Copper Fox announces the closing of a Brokered Private Placement Financing of $9,602,100



    CALGARY, Aug. 16 /CNW/ - Guillermo Salazar S President and CEO of Copper
Fox Metals Inc. ("Copper Fox" or the "Company") is pleased to announce that
further to its news release of July 16, 2007 the Company completed a brokered
"flow-through" and "non flow-through" private placement financing on August
15, 2007. The Offering raised an aggregate $9,602,100 CDN funds. The
"flow-through" portion of the offering consisted of an aggregate 5,772,400
common shares at a price of $1.25. The non flow-through component consisted of
aggregate 2,169,635 units priced at $1.10. Each unit consists of one non
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 $1.60 per Warrant Share, exercisable at any time
until the close of business on the date following the expiry of 18 months from
the Closing Date provided that, if at any time following the expiration of
four months from the Closing Date, the Closing Price of the Issuers Shares is
equal to or greater than $1.75 per share for 15 consecutive trading days, the
Issuer may give notice to the Purchaser in writing that the expiry date of the
Warrants is being shortened to 30 days from the date of such notice.
    Evergreen Capital Partners Inc. acted as exclusive lead agent for this
brokered private placement. A total of $653,478, representing 6.8% of the
gross proceeds of the offering, was paid in commissions and fees to agents.
The Company also issued Agents Options entitling the agents to purchase
525,411 common shares at a price of $1.10 per common share for a period of 24
months following the closing.
    Funds generated from this financing will be used to advance the
feasibility study and include metallurgical testing, engineering studies, road
access as well as general operating purposes associated with the ongoing
development of the company's world class copper/gold porphyry project located
at Schaft Creek British Columbia.

    About Copper Fox

    The Schaft Creek mineral deposit is one of the largest undeveloped copper
deposits in Canada and the company is evaluating the feasibility of developing
an open pit mine with a capacity of up to 100,000 tonnes per day and a mine
life of 35 years. Copper Fox holds the property pursuant to an option
agreement with Teck Cominco Limited whereby Copper Fox may acquire up to a
93.4% direct and indirect interest in the property. Title to the property is
in good standing before the BC Government until 2015.
    Schaft Creek is located in north western British Columbia, Canada, a
stable socio-political environment. This area of northwest British Columbia is
often referred to as the "Gold Copper Belt" and includes deposits like Galore
Creek, and Red Chris. Copper Fox is in the Environmental Assessment Process
required by the British Columbia and Canadian Governments for project
permitting and is in continuous consultation with the Tahltan Nation.

    On behalf of the Board of Directors

    Guillermo Salazar S, President & 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.

    This news release includes "forward-looking information" within the
meaning of the Canadian securities laws. Statements, other than statements of
historical fact, may constitute forward-looking information and include,
without limitation: anticipated timing and content of upcoming work programs,
geological interpretations, and potential mineral recovery processes;
anticipated dates for receipt of permits, approvals and other milestones;
anticipated results of drilling programs, scoping and feasibility studies and
other analyses; future production, operating and capital costs; and operating
or financial performance. 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. For any forward looking information
given, management has assumed that the assay results it has received are
reliable, and has applied geological interpretation methodologies which are
consistent with industry standards. Forward-looking information involves
various risks and uncertainties. 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 management's
expectations include: fluctuations in 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 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 the Company's other
filings with Canadian securities regulatory authorities at www.sedar.com. The
forward-looking information in this news release is based on management'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: Jason Shepherd, Investor Relations toll free at
1-866-913-1910, Email www.investor@copperfoxmetals.com or contact Guillermo
Salazar at (403) 264-2820. Please visit the Copper Fox web site at:
www.copperfoxmetals.com. The full resource calculation report can be viewed on
SEDAR.

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Copper Fox Metals Inc.

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