Copper Fox provides an update of Corporate Activities



    CALGARY, Feb. 11 /CNW/ - Copper Fox Metals Inc. (CUU-TSX-V, CPFXF-S/P) is
pleased to provide a Technical and Financial update of Corporate Activities
developments.

    TECHNICAL UPDATE:

    Copper Fox announces the assay results for the remaining 30 drill holes
from its 53 hole diamond drilling program at Schaft Creek during the 2008
season.
    "The Company is pleased with the results from the drilling within the
Liard (Main) and Paramount Zones. In the Liard (Main) Zone, drill hole 08CF341
tested an area of the designed pit previously considered to be waste material
and extended mineralization eastwards by at least 150 metres. This hole was
stopped at a drill-capacity depth of 542.39 metres in mineralization. Drill
hole 08CF347 intersected 459.0 metres of mineralization with a copper
equivalent grade of 0.50% CuEq and included a 35.05 metre interval that
assayed 0.693% copper, 0.022% molybdenum, 0.892 g/t gold and 3.35 g/t silver
from 4.05 metres. In the Paramount Zone, the historical higher grades reported
by Hecla and Teck and the continuity of mineralization have been confirmed.
The results from these diamond drill holes considerably expand the potential
size of what already is a world class mineral deposit", says Guillermo
Salazar, President and CEO of Copper Fox Metals.
    The 2008 drilling program was designed to complete the geotechnical,
hydro-geological and pit slope stability study of areas within the proposed
100,000 tonnes per day copper-gold-molybdenum open pit mine at Schaft Creek.
This pit was designed by Samuel Engineering, Inc., Knight Piésold Ltd. and
Moose Mountain Technical Services and is included in the Preliminary
Feasibility Study released September 15, 2008. Additional objectives of the
drilling were to decrease the spacing between drill holes in areas of the
Paramount Zone. The results from this program considerably expand the
potential size of the Schaft Creek mineral deposit and represent a major
achievement in moving the project towards production.
    Fourteen of these holes were drilled within the known limits of the Liard
and Paramount ore bodies while sixteen were drilled outside these areas,
primarily in what were considered candidate sites for waste and tailings
disposal. Two holes extended mineralization beyond the known limits of the
deposit. Highlights from this drilling program are contained in Table No. 1
below.

    
    Table 1: Highlights of best results reported (metres)
    -------------------------------------------------------------------------
    Hole No     From      To     Interval    Cu %    Mo %   Au g/t   Ag g/t
    -------------------------------------------------------------------------
    Liard or
    Main Zone
    -------------------------------------------------------------------------
    08CF341    146.40   256.20    109.80    0.267   0.038    0.177    0.73
    -------------------------------------------------------------------------
    And        497.15   542.39     45.24    0.159   0.046    0.065    0.71
    -------------------------------------------------------------------------
    08CF347      4.60    39.65     35.05    0.693   0.022    0.892    3.35
    -------------------------------------------------------------------------
    Paramount
    Zone
    -------------------------------------------------------------------------
    08CF342     73.20   223.72    150.52    0.311   0.022    0.397    1.77
    -------------------------------------------------------------------------
    08CF366      9.15   115.90    106.75    0.503   0.037    0.272    1.49
    -------------------------------------------------------------------------
    08CF369     12.20   334.67    322.47    0.292   0.026    0.361    1.71
    -------------------------------------------------------------------------

    The results from the 2008 drilling season are presented in detail on Table
No 2. All drilling results will be posted in CUU's website and will be
included in the corebox.net database, also on display in the website.

    Table 2:  Significant intervals (metres)
    -------------------------------------------------------------------------
                                         Weigh- Weigh-  Weigh-  Weigh-
                                           ted    ted     ted     ted
                                           Avg    Avg     Avg     Avg  CU_Eq
    Hole No.    From     To    Interval   Cu_%   Mo_%  Ag_g/t  Au_g/t      %
    -------------------------------------------------------------------------
    Paramount Zone
    -------------------------------------------------------------------------
    08CF338    158.60  204.35     45.75  0.370  0.026   0.064    0.50  0.667
    combined   134.20  204.35     70.15  0.364  0.027   0.066    0.33  0.674
               219.60  225.70      6.10  0.206  0.013   0.110    0.85  0.385
               234.85  240.95      6.10  0.510  0.022   0.085    0.80  0.778
    -------------------------------------------------------------------------
    08CF342     24.38   36.60     12.22  0.187  0.013   0.042     n/a  0.344
                73.20  223.72    150.52  0.311  0.022   0.397    1.77  0.680
    -------------------------------------------------------------------------
    08CF348     30.50   33.55      3.05  0.100  0.017   0.210    1.00  0.354
                42.70  160.93    118.23  0.195  0.037   0.252    1.78  0.680
    -------------------------------------------------------------------------
    08CF351     27.45   70.15     42.70  0.239  0.027   0.081    0.28  0.557
                88.45  231.80    143.35  0.351  0.030   0.309    2.36  0.783
               237.90  247.05      9.15  0.253  0.002   0.080     n/a  0.294
               259.25  268.40      9.15  0.280  0.001   0.060     n/a  0.312
               283.65  286.70      3.05  0.326  0.002   0.270     n/a  0.430
               295.85  305.00      9.15  0.303  0.003   0.120     n/a  0.375
               311.10  316.68      5.58  0.316  0.002   0.184    0.44  0.402
    -------------------------------------------------------------------------
    08CF366      5.49  273.71    268.22  0.300  0.025   0.170    0.60  0.628
    Including the following
                 9.15  115.90    106.75  0.503  0.037   0.272    1.49  0.987
               122.00  186.05     64.05  0.213  0.029   0.128     n/a  0.567
               192.15  198.25      6.10  0.244  0.009   0.045     n/a  0.355
               207.40  213.50      6.10  0.148  0.016   0.370     n/a  0.437
               225.70  253.15     27.45  0.200  0.020   0.146    0.11  0.457
               262.30  273.71     11.41  0.187  0.011   0.070     n/a  0.328
    -------------------------------------------------------------------------
    08CF369     12.20  334.67    322.47  0.292  0.026   0.361    1.71  0.693
    -------------------------------------------------------------------------
    Main Zone
    -------------------------------------------------------------------------
    08CF340A     5.79   50.29     44.50  0.308  0.024   0.212    1.00  0.637
    -------------------------------------------------------------------------
    08CF341     85.40   88.45      3.05  0.006  0.001   1.000    0.00  0.338
               146.40  256.20    109.80  0.267  0.038   0.177    0.73  0.732
               283.65  289.75      6.10  0.208  0.008   0.085    0.85  0.321
               298.90  329.40     30.50  0.233  0.008   0.091    0.62  0.347
               347.70  387.35     39.65  0.167  0.015   0.048    0.46  0.344
               411.75  436.15     24.40  0.178  0.028   0.049    0.83  0.494
               448.35  472.75     24.40  0.193  0.012   0.071    0.55  0.351
               497.15  542.39     45.24  0.159  0.046   0.065    0.71  0.676
    -------------------------------------------------------------------------
    08CF346     21.35  253.15    231.80  0.374  0.030   0.217    1.16  0.768
    -------------------------------------------------------------------------
    08CF347      4.60  463.60    459.00  0.287  0.012   0.283    0.44  0.508
    Including the following
    08CF347      4.60   39.65     35.05  0.693  0.022   0.892    3.35  1.238
    -------------------------------------------------------------------------

    Proposed Plant Site and Tailings Storage Facility Drill Holes

    Two drill holes, 25.91m and 27.43m in length, were drilled at the Proposed
Plant Site. The other 14 holes were drilled at the proposed Tailings Storage
Facility about seven kilometres to the north of the open pit area and are
28.96m to 92.66m in length. None of these drill holes contain significant
intersections.

    Quantitative Assessment and Quality Control

    Results for assay standards used are within acceptable ranges for copper,
molybdenum and gold. Values for silver in assay standards are either well
within acceptable ranges or are less than detection.
    For consistency in reporting this season's work, all copper equivalent
values are calculated using the three-year trailing averages for the metal
prices provided to Copper Fox Metals as of August 2008 (See Table No. 3) and
the drill core assay grades.

    Table 3: Metal Prices for Copper Equivalent Calculation
    ---------------------------------------------------
    Data Inputs for Copper Equivalent
    ---------------------------------------------------
    Metal       Copper   Molybdenum     Gold    Silver
               ----------------------------------------
    Price US$    $3.12     $33.00     $692.85   $13.09
               ----------------------------------------
    per unit      lb         lb          oz        oz
    Grade          %          %         g/t       g/t
    ---------------------------------------------------
    

    FINANCIAL UPDATE:

    The Company is diligently pursuing various areas of financing to
eliminate a working capital deficiency of $3,000,000 as a result of the
combination of unexpected cost overruns in its 2008 camp operation at Schaft
Creek and more importantly the collapse of the financial markets in the last
quarter of 2008 that prevented the Company from completing planned equity
financing. Currently The Company is in advanced discussions with a number of
parties, domestically and internationally, to secure $4,000,000 in financing
to restore its working capital and continue to advance the Schaft Creek
project.

    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
per day 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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