CUU Copper Fox Metals Inc

Copper Fox Metals Inc. ('Copper Fox' or the 'Company') (TSX VENTURE:CUU) is
pleased to announce its second quarter operating and financial results as well
as a summary of activities completed during the quarter. Copper Fox had a net
loss for the quarter of $768,651 ($0.00 income per share). The Company also
incurred $795,304 in expenditures toward furthering the exploration of its Van
Dyke copper project in Arizona. Copies of the financial statements, notes and
related management discussion and analysis may be obtained on SEDAR at
www.sedar.com, the Company web site at www.copperfoxmetals.com or by contacting
the Company directly. The technical information provided in this news release
has been previously disclosed and are available on SEDAR. All amounts are in
Canadian dollars unless otherwise stated.


Highlights:

Schaft Creek Project

During the quarter, the results for the 2013 Schaft Creek Joint Venture
exploration and geotechnical program were released. The objectives of the
program were achieved in that mineralization was intersected approximately 300
metres ('m') east of the 2012 resource block model in the Paramount zone and
also to the west. Results of the geotechnical studies to provide updated data on
slope stability were positive. 


The Schaft Creek Joint Venture approved a 2014 program consisting of a
comprehensive series of studies to review all aspects (including metallurgical,
pit slope design, geological modelling and environmental) of the Schaft Creek
project and to update and optimize various parameters with a goal to improving
the economics of the Schaft Creek deposit. In addition to the ongoing
optimization work; a field program of mapping and core re-logging is planned to
collect additional structural information for pit slope design purposes and to
update the geological model for the Schaft Creek deposit. The geological
modelling on Schaft Creek could have implications on the potential size of this
deposit as well as provide indicators that would aid future exploration on the
other targets identified within the Schaft Creek property. Environmental
monitoring studies will also continue through 2014. The 2014 Schaft Creek
program is estimated to cost approximately $2.5 million. 


Van Dyke Copper Project

During the quarter, the diamond drilling program (6-8 holes approximately
5,000m) to verify the historical estimate completed by Occidental in the 1970's
commenced. Contracts were also executed with various contactors to review the
historical data and provide input on the geotechnical, metallurgical,
hydrogeological, environmental and resource aspects of the oxide portion of the
Van Dyke copper deposit. 


Drilling Activities:

The first drill hole (DDH VD2014-01) of the verification drilling program was
completed to a depth of 639.3metres (2,097 feet) and intersected a 167m metre
thick zone with visible oxide copper minerals in the Pinal Schist and a lower
interval of sulphide mineralization (from 338.8m to end of hole at 639.3m)
consisting of vein and fracture controlled chalcopyrite-molybdenite
mineralization hosted in the Pinal Schist and a granodiorite/quartz monzonite
porphyry. This hole was terminated in weak chalcopyrite-molybdenite
mineralization. A second diamond drill has been added to the Van Dyke drilling
program to reduce the time required to complete the verification drilling
program and lower costs associated with the drilling.


Corporate Investments

In line with the Corporate strategy to acquire equity or working interest in
copper projects in North America, subsequent to the quarter, Copper Fox through
its wholly owned subsidiary Northern Fox Copper Inc. ('Northern Fox'), on May
29, 2014, closed a non-brokered private placement, for 20,000,000 units of
Carmax Mining Corp. ('Carmax') (TSX VENTURE:CXM) for an aggregate subscription
price of $1,000,000. Units (each a "Unit") were subscribed for a price of $0.05
per Unit and consist of one previously unissued common share of Carmax and one
common share purchase warrant ('Warrant'). Northern Fox owns approximately 38.9%
of the shares of Carmax. Each Warrant is exercisable until May 29, 2016 and
entitles Northern Fox, on exercise, to purchase one additional common share of
Carmax at a price of $0.075 per share.


In connection with the private placement, Carmax has granted Northern Fox
certain rights, including, but not limited to:




--  The right to nominate two members to the Board of Carmax at each annual
    meeting of Carmax's shareholders;
--  The pre-emptive right to participate in any equity financing of Carmax,
    so as to maintain its pro rata percentage shareholding in Carmax; and
--  The right to make top-up investments in Carmax, by way of future private
    placements, so as to maintain its pro rata percentage shareholding in
    Carmax.



The aforementioned rights are, however, subject to Copper Fox and its affiliates
maintaining ownership of 20% of Carmax's issued and outstanding common shares. 


Sombrero Butte Copper Project

During the quarter, an archeological survey was completed and approval was
received from regulatory agencies to complete a geophysical survey over a
portion of the project. The proposed survey would cover that areas of the
project that host multiple mineralized breccia pipes as well as altered,
mineralized intrusive rocks (see news release dated March 19, 2014).


In addition to the above work, efforts commenced to acquire the historical
exploration data collected by various exploration/production companies that may
have explored this area for porphyry copper style mineralization in the late
1960's and early 1970's.


Selected Financial Results



-----------------------------------------------------------------------------
                                                                          Net
                                                                (loss)/income
                                                                  per share -
                                                                    basic and
                                                    Net Loss          diluted
-----------------------------------------------------------------------------
2014                                                                         
---------------------------------------------                                
Second Quarter                                $     (768,651) $          0.00
First Quarter                                 $     (182,095) $          0.00
2013                                                                         
---------------------------------------------                                
Fourth Quarter                                $     (636,715) $          0.00
Third Quarter                                 $    3,117,445  $          0.01
Second Quarter                                $     (697,664) $          0.00
First Quarter                                 $     (525,595) $          0.00
2012                                                                         
---------------------------------------------                                
Fourth Quarter                                $     (812,324) $          0.00
Third Quarter                                 $   (1,328,328) $          0.00
-----------------------------------------------------------------------------



Liquidity and Capital Resources

At April 30, 2014, the Company had working capital of $10,428,020 and a deficit
of $16,916,533 and had a net loss and comprehensive loss of $948,089 for the six
months ended April 30, 2014.


About Copper Fox

Copper Fox is a Canadian based resource company listed on the TSX-Venture
Exchange (TSX VENTURE:CUU) with offices in Calgary, Alberta and Miami, Arizona.
Copper Fox holds a 25% interest in a joint venture (the 'Schaft Creek Joint
Venture') with Teck Resources Limited ('Teck') on the Schaft Creek
copper/gold/molybdenum/silver project located in northwestern British Columbia.
On January 23, 2013, a National Instrument 43-101 Technical Report was prepared
by Tetra Tech under the direction of Copper Fox comprising a feasibility study
of a 130,000 tonne per day-open pit mine with a Proven and Probable Reserve of
940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0,018% molybdenum and
1.72 g/t silver; (recoverable CuEq 0.40 over a 21 year mine life with contained
metal of 5,611.7 million pounds of copper, 5.8 million ounces of gold, 363.5
million pounds of molybdenum and 51.7 million ounces of silver.


The Schaft Creek deposit host a Measured and Indicated Resource of 1,228.6
tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t
silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016%
molybdenum, 0.17 g/t gold and 1.65 g/t silver. The above stated Proven and
Probable Reserves for the Schaft Creek project are included within the stated
Measured, Indicated and Inferred Resources for this project.


In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture,
Copper Fox holds through Desert Fox Copper Inc. (a wholly owned subsidiary of
Copper Fox) and its wholly-owned subsidiaries, 100% interest in the Sombrero
Butte copper project in the Bunker Hill Mining District, Arizona and the Van
Dyke oxide copper project in the Globe-Miami Mining District, Arizona. Desert
Fox Copper Inc. has opened an operations office in Miami, Arizona to complete
the work required with the objective of completing a Preliminary Economic
Assessment on the Van Dyke copper project. Copper Fox holds through Northern
Copper (a wholly owned subsidiary of Copper Fox) a 40% equity interest in Carmax
Mining Corp. who in turn, owns 100% of the Eaglehead copper/gold/molybdenum
project located in northwestern British Columbia. For further information on
these projects, please refer to the Company's website at
www.copperfoxmetals.com.


On behalf of the Board of Directors

Elmer B. Stewart, President and 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 statements" and "forward-looking
information" (collectively, "forward-looking information") within the meaning of
applicable 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 MD&A includes statements about 


Desert Fox's future exploration/development activities as well as any equity or
working interest acquired in other significant copper projects in North America;
the utilization of unallocated cash to advance Arizona copper assets (with the
majority of effort on the Van Dyke oxide copper deposit); historical data on the
Van Dyke deposit; the efficacy of in-situ recovery method (with respect to the
environment, lower capital costs and low operating costs); Desert Fox's
objective (including timing) to complete the work required to prepare a
Preliminary Economic Assessment technical report on the Van Dyke project to
estimate a preliminary valuation; timing of the finalization of the 2014 plans
for the Schaft Creek project; the recommendation of a program of optimization
studies as well as a field program to update the geological model and better
define certain parameters of the Schaft Creek project; the program to verify the
historical results from the Van Dyke oxide copper deposit and the completion of
a NI 43-101 compliant resource estimation for the Van Dyke copper deposit;
collection of hydro geological, metallurgical and geotechnical data required for
a Preliminary Economic Assessment on the Van Dyke project; a follow-up 25 hole
drilling program for the Van Dyke deposit; timing of the expected drilling
program on the Van Dyke project; the upgrade of the Van Dyke historical estimate
as a current mineral resource; objective on the Sombrero Butte project to assess
its potential to host a large porphyry copper-molybdenum deposit; plans for a
deep penetrating geophysical survey (Induced Polarization) to identify
chargeability/resistivity anomalies indicative of porphyry copper systems at the
Sombrero Butte project; expected capital requirements to continue planned
activities; expected capital requirements to continue planned activities;
expected sources and the adequacy of required capital resources; geological
interpretations and potential mineral recovery processes. 


In connection with 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 Copper Fox and Desert Fox's operations. 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: the Schaft Creek Joint Venture may
not result in a Production Decision being made, or the construction of a mine;
further exploration and development of the Schaft Creek property may not occur
as expected; cash payments to Copper Fox may not be paid by Teck in the quantum
or timing expected, or at all; financing commitments may not be sufficient to
advance the Schaft Creek project as expected, or at all; proven and probable
reserves at Schaft Creek may not be in the quantum as currently expected, or
result in economic mining thereof; the possibility that future obligations with
respect to the Sombrero Butte property may not be met on a timely basis, or at
all; planned activities for the Van Dyke and Sombrero Butte properties many not
commence as currently planned, or at all; a current (43-101 compliant) resource
estimate, and a Preliminary Economic Assessment may never be obtained by the
Company for the Van Dyke property; fluctuations in metal prices and currency
exchange rates; conditions in the financial markets and overall economy may
continue to deteriorate; uncertainties relating to interpretation of drill
results and the geology, continuity and grade of mineral deposits; uncertainty
of the metallurgical testwork; the uncertainty of the estimates of capital and
operating costs, recovery rates, and estimated economic return; the need to
obtain additional financing and uncertainty as to the availability and terms of
future financing; the possibility of delay in exploration or development
programs; and uncertainty of meeting anticipated program milestones.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Copper Fox Metals Inc.
Investor line
1-844-464-2820
www.copperfoxmetals.com

Copper Fox Metals (TSXV:CUU)
Historical Stock Chart
From Apr 2024 to May 2024

Copper Fox Metals (TSXV:CUU)
Historical Stock Chart
From May 2023 to May 2024