Copper Fox closes Non Brokered Private Placement Financing of $12,398,232.00

    CALGARY, May 15 /CNW/ - Guillermo Salazar, President and CEO of Copper
Fox Metals Inc. (TSX-V: CUU) announced today that the Company has completed a
non-brokered "flow-through" and "non flow-through" private placement financing
of $12,398,232.00 CDN.
    Funds Generated from this financing will be used for metallurgical
testing, engineering studies, road access, studies of power options and other
costs expected to be incurred in the completion of the Schaft Creek Mineral
Deposit Feasibility Study as well as general operating purposes. Copper Fox
plans to develop a world class copper/gold/molybdenum/silver mineral deposit
at Schaft Creek, BC.
    Mr. Salazar said "the Company was proud of the team effort that mobilized
the financial support of so many shareholders, both existing and new to Copper
Fox under what is indeed a very challenging market." "This financing bodes
well for the market's outlook for copper, gold, molybdenum and silver and for
the Schaft Creek project itself," he added.

    Details of the Offering

    The flow-through portion of the Offering consisted of an aggregate
20,853,848 "Units" at a price of $0.45 per unit for a total of $9,384,232.00.
Each flow-through unit consisted of one flow-through common share and one-half
of a non flow-through common share purchase warrant. Each full warrant will
entitle the purchaser to purchase one warrant share at a price of $0.65 per
warrant share, exercisable at any time until the close of business on the date
following the expiry of 12 months from the closing date. The non flow-through
portion of the "Offering" consisted of an aggregate 7,535,000 "Units" at a
price of $0.40 per unit for a total of $3,014,000.00. Each non flow-through
unit consisted of one common share and one-half of a non flow-through common
share purchase warrant. Each full warrant will entitle the purchaser to
purchase one warrant share at a price of $0.60 per warrant share, exercisable
at any time until the close of business on the date following the expiry of
12 months from the closing date.
    The Company paid commissions and/or finder's fees totaling $626,665.46,
equating to 5.0% of the gross offering, and issued finder's options totaling
1,006,589 to registered dealers and arms-length third parties responsible for
sourcing investors for this financing. The finder's options will entitle the
holders to acquire that number of common shares, exercisable at a price of
$0.40 for a 12 month period. Finder's commissions and options are subject to
applicable securities laws and obtaining required regulatory approvals.

    About Copper Fox:

    Copper Fox (CUU) is a Canadian-based mining company listed on the
TSX-Venture Exchange. The Company has concentrated its project activities
exclusively to the Schaft Creek mineral Deposit, one of the largest
undeveloped copper, gold, molybdenum and silver deposits in Canada. Based on
the Company's Preliminary Economic Evaluation (see News Release of January 14,
2008), the preliminary mining plan is designed to extract the core
713.3 million tonnes of a Measured and Indicated, 43-101 compliant, mineral
resource grading 0.304% copper, 0.218 g/t gold, 1.77 g/t silver, and 0.020%
molybdenum, for a copper equivalent (based on the study's Case 2 metal
pricing) of 0.663% and a waste to ore ratio of 1.66 over 31 years, within the
current NI 43-101 Mineral Resource of 1.4 billion tonnes, using a 0.20% CuEq
cut off. Currently the company is working on a pre feasibility study which
will be based on a 100,000 tpd throughput scenario expected to be released
this quarter.
    Copper Fox holds the property pursuant to an option agreement with Teck
Cominco Limited and has earned a direct 70% interest in the Schaft Creek
Mineral Deposit. The Company may acquire up to a 93.4% direct and indirect
interest in the property, subject to certain back-in rights to Teck Cominco.

    On behalf of the Board of Directors

    Guillermo Salazar, President and CEO

    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.

For further information: Investor inquiries: Jason Shepherd, Phoenix
Communications Group, Tel: 1-866-913-1910, E-mail:
investor@copperfoxmetals.com