Copper Fox announces new high grade copper and gold intervals from assay results reported in the first 16 drill holes from its 2008 drill season



    CALGARY, Oct. 23 /CNW/ - With field operations concluded for the season
Copper Fox Metals Inc. (CUU-TSX-V, CPFXF-S/P) announced assay results from 16
new drill holes completed as part of its 53 hole drill program at Schaft Creek
this year.
    "We are extremely pleased with the results of the 2008 drill hole program
to date," said Guillermo Salazar, President of Copper Fox. "The drilling
program not only confirmed the existence of high grade mineralization but that
this mineralization is in areas known to be outside of the main ore bodies".
    The remaining assay results are expected to be released as soon as
possible.

    
    Selected higher grade intervals from the results are:

    -------------------------------------------------------------------------
                                      Weigh-  Weigh-  Weigh-  Weigh-
                                         ted     ted     ted     ted
               From     To   Interval    Avg     Avg     Avg     Avg   Cu_Eq
    Hole No.  metres  metres  metres    Cu_%    Mo_%  Au_g/t  Ag_g/t       %
    -------------------------------------------------------------------------
    08CF321   280.60  292.80   12.20   1.149   0.003   0.003   5.925   1.224
    -------------------------------------------------------------------------
    08CF326    24.40   39.65   15.25   0.609  0.0042   0.684   5.900   1.311
    -------------------------------------------------------------------------
    08CF326    94.55  158.60   64.05   0.286   0.018   0.080   3.414   0.524
    -------------------------------------------------------------------------
    08CF326    30.50   33.55    3.05   1.301   0.036   2.820   9.500   2.654
    -------------------------------------------------------------------------
    08CF329    12.20  106.75   94.55   0.439   0.024   0.165   0.848   0.749
    -------------------------------------------------------------------------
    08CF339    10.60   73.20   62.60   0.423   0.015   0.215     n/a   0.654
    -------------------------------------------------------------------------

    Of the 16 drill holes for which assay results have been received, 6 are
    geotechnical drill holes, 3 are hydrogeological holes, and 7 are infill
    exploration drill holes.

    -------------------------------------------------------------------------
    Hole Type             Drill Hole Numbers
    -------------------------------------------------------------------------
    Infill exploration    08CF321, 08CF322, 08CF323, 08CF324, 08CF325,
                          08CF326, 08CF327
    -------------------------------------------------------------------------
    Geotechnical          08CF328, 08CF329, 08CF333, 08CF335, 08CF338,
                          08CF339
    -------------------------------------------------------------------------
    Hydrogeological       08CF330A, 08CF332A, 08CF337A
    -------------------------------------------------------------------------

    Table "A" is appended to provide in detail the assay results of those
    drill holes from this program reporting mineralization above 0.25% CuEq.
    Below is an interpretation of these same assay results:
    

    Interpretation: Liard - Paramount Boundary

    Drill hole 08CF321 contains 3.05 meters grading 241.8 g/t Ag within Late
Triassic Stuhini volcanic rocks starting at five metres from surface however
this result is being reviewed by the laboratory. Also within Late Triassic
Stuhini sedimentary units at depths between 213.50 to 317.20m, four elevated
intervals of 3.05-12.20m are reported, primarily as a result of high values
for copper and silver, however these intervals returned only background values
for molybdenum and gold. At a depth of 286.7m an interval of 3.05m assayed
2.415% Cu.
    Drill hole 08CF328, collared about 90m to the west-southwest of 08CF321
and drilled at a dip of -60 degrees toward 08CF321, reported six intervals of
3.05-6.10m containing 0.261-0.647% CuEq at depths from 8.53-88.45m, all within
Late Triassic Hickman porphyry.
    Located a further 275m to the southwest of 08CF328 at the south end of
the Paramount Zone, drill hole 08CF338 was drilled as a vertical geotechnical
hole but reported five intervals of 3.05-30.50m grading between
0.299-0.845% CuEq at depths from 64.05-158.6m mostly hosted in Late Triassic
Hickman granodiorite but also from Early Jurassic tourmaline breccia. Of
particular importance is the 30.50m interval from 97.60-128.10m where 0.845%
CuEq was reported. Only assay data to 158.60m has been received to date for
08CF338.
    These three holes are located partway between the Paramount and Liard
Zones and the mineralization could be related to either zone, or be a part of
a mineralized body that links both zones.

    Interpretation: West Breccia Zone

    Six holes were drilled in and near the West Breccia Zone and four of
these reported values of more than 0.25% CuEq. Hole 08CF322 was drilled about
300m southwest of the West Breccia Zone, as currently defined, and reported a
single interval of 3.05m with 0.313% CuEq from Stuhini porphyry.
    Drill hole 08CF323, located about 200m west of the West Breccia Zone
contains an interval of 9.15m averaging 0.673% CuEq starting at a depth of
51.85m in Stuhini volcanic rocks.
    Drill hole 08CF326 was drilled within the West Breccia Zone and reported
nine intervals above 0.25% CuEq between 9.15m and 182.88m, all from Early
Jurassic tourmaline breccia. The highlights of the hole are at 24.40-39.65m
where an interval of 1.311% CuEq was reported over 15.25m, and at
94.55-158.60m where 0.524% CuEq was reported over 64.05m. The highest single
value is from 30.50-33.55m where 1.301% Cu, 0.036% Mo, 2.82 g/t Au and 9.5 g/t
Ag were returned for a combined 2.64% CuEq.
    Drill hole 08CF327 returned 31.43m of 0.407% CuEq from 14.32-45.75m
within Stuhini volcanic rocks. This mineralization could indicate that the
West Breccia Zone extends further south.

    Interpretation - Central Pit

    Two geotechnical holes were drilled toward the centre of the planned open
pit on the Liard Zone. Drill hole 08CF329 was drilled at -65 degrees in the
southern part of the zone and intersected 94.55m of 0.749% CuEq from
12.20-106.75m within Stuhini volcanic rocks and porphyry. Within this zone,
three intervals of 3.05m returned values between 1.213-1.501% CuEq.
    Located about 550m further northwest, drill hole 08CF339 was drilled at
-60 degrees and reported 62.60m of 0.654% CuEq from bedrock at 10.60m to
73.20m in Stuhini volcanic and sedimentary rocks, and porphyry, and also in
part from dykes of mafic to intermediate composition of Tertiary age or older.

    
    Table 'A' - Significant Assay Results

    -------------------------------------------------------------------------
                                     Weigh-  Weigh-  Weigh-   Weigh-
                                        ted     ted     ted      ted
              From     To   Interval    Avg     Avg     Avg      Avg   Cu_Eq
    Hole No. metres  metres  metres    Cu_%    Mo_%  Au_g/t   Ag_g/t       %
    -------------------------------------------------------------------------
    08CF321    9.15   12.20    3.05   0.099   0.002   0.040  241.800   1.615
    08CF321  213.50  222.65    9.15   0.558   0.006   0.037    1.467   0.638
    08CF321  274.50  277.55    3.05   0.217   0.002   0.020    1.400   0.251
    08CF321  280.60  292.80   12.20   1.149   0.003   0.033    5.925   1.224
    08CF321  311.10  317.20    6.10   0.304   0.001   0.020    3.000   0.339
    Single
     high
     value
    08CF321  286.70  289.75    3.05   2.415   0.004   0.040    8.000   2.519
    -------------------------------------------------------------------------
    08CF322   76.25   79.30    3.05   0.297   0.000   0.000    2.200   0.313
    -------------------------------------------------------------------------
    08CF323   51.85   61.00    9.15   0.516   0.013   0.037    0.567   0.673
    -------------------------------------------------------------------------
    08CF326    9.15   12.20    3.05   0.281   0.012   0.080    3.800   0.455
    08CF326   15.25   18.30    3.05   0.132   0.016   0.030    0.800   0.312
    08CF326   24.40   39.65   15.25   0.609   0.042   0.684    5.900   1.311
    08CF326   54.90   57.95    3.05   0.170   0.010   0.040    0.700   0.289
    08CF326   85.40   91.50    6.10   0.332   0.019   0.070    3.550   0.573
    08CF326   94.55  158.60   64.05   0.286   0.018   0.080    3.414   0.524
    08CF326  164.70  170.80    6.10   0.200   0.005   0.075    4.100   0.298
    08CF326  173.85  176.90    3.05   0.151   0.007   0.060    2.300   0.262
    08CF326  179.95  182.88    2.93   0.204   0.004   0.060    1.900   0.281
    Single
     high
     value
    08CF326   30.50   33.55    3.05   1.301   0.036   2.820    9.500   2.654
    -------------------------------------------------------------------------
    08CF327   14.32   45.75   31.43   0.219   0.002   0.512    0.501   0.407
    Single
     high
     value
    08CF327   21.35   24.40    3.05   0.343   0.002   1.890    0.500   0.972
    08CF327   39.65   42.70    3.05   0.051   0.002   2.380    0.000   0.840
    -------------------------------------------------------------------------
    08CF328    8.53    9.15    0.62   0.479   0.007   0.270    1.900   0.647
    08CF328   18.30   21.35    3.05   0.192   0.014   0.090    0.700   0.373
    08CF328   39.65   42.70    3.05   0.221   0.008   0.040    0.900   0.326
    08CF328   64.05   67.10    3.05   0.158   0.009   0.100    0.000   0.288
    08CF328   70.15   73.20    3.05   0.184   0.006   0.070    0.800   0.272
    08CF328   82.35   88.45    6.10   0.144   0.010   0.035    0.250   0.261
    -------------------------------------------------------------------------
    08CF329   12.20  106.75   94.55   0.439   0.024   0.165    0.848   0.749
    08CF329  131.15  134.20    3.05   0.338   0.003   0.040    0.000   0.384
    Single
     high
     value
    08CF329   18.30   21.35    3.05   0.493   0.082   0.400    3.600   1.501
    08CF329   36.60   39.65    3.05   0.542   0.059   0.160    0.700   1.213
    08CF329   64.05   67.10    3.05   0.962   0.031   0.490    1.400   1.455
    -------------------------------------------------------------------------
    08CF338   64.05   76.25   12.20   0.292   0.017   0.020      n/a   0.479
    08CF338   82.35   85.40    3.05   0.264   0.025   0.020      n/a   0.530
    08CF338   91.50   94.55    3.05   0.237   0.005   0.020      n/a   0.299
    08CF338   97.60  128.10   30.50   0.615   0.020   0.034      n/a   0.845
    08CF338  134.20  158.60   24.40   0.353   0.029   0.070      n/a   0.686
    -------------------------------------------------------------------------
    08CF339   10.60   73.20   62.60   0.423   0.015   0.215      n/a   0.654
    08CF339   82.35   85.40    3.05   0.160   0.014   0.010      n/a   0.315
    08CF339   88.45   91.50    3.05   0.304   0.019   0.030      n/a   0.516
    08CF339  176.90  179.95    3.05   0.213   0.001   0.130      n/a   0.262
    -------------------------------------------------------------------------

    Data Inputs for Copper Equivalent: Copper $3.12 lb; Molybdenum $33.00 lb;
    Gold $692.85 oz; Silver $13.09 oz. Metallurgical recoveries and net
    smelter returns are assumed to be 100%, or actual recoveries if based on
    recovered grades.
    

    About Copper Fox

    Copper Fox is a Canadian-based mining company listed on the TSX-Venture
Exchange (CUU). The Company's activities are focused exclusively on the Schaft
Creek mineral property, 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 Cominco Limited ("Teck) 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.
    Schaft Creek comprises 20,932 hectares situated in northwest British
Columbia, Canada at 57 degrees 21' N latitude and 130 degrees 59' W longitude
on the eastern slopes of the Coastal Mountain ranges. Schaft Creek is situated
between the highway and the glaciers in the area, and benefits from a
significantly lower average rain and snowfall compared to the Pacific (west)
side of these same ranges.
    The Company released the results of its preliminary feasibility study on
September 15, 2008. The PFS was based on a 100,000 tonne p/d open pit mine
with a minable reserve of 812 million tonnes. 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 with a pretax NPV of $2.764 billion discounted at
8%. The Company plans to proceed with the completion of a full feasibility
study on this project.

    
    On behalf of the Board of Directors
    Guillermo Salazar S, 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:

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

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