Copper Fox Metals Inc. - First Quarter Results - Three Months Ended January 31, 2008

    CALGARY, March 27 /CNW/ - Guillermo Salazar S., President and CEO of
Copper Fox Metals Inc. (TSX Venture: CUU) announces the first quarter
financial results. The Company reports a loss of $598,554 for the three months
ended January 31, 2008 compared to a loss of $407,802 for the three months
ended January 31, 2007. The Company increased expenditures on its Schaft Creek
property by $979,455 and has now spent in excess of $22,500,000 on this
project. Copies of the financial statements and notes thereof and related
management discussion and analysis may be obtained on SEDAR at,
our Company web site at or by contacting the Company
directly. All amounts are in Canadian dollars unless otherwise stated.

    First Quarter Overview

    During the first quarter the company spent another $979,455 on the Schaft
Creek Property and has now spent in excess of $22,500,000 to date on this
project as the Company works toward the completion of a bankable feasibility
study. The Company is still planning on completing this study within the next
    With the accumulated data obtained through its drilling programs at the
Schaft Creek site, the Company released a resource estimate, pit optimization
plan, and preliminary economic assessment detailing the economic potential of
this mineral deposit using conservative pricing and capital cost assumptions.
The report recommends that the Company expand its plan to put a 100,000 tonne
per day producing mine into operation by the end of 2011.
    The Company is confident that on the release of this study it will
confirm the positive economics of the Schaft Creek deposit that have already
been released. The Company's management believes that they will be able to
manage the construction and operation of this project and will be able to
obtain the necessary financing on the strength of the bankable feasibility

    Selected Financial Information

                                                        Net loss per share -
                                             Net Loss    basic and diluted
    First Quarter                      $     (598,554)        $        (0.01)
    First Quarter                      $     (407,802)        $        (0.01)
    Second Quarter                     $   (1,783,054)        $        (0.03)
    Third Quarter                      $   (1,012,528)        $        (0.01)
    Fourth Quarter                     $   (1,215,394)        $        (0.02)
    Total                              $   (4,418,778)        $        (0.06)
    First Quarter                      $     (124,522)        $        (0.01)
    Second Quarter                     $     (409,896)        $        (0.02)
    Third Quarter                      $     (929,939)        $        (0.02)
    Fourth Quarter                     $     (192,356)        $        (0.00)
    Total                              $   (1,656,713)        $        (0.04)


    During the first quarter the Company's used $1,453,872 of its working
capital to fund the expenditures at Schaft Creek and to support the
administrative costs associated with its offices in Calgary and Vancouver. The
Company had $2,177,542 of working capital at January 31, 2008. The Company has
sufficient funds available to meet its current obligations.
    The cash requirements over the next year will be significant as the
Company plans to complete a bankable feasibility study. The Company believes
that it will raise the necessary capital to complete this study and to pay for
its corporate office needs through the issuance of shares in the public and
private markets and through the continued exercise or its existing options and
share purchase warrants.

    About Copper Fox

    Copper Fox is a Canadian-based mining company listed on the TSX-Venture
(CUU). The Company has concentrated its project activities exclusively to the
Schaft Creek mineral property, one of the largest undeveloped copper, gold,
molybdenum and silver deposits in Canada. 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. Fortunately, the location is situated between the
highway and the glaciers in the area, and also benefits from a significantly
lower average precipitation of rain and snowfall compared to the Pacific
(west) side of these same ranges.
    The preliminary mining plan is designed to extract the core 713.3 million
tonnes of a Measured and Indicated, 43-101 compliant, mineral resource grading
0.304% copper, 0.218 g/t gold, 1.77 g/t silver, and 0.020% molybdenum, for a
copper equivalent based on Case 2 metal pricing of 0.663% and a waste to ore
ratio of 1.66 over 31 years, within the current NI 43-101 Mineral Resource of
1.4 billion tonnes, using a 0.20% CuEq cut off. Copper Fox holds the property
pursuant to an option agreement with Teck Cominco Limited and may acquire up
to a 93.4% direct and indirect interest in the property. Copper Fox has
delivered notice to Teck Cominco that it has surpassed the $15,000,000
threshold of qualifying expenditures and has earned a direct 70% interest in
Schaft Creek. Title to the property is in good standing before the BC
Government until 2018.

    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

    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 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:

Organization Profile

Copper Fox Metals Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890