CALGARY, Jan. 21 /CNW/ - Copper Fox Metals Inc. (TSX-Venture: CUU) is pleased to announce that it has awarded the contract to complete a feasibility study on the Schaft Creek copper-gold-molybdenum-silver deposit located in northwest British Columbia, Canada to Wardrop, a Tetra Tech Company (Wardrop). It is expected that the feasibility study will be completed later this year in the fourth quarter.
Copper Fox is on track this year (2010) to complete the feasibility study and documentation necessary to complete its environmental permit application for the development of the Schaft Creek project. The Schaft Creek deposit represents one of the largest undeveloped resources of copper-gold-molybdenum-silver in Canada. It is located in politically attractive British Columbia, Canada. This deposit has the potential to provide a long term secure supply of copper-gold-molybdenum-silver.
Wardrop is a multi-disciplined engineering and consulting firm that provides innovative solutions for the natural resource management, energy, and infrastructure markets globally. Wardrop is an ISO 9001:2000 certified company, with a strong base of experience in British Columbia and throughout Northern Canada, which is directly applicable to the Schaft Creek Project. Wardrop is a subsidiary of Tetra Tech (NASDAQ: TTEK), a leading provider of consulting, engineering, program management, construction and technical services. The combined companies have more than 10,000 employees worldwide and capabilities that span the entire project lifecycle.
Mr. Elmer B. Stewart, MSc., P. Geol, President and Chief Executive Officer stated "We are extremely pleased to have completed the work required to commence the feasibility study on the Schaft Creek deposit. Wardrop's completion of the feasibility study allows Copper Fox to apply for the environmental permits related to construction of the Schaft Creek project which is a critical milestone to be achieved in 2010".
About Copper Fox
Copper Fox's activities are focused exclusively on Schaft Creek, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox has earned a direct 70% interest in Schaft Creek. Pursuant to the option agreement with Teck Resources Limited. ("Teck"), Copper Fox is currently earning an additional 23.4% interest (totaling 93.4% direct and indirect interest in the property) subject to certain back-in rights to Teck by completing a positive feasibility study on the Schaft Creek deposit.
Schaft Creek is located within a contiguous land package that comprises 20,932 hectares situated in northwest British Columbia, Canada. On September 15, 2008, Copper Fox released the results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit which contemplated processing 100,000 tonne of ore per day from an open pit mine and standard flotation recovery process. The PFS estimated the measured and indicated mineral resources at Schaft Creek to be approximately 1.4 billon tonnes grading 0.25% copper, 0.18 g/t gold, 0.02% molybdenum and 1.55 g/t silver. The measure and indicated mineral deposit is estimated to contain 7.8 billion pounds of copper, 583 million pounds of molybdenum, 7.9 million ounces of gold and 69.7 million ounces of silver.
On behalf of the Board of Directors
Elmer B. Stewart
President & 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 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 results of geophysical surveys or drilling programs, 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.
SOURCE Copper Fox Metals Inc.
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