VANCOUVER, Dec. 24, 2012 /CNW/ - ('Copper Fox' or 'the Company') (TSX-V: CUU) Mr. Elmer B. Stewart, President and Chief Executive Officer and Mr. J.
Michael Smith, Executive Vice President would like to thank all the
listeners and participants in today's conference call regarding the
Bankable Feasibility Study on the Schaft Creek
copper-gold-molybdenum-silver deposit located in northwestern British
A complete recording of today's conference call will be available within
the next 24 hours by dialing 1-855-201-2300 and providing the conference reference number 864956 as well as the participant code 95993#. The recording will be available for 90 days. An MP3 recording of the
call will also be posted on our website shortly.
About Copper Fox
Copper Fox is a Canadian-based resource development company listed on
the TSX Venture Exchange (TSX-V: CUU) with a corporate office in
Calgary, AB and an operations office in Vancouver, BC. Its major asset
is the Schaft Creek copper, gold, molybdenum and silver deposit located
in northwestern British Columbia, Canada for which a positive
Feasibility Study was recently completed.
Copper Fox holds title and a 100% working interest in the Schaft Creek
project consisting of 55,779.56 hectares (137,834 acres). Included in
this total are the "Schedule A" mineral tenures originally conveyed to
Copper Fox pursuant to the Teck Option Agreement, which consist of
8,334.34 hectares (20,594 acres). The "Schedule A" mineral tenures are
subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a 30%
carried Net Proceeds Interest held by Liard and, together with the
additional mineral tenures obtained by Copper Fox within the "Area of
Interest" provided for in the Teck Option Agreement, an earn back
option held by Teck. On completion of the Feasibility Study, Copper Fox
earns Teck's 78% interest in Liard. Teck's earn back option to acquire
either, 20%, 40% or 75%, of Copper Fox's interest in the Schaft Creek
Project is triggered upon delivery of a "Positive Bankable Feasibility
Study" (as defined) to Teck after which they have 120 days to make a
decision. Should Teck elect to exercise its option for 75%, Teck is
required to fund subsequent property expenditures up to a total of 400%
of those incurred by Copper Fox ($84.9 million to July 31, 2012) and
use its best efforts to arrange for project financing, including the
Copper Fox portion. For full details of the Teck earn back option
please refer to the Company's website www.copperfoxmetals.com.
The remainder of Copper Fox's registered interests in mineral tenures in
British Columbia total 47,445.22 hectares (117,240 acres). These
interests have been acquired by Copper Fox through mineral tenure
acquisitions and mineral tenure purchase agreements subsequent to
Copper Fox entering into the Teck Option Agreement. Certain portions of
these registered mineral tenures are subject to inclusion within the
Schaft Creek Project pursuant to the terms of the "Area of Interest"
provisions of the Teck Option Agreement.
Additionally the Company holds, through its wholly-owned subsidiaries,
mineral tenures located in Pinal County, Arizona (the 'Sombrero Butte
Copper Project') and in Miami, Arizona (the 'Van Dyke BLM Claims'). The
Sombrero Butte copper project consists of 2,887 acres located in the
Bunker Hill Mining District, 44 miles northeast of Tucson and the 35
Van Dyke BLM Claims located to the west of the Van Dyke copper deposit
On behalf of the Board of Directors
Elmer B. Stewart
President and 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 feasibility study for the Schaft
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.
SOURCE: Copper Fox Metals Inc.
For further information:
Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080