Investors should reduce their original Western Copper Corporation ACB by the fair value received in the form of Copper North Mining Corp. shares and NorthIsle Copper and Gold Inc. shares. The remaining amount is the new ACB of Western Copper and Gold Corporation shares.

Each investor will have to determine the fair value to allocate to each spin-out company (i.e. number of shares received multiplied by the value of each of those shares).

Possible metrics to determine the fair value of spin-out company shares:

Description	COL	NCX
Close price: First trading day - Oct 24, 2011	0.34	0.23
5 day VWAP*	0.26	0.18
20 day VWAP*	0.26	0.21

*VWAP = Volume Weighted Average Price