VANCOUVER, Feb. 16 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or "the Company") (TSX-V: CUU) is very pleased to announce that the TSX Venture Exchange Inc. has
ranked Copper Fox as its top overall performing company in the TSX
Venture 50® for 2011.
On February 15, 2011 Copper Fox was recognized as a TSX Venture 50®
company for 2011. TSX Venture 50® is a trade-mark of TSX Inc. and is
used under license. The TSX Venture 50® are the top 10 companies
listed on the TSX Venture Exchange, in each of five major industry
sectors - mining, oil & gas, technology & life sciences, diversified
industries, and clean technology based on a ranking formula with equal
weighting given to return on investment, market cap growth, trading
volume and analyst coverage. All data was as of December 31, 2010.
Copper Fox will join representatives of the other companies included in
the TSX Venture 50® as well as members of the TSX Venture Exchange at
the Spotlight event to be held in Toronto at the TMX Broadcast Centre
on March 31, 2011. Copper Fox will have the opportunity to discuss
the progress of the feasibility study and other developments at its
Schaft Creek Project and meet investment bankers, fund managers
research analysts and investment advisors at this event.
John McCoach, President of the TSX Venture Exchange said "we
congratulate Copper Fox on being selected as the top ranked company in
the TSX Venture 50®. This program is designed to recognize TSX
Venture's strongest performers that have been identified as leaders in
Canada's public venture market."
View the 2011 TSX Venture 50 rankings list and methodology: http://www.tmx.com/en/pdf/tmxmoney/2011_V50_rankings_list.pdf
Elmer Stewart, President and CEO of Copper Fox stated, "We are pleased
and honored to have received this recognition from the TSX Venture
Exchange as we work toward completing a feasibility study on the Schaft
Creek copper-gold-molybdenum-silver "giant porphyry deposit" located in
northwest British Columbia."
About Copper Fox
Copper Fox is a Canadian based resource company listed on the
TSX-Venture Exchange (CUU) focused on completing a Feasibility Study on
the Schaft Creek deposit, one of the largest undeveloped copper, gold,
molybdenum and silver deposits in North America. Categorized as a
"giant porphyry deposit" this project is at the advanced development
stage with a Preliminary Feasibility Study ("PFS") prepared by Samuel
Engineering, Inc. of Denver, Colorado, in September 2008. The results
of the PFS were extremely "robust" reporting a NPV @ 8% (before tax) of
$2.8 billion dollars over a 23 year mine life. They contemplated
processing 100,000 tonne per day ("tpd") from an open pit mine using a
standard flotation recovery process. The PFS estimated the current
Mineral Resources (using a 0.2% copper equivalent cutoff) at Schaft
Creek includes; Measured Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02%
molybdenum and 1.55 g/t silver, Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02%
molybdenum and 1.56 g/t silver.
A Feasibility Study on a minimum 120,000 tpd open pit mine is expected
to be completed by the end of June 2011.
Copper Fox holds title and a 100% working interest in a contiguous
21,025 hectares (51,954 acres) property which includes the Schaft Creek
deposit subject to certain royalty agreements, a 30% carried interest
held by Liard Copper and an earn back option held by Teck Resources
Limited ("Teck"). Copper Fox is currently earning a 78% interest in
Liard Copper from Teck. Teck's earn back option to acquire 20%, 40% or
75% of the Schaft Creek project is triggered upon completion of a
positive Feasibility Study. Should Teck elect to exercise its option
for 75% they are required to fund subsequent property expenditures up
to a total of 400% of those incurred by Copper Fox ($57.2 million as of
December 31, 2010) and arrange for project financing, including the
Copper Fox portion. For full details of the option please refer to the
Company's website www.copperfoxmetals.com.
*United States investors are advised that current Mineral Resources are
not current Mineral Reserves and do not have demonstrated economic
viability. All figures are rounded to reflect the relative accuracy of
the estimate and in keeping with "best practice principles".
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 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 timing
and scope of the feasibility study for the Schaft Creek project;
estimated timing and amounts of future expenditures and "earn-back"
options; geological interpretations and potential mineral recovery
processes. 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.
The forward-looking information contained in this news release, Copper
Fox has made numerous assumptions , regarding, among other things: the
geological, metallurgical, engineering, financial and economic advice
that Copper Fox has received is reliable, and is based upon practices
and methodologies which are consistent with industry standards; and the
continued financing of the Feasibility Study; and the anticipated
analytical results of the current drilling program. While Copper Fox
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could
cause Copper Fox's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking information
contained herein. Known risk factors include, among others: the
Feasibility Study may not be completed within the contemplated time
frame, or at all; the possibility that the analytical results from the
core sampling does not return significant grades of copper
mineralization; the possibility that future drilling on the Schaft
Creek project may not occur on a timely basis, or at all; 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, and estimated
economic return; 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
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:
For additional information contact: Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080