairman & CEO This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, financing plans, exploration results and future plans and objectives of Western Copper are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors (including, among others, risks related to financing arrangements and actual results of current exploration activities) and there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Western Copper does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change unless required by applicable law. Investors should not place undue reliance on forward-looking statements. Cautionary Note to U.S. Investors : The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms, such as "measured", "indicated", and "inferred" "resources", are used in the Company's disclosure documents filed in Canada that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in Western Copper's Form 20-F, File No. 000-52231, which may be secured from the Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.FOR FURTHER INFORMATION PLEASE CONTACT: Paul West-SellsWestern Copper CorporationPresident & COO604.684.9497ORJulie KimWestern Copper CorporationManager Investor Relations & Corporate Communications604.684.9497604.669.2926 (FAX)info@westerncoppercorp.comwww.westerncoppercorp.comThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.