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Reserves

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Reserves & Resources

Copper Fox Metals Inc. has five primary assets
  1. 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited ('Teck') on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. A NI 43-101 Technical report has been completed on this project. Measure, Indicated and Inferred resources have been identified and Proven and Probable reserves have also been stated within the Measured and Indicated resources.
  2. 100% ownership of the Van Dyke oxide copper deposit located in Miami, Arizona. A NI 43-101 Technical report has been completed on this project. Inferred resources have been identified.
  3. 65.4% of the shares of Carmax Mining Corp. who in turn own 100% of the Eaglehead copper-molybdenum-gold project located in northwestern British Columbia. A NI 43-101 Technical report has been completed on this project. Inferred resources have been identified.
  4. 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona. A NI 43-101 Technical Report has yet to be completed on this project, hence, no resources have been booked.
  5. 100% ownership of the Mineral Mountain copper project located east of Florence, Arizona. A NI 43-101 Technical Report has yet to be completed, hence, no resources have been booked.
A summary of the corporate NI 43-101 reserves and resources identified are summarized below.

Mineral Reserves Reserve Estimate Data Copper Fox  Share Metal Holdings
Project Reserve Category Tonnes (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t) Cu (Blb) Mo (Mlb) Au (Moz) Ag (Moz)
Schaft Creek (1) Proven 135.40 0.31 0.018 0.25 1.81 0.23 13.43 0.27  1.97
  Probable 805.41 0.27 0.018 0.19 1.70 1.18 79.88 1.24 11.01
  P & P* 940.81 0.27 0.018 0.19 1.72 1.41 93.31 1.51 12.98
Mineral Resources Resource Estimate Data Copper Fox  Share Metal Holdings
Project Resource Category Tonnes (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t) Cu (Blb) Mo (Mlb) Au (Moz) Ag (Moz)
Schaft Creek (2) Measured 146.62 0.31 0.017 0.24 1.78 0.25 13.73 0.29 2.10
  Indicated 1,081.94 0.26 0.017 0.18 1.68 1.53 101.35 1.56 14.58
  M & I** 1,228.56 0.26 0.017 0.19 1.69 1.78 115.08 1.85 16.70
Schaft Creek (2) Inferred 597.19 0.22 0.02 0.17 1.65 0.72 50.73 0.84 7.90
Van Dyke (3) Inferred 261.68 0.25 0.00 0.00 0.00 1.44 0.00 0.00 0.00
Eaglehead (4) Inferred 102.50 0.29 0.01 0.08 0.00 0.43 14.77 0.17 0.00
Total Inferred 961.37         2.59 65.50 1.01 7.90
*Proven & Probable
**Measured & Indicated

Copper in billions of pounds, molybdenum in millions of pounds, gold and silver in millions of ounces

Numbers rounded to reflect best practise principles

Copper Fox owns 25% of Schaft Creek project, 100% of Van Dyke project and 51% of Eaglehead project

(1) & (2) Technical Report "Feasibility Study on the Schaft Creek Project, BC, Canada", dated January 23, 2013, prepared by Tetra Tech, A. Farah, P. Eng.; et al as Qualified Persons; at 0.15% CuEq cutoff. Reserves reported at $6.60/tonne net smelter return (NSR) cutoff.
(3) "Technical Report and Resource Estimation for the Van Dyke Copper Project", dated January 30, 2015 prepared by Moose Mountain Technical Services, S. Bird, P.Eng and R. Lane, P. Geo as Qualified Persons; at 0.05% TCu cutoff.
(4) "Technical Report on the Eaglehead Cu-Mo-Au Project, British Columbia, Canada", dated June 29, 2012, prepared by Roscoe Postle Associates Inc., B. Donough, P.Geo and D. Rennie, P.Eng as Qualified Persons; at 0.16% CuEq cutoff.

Note: Above stated Proven and Probable mineral reserves are included in the Measured and Indicated mineral resources reported for the Schaft Creek Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Definitions - The CIM Definition standards on Mineral Resources and Mineral Reserves provide as follows:

Mineral Reserves & Resources

Standard - Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources have been estimated in accordance with the definitions of these terms adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") in November 2005 and incorporated in National Instrument 43-101, "Standards of Disclosure for Mineral Projects" ("NI 43-101"), by Canadian securities regulatory authorities. Mineral Resources are reported separately from and do not include that portion of the Mineral Resources that is classified as Mineral Reserves. That portion of Mineral Resource which is not classified as Mineral Reserve does not have demonstrated economic value.

A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals and industrial minerals in or on the earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.

A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.  

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