COPPER FOX METALS INC. : http://www.copperfoxmetals.com/ : QwikReport
About Us
Copper Fox Metals began corporate life with an initial public offering in June of 2004, in order to pursue plans to acquire one of the largest undeveloped copper-gold-molybdenum porphyry deposits in Canada. Founding President and Chief Executive Officer Guillermo Salazar believed that the Schaft Creek Project in northwestern British Columbia offered a rare opportunity for a junior company to acquire and develop an extensively drilled project with near-term production potential, and secured rights to the project in 2002.
In 2005, Copper Fox amalgamated with a private company holding rights to acquire up to a 93.4% interest in the Schaft Creek Project as defined in the 2002 Option Agreement with Teck Cominco Ltd. and related underlying agreements. Copper Fox assumed the rights and obligations of these agreements and then completed exploration and drilling programs that confirmed both the potential of the project and the quality of historical work.
Copper Fox was founded by experienced mining industry professionals and today is managed by an energetic technical and management team with expertise in mineral exploration, mine engineering, operations, finance and corporate development. Their priority goal is to complete a positive feasibility study for a proposed open-pit mine that could begin production by 2011. This effort is bolstered by strong demand and prices for copper, gold, molybdenum and silver, and is supported by extensive work programs and studies conducted on the property by the Company (and previous operators).
Copper Fox Metals has achieved the following major milestones as part of its ongoing multi-phase strategy to advance Schaft Creek toward production.
2005 Highlights
Completed Qualifying Transaction to secure rights to Schaft Creek
Raised more than $2 million of new capital
Confirmed historical exploration results and completed a successful first phase of drilling to evaluate the extent of the Schaft Creek deposit
2006 Highlights
Spent a further $5.9 Million on exploration and drilling programs
Released a NI 43-101-compliant Geological Report for Schaft Creek
Raised $9.7 million of equity financings for the year
Entered the B.C. Government Environmental Assessment Process
Signed agreements with the Tahltan Nation for environmental assessment procedures and cooperation, a scholarship program and other socio-economic initiatives
2007 Highlights
Expanded resources through drilling programs and achieved a 41% increase in Measured and Indicated resources along with significant increases in contained metal content over previous estimates
Closed a $9.6-million financing to help fund a $17.6-million work program that will provide the necessary data for a scoping study and a pre-feasibility study for a proposed open-pit mine
Signed a Memorandum of Understanding with the Tahltan Nation Development Corporation to define the scope and terms of cooperative development for the proposed Schaft Creek Mine Project
Copper Fox Metals is continuing a broad range of work programs and studies in order to advance Schaft Creek to final feasibility and mine development in the years ahead. The ongoing $17.6-million program extensive metallurgical studies, and pit-optimization studies. Other important elements include a review of road and power access options, environmental and socio-economic programs and studies to support the mine plan and the government permitting process.