|February 14, 2011|
Milestone In Environmental Assessment Of Schaft Creek Achieved
|Additional Assays From 2010 Drilling Pending|
Vancouver, British Columbia -- February 14, 2011 -- Copper Fox Metals Inc. ("Copper For" or "the Company") (TSX-Venture: CUU) is very pleased to announce that it has received confirmation from the BC Environmental Assessment Office and the Canadian Environmental Assessment Agency that its Application Information Requirements (AIR) for the proposed Schaft Mine has been approved.
The AIR has been developed to meet the requirements of the cooperative environmental assessment being conducted pursuant to both the British Columbia's Environmental Assessment Act and the Canadian Environmental Assessment Act. The cooperative nature of the Schaft Creek environmental assessment ensures adherence to both federal and provincial legislation. Canada and British Columbia have aligned their review timelines to expedite the review process as well as the timeline for final decisions for environmental approval.
Pursuant to the Section 11 Order dated April 21, 2010, the AIR incorporates comments from First Nations, provincial, federal and local governments and the public that were considered to be within the scope of the assessment.
The terms and conditions of the AIR will be included in the Environmental Impact Statement/Application for an environmental assessment certificate for the Schaft Creek project currently being prepared by Stantec Consulting Ltd., on behalf of Copper Fox.
Copper Fox has completed multiple years of environmental, economic, social, health and archaeological baseline studies in the Schaft Creek Project area. Both the work plans and the final baseline reports have been presented to technical regulators and First Nations for their review and comment.
The baseline data requirements listed in the AIR can be met and or exceeded with the studies completed by Copper Fox to date. Copper Fox will further enhance the Schaft Creek data set in Q1 2011 with additional baseline water quality and quantity data.
Mr. Stewart, President of Copper Fox stated, "We are very pleased to have been able to work with the First Nations, the provincial, federal, local governments and other interested parties to achieved this important milestone. Preparation of the Environmental Impact Statement/Application for an environmental assessment certificate for the Schaft Creek project can now proceed and is currently expected to be filed during the second quarter of 2011. Baseline studies and the collection of additional environmental information from the Schaft Creek deposit will continue during this period".
About Copper Fox
Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (CUU) focused on completing a Feasibility Study on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. Categorized as a "giant porphyry deposit" this project is at the advanced development stage with a Preliminary Feasibility Study ("PFS") prepared by Samuel Engineering, Inc. of Denver, Colorado, in September 2008. The results of the PFS were extremely "robust" reporting a NPV @ 8% (before tax) of $2.8 billion dollars over a 23 year mine life. They contemplated processing 100,000 tonne per day ("tpd") from an open pit mine using a standard flotation recovery process. The PFS estimated the current Mineral Resources (using a 0.2% copper equivalent cutoff) at Schaft Creek includes; Measured Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and 1.55 g/t silver, Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver.
A Feasibility Study on a minimum 120,000 tpd open pit mine is expected to be completed in early 2011.
Copper Fox holds title and a 100% working interest in a contiguous 21,025 hectares (51,954 acres) property which includes the Schaft Creek deposit subject to certain royalty agreements, a 30% carried interest held by Laird Copper and an earn back option held by Teck Resources Limited ("Teck"). Copper Fox is currently earning a 78% interest in Liard Copper from Teck. Teck's earn back option to acquire 20%, 40% or 75% of the Schaft Creek project is triggered upon completion of a positive Feasibility Study. Should Teck elect to exercise its option for 75% they are required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($57.2 million to date) and arrange for project financing, including the Copper Fox portion. For full details of the option please refer to the Company's website www.copperfoxmetals.com.
*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice principals".
For additional information contact: Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080
On behalf of the Board of Directors
Elmer B. Stewart
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the preparation, timing, and anticipated filing of the Environmental Impact Statement/ Application for an environmental assessment certificate for the Schaft Creek project; continuation of baseline studies and collection of additional environmental information; the timing and anticipated results of the proposed updated resource estimate; the timing and scope of the feasibility study for the Schaft Creek project; estimated timing and amounts of future expenditures and "earn-back" options; geological interpretations and potential mineral recovery processes. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined.
The forward-looking information contained in this news release, Copper Fox has made numerous assumptions , regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards; and the continued financing of the Feasibility Study. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the preparation and anticipated filing of the Environmental Impact Statement/ Application for an environmental assessment certificate for the Schaft Creek project may not occur on a timely basis, or at all; the Feasibility Study may not be completed within the contemplated time frame, or at all; the possibility that an Environmental Assessment Certificate may not be obtained on a timely basis, or at all, or that additional approvals will be necessary in order to obtain an Environmental Assessment Certificate; fluctuations in copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, and estimated economic return; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
You can view the Next News Releases item: Tue Feb 15, 2011, Copper Fox Announces Fourth Quarter Highlights and 2010 Year-End Financial Results
You can view the Previous News Releases item: Thu Feb 3, 2011, Latest Assay Results Expands Zone of Deep, Higher Grade Mineralization at Schaft Creek; Additional Assays Pending
You can return to the main News Releases page, or press the Back button on your browser.