Copper Fox Metals Inc. - Third Quarter Results

    Three and Nine Months Ended July 31, 2008

    CALGARY, Sept. 30 /CNW/ - Copper Fox Metals Inc. (TSX Venture: CUU)
announced today its third quarter financial results. The Company reports a
loss of $1,307,400 (2007 - $1,012,528) for the three months ended July 31,
2008 and a loss of $2,625,828 (2007 - $3,203,384) for the nine months ended
July 31, 2008. The Company increased expenditures on its Schaft Creek property
by $6.2 million in the second quarter which represents accumulative
expenditures in excess of $32,000,000 on the 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.

    Third Quarter Overview

    The third quarter has been a very active period for the company with the
Schaft Creek Property. The Company has spent an additional $6.2 million
(2007 - $4.2 million) related to this project in the quarter, bringing the
total expenditures at Schaft Creek from the inception of the Company to over
$32 million. These expenditures were incurred by the Company to complete the
work necessary to complete a National Instrument ("NI") 43-101 compliant
preliminary feasibility study on its Schaft Creek deposit, the results of
which were released to the public on September 15, 2008.
    The preliminary feasibility study confirmed the viability of Schaft Creek
and highlighted the advantages of the project including: location,
comparatively low capital expenditure requirements and operating costs and
high metal recoveries. Based on a 100,000 tonne per day open pit conventional
mining operation, the study projects:

    -   A Mineable Reserve mill feed of 812.2 million tonnes of 0.301% Cu,
        0.212g/t Au, 0.020% Mo and 1.76g/t Ag;
    -   A Measured and Indicated reserve of 1.393 billion tonnes with
        0.25% Cu, 0.18g/t Au, 0.019% Mo, 1.55g/t Ag;
    -   18.6% before tax internal rate of return;
    -   $11.734 billion Pre-Tax Cash Flow (undiscounted);
    -   $2.764 billion NPV before taxes, discounted at 8%;
    -   The revenue generated by all the by-products covers all operating
        costs and adds a credit of (US) $0.32/lb of copper produced to the
        revenue stream. Thus, the cost to produce a pound of copper is
        estimated to be -$0.32 per pound which would result in a negative
        operating cost for copper;
    -   4.7 years before tax payback, and 4.9 years after tax payback.

    The official news release and the full preliminary feasibility report can
be seen at
    The completion of the study represented a major milestone in the progress
to develop Schaft Creek and positions Copper Fox to move forward in fall 2008
with the full Feasibility Study. Work on the Feasibility Study is currently
underway and is expected to be completed in the first half of 2009 with a view
to putting a mine into production in the fourth quarter of 2013.

    Selected Financial Information

                                              Net Loss   Net loss per share -
                                                           basic and diluted

    Third Quarter                    $   (1,307,400.00)     $          (0.01)
    Second Quarter                   $     (719,874.00)     $          (0.01)
    First Quarter                    $     (598,554.00)     $          (0.01)
    Fourth Quarter                   $   (1,215,394.00)     $          (0.02)
    Third Quarter                    $   (2,255,109.00)     $          (0.01)
    Second Quarter                   $     (540,473.00)     $          (0.03)
    First Quarter                    $     (407,802.00)     $          (0.01)
    Fourth Quarter                   $     (192,356.00)     $              -


    The Company completed a financing at the beginning of this quarter and
raised approximately $5.1 million of new funds in the quarter. This money,
together with the $7 million of working capital in place at the beginning of
the quarter was used to fund $6.2 million of expenditures at Schaft Creek and
to pay for $600,000 of administrative costs, leaving the company with
$5.3 million of working capital at July 31, 2008.
    The company will be using its working capital at the end of this quarter
to satisfy its commitments to suppliers providing services to the end of the
summer and into the early fall at Schaft Creek and to pay for administrative
costs in its Calgary and Vancouver offices.
    The Company has an obligation to incur approximately $2,254,000 of
qualified expenditures by December 31, 2008, related to the flow through
shares issued during the year ended October 31, 2008. The Company expects to
satisfy this commitment by October 31, 2008.

    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. 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 indicating the economic viability of the Schaft Creek
project. 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

    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:

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