Western Copper and Gold Corp. (TSE:WRN), a Canadian metals explorer with operations in Yukon, British Columbia and the Northwest Territories, spiked to the highest in five months after announcing completion of its engineering and baseline data collection program for the Casino project.
The shares advanced to as high as 82 Canadian cents, the highest intraday price since April 12, and were trading at 80 Canadian cents, up 16 percent, at 2:48 p.m. in Toronto.
The six-year program included engineering, hydrology, hydrogeology, fisheries research, wildlife surveys and analysis, socio-economic analysis, heritage and archaeology studies and water quality sampling for both the mine site and along the proposed access road, the Vancouver, British Colombia-based company said in a statement today.
The Casino Project is one of the world's largest open-pit gold, copper, silver and molybdenum deposits.
Western Copper said the project proposal is expected to be ready for submission to the Yukon Environmental and Socioeconomic Assessment Board, or YESAB, on schedule later this year.
Once the project receives positive recommendation from YESAB, licenses can be issued to allow construction and operation of the mine.
"I am very pleased with the progress being made at Casino," Chief Executive Officer Dale Corman, said in the statement.
"The permitting application is on schedule to be submitted this year, which is in line with the schedule that we presented in the Feasibility Study that anticipates construction beginning in 2016."
Western Copper tumbled 53 percent this year through yesterday.