Copper Fox Announces 2009 Year-End Financial Results
Highlights
On January 21, 2010 the Company announced that it has awarded the contract to complete a feasibility study on the Schaft Creek copper-gold-molybdenum-silver deposit to Wardrop, a Tetra Tech Company (Wardrop). It is expected that the feasibility study will be completed in the fourth quarter 2010.
In conjunction with completion of the feasibility study, the Company is preparing the documentation necessary to file its environmental permit application for the development of the Schaft Creek project.
During the last quarter, the Company focused on completing all outstanding geotechnical studies completed during the 2008 field season. In addition to these studies sampling and collection of data for the ongoing environmental studies of the area around the Schaft Creek continued. The completion of the geotechnical studies and ongoing environmental sampling and data collection has allowed the Company to commence preparation of a feasibility study on the Schaft Creek deposit.
One significant highlight of the 2008 field work, the results of which were received in late 2009 was the identification of two large Induced Polarization/Resistivity ("IP Anomalies") anomalies on the Schaft Creek project located in northwest British Columbia, Canada. The Induced Polarization/ Resistivity Survey was completed over a 6.2 square kilometre (sq km) area located between the Schaft Creek copper-molybdenum-gold-silver deposit and Mess Creek a distance of 2,800 meters (m). Induced Polarization/ Resistivity ("IP") surveys are commonly used in the mineral industry to explore for copper porphyry style of mineralization similar to that at Schaft Creek.
Selected Financial Information
| Net Gain/(loss) | Net (loss)/income per share - basic and diluted |
|||
| 2009 | ||||
| Fourth Quarter | $ | 1,533,575.00 | $ | 0.01 |
| Third Quarter | $ | (491,057) | $ | - |
| Second Quarter | $ | (431,763) | $ | - |
| First Quarter | $ | (29,135,359) | $ | (0.28) |
| 2008 | $ | $ | ||
| Fourth Quarter | $ | 1,890,230 | $ | 0.02 |
| Third Quarter | $ | (1,307,512) | $ | (0.01) |
| Second Quarter | $ | (720,878) | $ | (0.01) |
| First Quarter | $ | (598,554) | $ | (0.01) |
Liquidity and Capital Resources:
During the fourth quarter the Company's working capital improved by $647,022 to $2,544,341. This was as a result of the Company completing a $1.9 million (net of $21,296 in selling costs) financing in October. This money is being used to continue with the feasibility study and for general corporate purposes. The Company has sufficient funds available to meet its current obligations. The cash requirements in the next year will be significant as the Company plans to complete a feasibility study. At the end of this fiscal year the Company has spent approximately $40 million toward this study. The Company will require additional capital to complete this study and to provide for the administration of its Calgary and Vancouver offices. The Company believes that it will raise this capital through the public markets and through the continued exercise of its outstanding options and share purchase warrants.
About Copper Fox
Copper Fox is a Canadian-based resource company listed on the TSX-Venture Exchange (CUU). The Company's activities are focused exclusively on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox holds mineral title to the 51,494 acres comprising the Schaft Creek Mineral Deposit subject to 30% net proceeds interest held by Liard Copper Mines Limited (78% owned by Teck Resources Limited (Teck)) and a earn-back option held by Teck.
The Schaft Creek Project is situated in northwest British Columbia. The Company has recently awarded a contract to Wardrop to complete the feasibility study on the Schaft Creek deposit. The results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit dated September 15, 2008 have outlined a proven and probable mineral reserve of 821 million tonnes and a processing rate of 100,000 tonne of ore per day utilizing open pit mining and standard flotation to recover the copper-gold-molybdenum and silver. The PFS indicated Schaft Creek could produce approximately 4.8 billion pounds of Copper, 255.1 million pounds of molybdenum, and 4.5 million ounces of gold and 32.5 million ounces of silver over a 22.6 year mine life.
For additional information contact: Investorline 1 866 913 1910
On behalf of the Board of Directors
Elmer B. Stewart P. Geol. MSc.
President and CEO
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 includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated dates for receipt, commencement or completion of permits, approvals, construction, production and other milestones; anticipated results of drilling programs, scoping, prefeasibility and feasibility studies and other analyses; anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Copper Fox's expectations include: 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, production estimates and estimated economic return; the need for co-operation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on Copper Fox's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.
Copper Fox Acquires 100% Interest in Schaft Creek Project
Copper Fox now holds a 100% interest in the Schaft Creek Project, subject to a 30% net proceeds interest royalty held by Liard Copper Mines Limited ("Liard") and Teck's earn-back options. Teck owns 78% of Liard which equates to a 23.4% indirect interest in the Schaft Creek Project ("the indirect interest"). Under the Agreement Copper Fox can also acquire Teck's Liard shareholding (indirect 23.4% interest in the Schaft Creek Project) by completing a Positive Bankable Feasibility Study [as defined in the Agreement] on the Schaft Creek deposit thereby increasing its direct and indirect ownership in the Schaft Creek Project to 93.4%. Teck may at any time elect to exercise its earn-back option and upon receipt of the Positive Bankable Feasibility Study on the Schaft Creek deposit, Teck must elect within 120 days to make an election to: i) exercise its earn-back option, ii) retain a 1% net smelter return royalty, or iii) receive shares of Copper Fox to a value of $1,000,000.
The earn-back options allow Teck the right to elect to acquire a 20%, a 40%, or a 75% project interest from Copper Fox by respectively incurring either 100%, 300% or 400% of Copper Fox's expenditures on the Schaft Creek project under the Agreement. In the event Teck elects to earn-back a 75% interest in the Schaft Creek Project, Teck will also be responsible for arranging Copper Fox's share of project financing.
"This transaction represents a milestone achievement for Copper Fox says Elmer Stewart CEO and President. The Copper Fox team is working "flat out" to complete the feasibility on this large copper, gold, molybdenum and silver resource by the latter part of 2010. The critical path required for development of the Schaft Creek deposit is finding considerable support from the Government of British Columbia, the Tahltan First Nation and local communities for developing the infrastructure necessary, such as the recently announced Northwest transmission power line which is key for the development of Schaft Creek".
About Copper Fox
Copper Fox is a Canadian-based resource company listed on the TSX-Venture Exchange (CUU). The Company's activities are focused exclusively on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox holds a 100% interest in the Schaft Creek Project subject to 30% net proceeds interest held by Liard (78% owned by Teck) and a earn-back option held by Teck.
The Schaft Creek Project is situated in northwest British Columbia. The Company has recently awarded a contract to Wardrop, A TETRA TECH company ("Wardrop") to complete the feasibility study on the Schaft Creek deposit. The results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit dated September 15, 2008 have outlined a proven and probable mineral reserve of 821 million tonnes and a processing rate of 100,000 tonne of ore per day utilizing open pit mining and standard flotation to recover the copper-gold-molybdenum and silver. The PFS indicated Schaft Creek could produce approximately 4.8 billion pounds of Copper, 255.1 million pounds of molybdenum, and 4.5 million ounces of gold and 32.5 million ounces of silver over a 22.6 year mine life.
For additional information contact: Investorline 1 866 913 1910
On behalf of the Board of Directors
Elmer B. Stewart P. Geol. MSc.
President and CEO
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 includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated dates for receipt, commencement or completion of permits, approvals, construction, production and other milestones; anticipated results of drilling programs, scoping, prefeasibility and feasibility studies and other analyses; anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Copper Fox's expectations include: 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, production estimates and estimated economic return; the need for co-operation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on Copper Fox's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.
Copper Fox Awards Feasibility Study On Schaft Creek Project
Copper Fox is on track this year (2010) to complete the feasibility study and documentation necessary to complete its environmental permit application for the development of the Schaft Creek project. The Schaft Creek deposit represents one of the largest undeveloped resources of copper-gold-molybdenum-silver in Canada. It is located in politically attractive British Columbia, Canada. This deposit has the potential to provide a long term secure supply of copper-gold-molybdenum-silver.
Wardrop is a multi-disciplined engineering and consulting firm that provides innovative solutions for the natural resource management, energy, and infrastructure markets globally. Wardrop is an ISO 9001:2000 certified company, with a strong base of experience in British Columbia and throughout Northern Canada, which is directly applicable to the Schaft Creek Project. Wardrop is a subsidiary of Tetra Tech (NASDAQ: TTEK), a leading provider of consulting, engineering, program management, construction and technical services. The combined companies have more than 10,000 employees worldwide and capabilities that span the entire project lifecycle.
Mr. Elmer B. Stewart, MSc., P. Geol, President and Chief Executive Officer stated "We are extremely pleased to have completed the work required to commence the feasibility study on the Schaft Creek deposit. Wardrop's completion of the feasibility study allows Copper Fox to apply for the environmental permits related to construction of the Schaft Creek project which is a critical milestone to be achieved in 2010".
About Copper Fox
Copper Fox's activities are focused exclusively on Schaft Creek, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox has earned a direct 70% interest in Schaft Creek. Pursuant to the option agreement with Teck Resources Limited. ("Teck"), Copper Fox is currently earning an additional 23.4% interest (totaling 93.4% direct and indirect interest in the property) subject to certain back-in rights to Teck by completing a positive feasibility study on the Schaft Creek deposit.
Schaft Creek is located within a contiguous land package that comprises 20,932 hectares situated in northwest British Columbia, Canada. On September 15, 2008, Copper Fox released the results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit which contemplated processing 100,000 tonne of ore per day from an open pit mine and standard flotation recovery process. The PFS estimated the measured and indicated mineral resources at Schaft Creek to be approximately 1.4 billon tonnes grading 0.25% copper, 0.18 g/t gold, 0.02% molybdenum and 1.55 g/t silver. The measure and indicated mineral deposit is estimated to contain 7.8 billion pounds of copper, 583 million pounds of molybdenum, 7.9 million ounces of gold and 69.7 million ounces of silver.
For additional information contact: Investorline 1 866 913 1910
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 includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated results of geophysical surveys or drilling programs, anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Copper Fox's expectations include: 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, production estimates and estimated economic return; the need for co-operation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on Copper Fox's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.
Geophysical Survey Outlines "8" IP Anomalies at Schaft Creek Project
North Area:
This area contains two large partially defined irregular shaped zones of high chargeability. Anomaly #1 is located approximately 600 m east of the Schaft Creek copper-molybdenum-gold-silver deposit (see Figure-1) and is open to the northwest. Anomaly #2 occurs approximately 200 m east of anomaly #1 and is also open to the northwest. The IP anomalies in this area are characterized by a shallow (close to surface) high chargeability signature with associated higher resistivity values extending at depth.
South Area:
The anomalies (anomaly numbers 3 to 8) in this zone are of smaller size, amplitude and are better defined. Anomaly #7 is interpreted to be an extension of anomaly #1. At depth, the anomaly is approximately 600 m wide and is characterized by a moderate chargeability which correlates with a zone of high resistivity bounded by areas of lower resistivity. Anomaly #8 is located at the east end of the profile that contains anomaly #7 and is characterized by a strong chargeability anomaly with a moderate to strong resistivity signature.
Anomalies #3 and 4 are characterized by a west dipping, wide zone (450 m) of high chargeability at depth which is cross cut by a strong east dipping high resistivity signature which may be due to either a zone of silicification or a silicified fault.
Mr. Elmer B. Stewart, MSc., P. Geol, President and Chief Executive Officer stated, "The IP Survey has located a substantial number of targets that have to be diamond drilled to determine the source of the anomalies. The proximity of the anomalies to the Schaft Creek deposit demonstrates the potential to find additional copper-molybdenum-gold mineralization outside the limits of the known mineralized zones defined to date."
Details of Geophysical Program:
The geophysical program was completed by Associated Geosciences Ltd. during the period July 15 to October 2, 2008 on behalf of Copper Fox. A total of nine profiles were surveyed for a total of 14.1 line kilometers. The IP data was collected using an IRIS Instrument Syscal Pro multi-electrode receiver and an IRIS VIP 3000 transmitter as a source. A pole-dipole configuration was used for all profiles.
Elmer B. Stewart, MSc., P. Geol., President of Copper Fox, is the Corporation's nominated Qualified Person pursuant to National Instrument #43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Copper Fox
Copper Fox's activities are focused exclusively on Schaft Creek, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox has earned a direct 70% interest in Schaft Creek and pursuant to the option agreement with Teck Resources Limited may acquire an additional 23.4% interest (totaling 93.4% direct and indirect interest in the property) subject to certain back-in rights to Teck.
Schaft Creek is located within a contiguous land package that comprises 20,932 hectares situated in northwest British Columbia, Canada. On September 15, 2008, Copper Fox released the results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit which contemplated processing 100,000 tonne of ore per day from an open pit mine. The PFS estimated the minable reserves at Schaft Creek to be 821 million tonnes grading 0.301% copper, 0.212g/t gold, 0.020% molybdenum, 1.76g/t silver at a Copper Equivalent cutoff of 0.20% and that this deposit could produce 4.8 billion pounds of copper, 255.1 million pounds of molybdenum, 4.5 million ounces of gold and 32.5 million ounces of silver over a 23 year mine life.
For additional information contact: Investorline 1-866-913-1910
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 includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated results of geophysical surveys or drilling programs, anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Copper Fox's expectations include: 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, production estimates and estimated economic return; the need for co-operation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on Copper Fox's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.
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Copper Fox Metals Inc. announces incentive stock option grants
About Copper Fox
Copper Fox is a Canadian-based resource company listed on the TSX-Venture Exchange (CUU). The Company's activities are focused exclusively on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox holds the Schaft Creek property pursuant to an option agreement with Teck Resources Limited ("Teck) and has earned a direct 70% interest in the Schaft Creek Property. The Company may acquire up to a 93.4% direct and indirect interest in the property, subject to certain back-in rights to Teck.
The Schaft Creek Project consists of 20,932 hectares situated in northwest British Columbia. The Company released the results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit on September 15, 2008. The PFS outlined a minable reserve of 812 million tonnes, a production rate of 100,000 tonne of ore per day utilizing open pit mining methods. The report indicated Schaft Creek could produce 4.762 billion pounds of Copper, 255.1 million pounds of molybdenum, 4.493 million ounces of gold and 32.480 million ounces of silver over a 22.6 year mine life.
For additional information contact: Investorline 1 866 913 1910
On behalf of the Board of Directors
Elmer B. Stewart P. Geol. MSc.
President and CEO
This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or the accuracy thereof.
Cautionary Note Regarding Forward-Looking Information
This news release includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated dates for receipt, commencement or completion of permits, approvals, construction, production and other milestones; anticipated results of drilling programs, scoping, prefeasibility and feasibility studies and other analyses; anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Copper Fox's expectations include: 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, production estimates and estimated economic return; the need for co-operation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on Copper Fox's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.