Copper Fox Announces 2017 First Quarter Operating and Financial Results
01 April 2017 - 9:35AM
Copper Fox Metals Inc.
(“Copper Fox” or the
“Company”) (TSX-V:CUU) (OTC-Pink:CPFXF) is pleased to
announce that its unaudited interim consolidated January 31, 2017
financial statements have been filed on SEDAR.
All of the Company’s material subsidiaries are
wholly owned, except for Carmax Mining Corp.
(“Carmax”) (TSX-V:CXM), of which the Company owns
65.4% of the outstanding common shares. These unaudited
interim consolidated financial statements include 100% of the
assets and liabilities related to Carmax and include a
non-controlling interest portion, representing 34.6% of Carmax’s
assets and liabilities that are not owned by the Company.
For the three months ended January 31, 2017,
Copper Fox had a comprehensive loss of $549,757 (January 31, 2016 –
$284,576 comprehensive gain) which equated to $0.00 loss per share
(January 31, 2016 - $0.00 gain per share). During the three
months ended January 31, 2017, the Company incurred $113,235 in
expenditures toward furthering the technical development of its
copper projects. Copies of the financial statements, notes,
and related management discussion and analysis may be obtained on
SEDAR at www.sedar.com, the Company’s web site at
www.copperfoxmetals.com, or by contacting the Company
directly. All references to planned activities and technical
information contained in this news release have been previously
announced by way of news releases. All amounts are expressed
in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper
Fox stated, “The primary focus in 2017 is to complete the resource
remodeling for the Schaft Creek project. This work, while
delayed for a few weeks, is a critical aspect of the Schaft Creek
project and allows the Joint Venture the opportunity to update many
of the parameters of the Schaft Creek project. The recent
interest in our United States assets is encouraging and hopefully
will result in finding an industry partner to continue exploration
or development of one or all of these projects. Additional
mineral tenures were acquired to protect the discovery of a large
area of porphyry style copper mineralization at Mineral Mountain, a
high quality project in an under-explored area of Arizona.
The court decision related to the judicial review of the Eaglehead
project has not been delivered. The increasing signs of
investor sentiment and the possibility of a new commodity cycle in
copper are encouraging. Until these trends become more established
Copper Fox plans to focus on conserving cash, advancing its assets
on a technical and value added basis, and executing its corporate
strategy.”
Q1 2017 Highlights:
- The Management Committee for the Schaft Creek Joint Venture
(“SCJV”) approved a $0.9 million budget to complete the resource
remodeling, desktop engineering, and trade off studies, continue
collection of baseline environmental data, and obtain a Multi-Year
Area Based Permit (“MYAB”).
- The MYAB permit includes approval for up to 50 diamond drill
holes, 5 kms of new drill road, and 20 kms of line cutting; none of
which are planned for execution at this stage.
- The QA/QC reviews, definition of the mineral domains, contact
analysis, and grade estimation profiles portions of the remodeling
work on the Schaft Creek deposit have been completed.
- The metal prices (in line with industry consensus to the year
2020) to be used in the remodeling work for the Schaft Creek
project are: copper $US 3.00/lb, molybdenum $US 10.00/lb, gold $US
1,200/oz. and silver $US 20.00/oz.
- The long term FOREX for the Schaft Creek resource remodeling
work is $1.00 USD = $0.83 CAD.
- A 1,100m by 900m area of Laramide age porphyry
copper-molybdenum-gold style mineralization has been delineated on
the Mineral Mountain project. A significant number of these
samples assayed in excess of 1% and up to 6.6% copper.
- The 1,100m by 900m area of mineralization at Mineral Mountain
occurs within a larger mineralized alteration “footprint” in
Laramide age rocks that measures approximately 3kms by 1.5kms.
- 57 additional mineral claims have been added to the Mineral
Mountain project to cover a new zone of oxide copper mineralization
and the interpreted extension of the previously announced
mineralized alteration “footprint”.
Elmer B. Stewart, MSc. P. Geol., President of
Copper Fox, is the Company’s non-independent, nominated Qualified
Person pursuant to National Instrument 43-101, Standards for
Disclosure for Mineral Projects, and has reviewed and approves the
scientific and technical information disclosed in this news
release.
Selected Financial Results
|
|
|
January 31, 2017 |
|
|
October 31, 2016 |
|
|
July 31, 2016 |
|
|
April 30, 2016 |
|
|
|
3 months ended |
|
|
3 months ended |
|
|
3 months ended |
|
|
3 months ended |
Loss before
non-operating items and taxes |
|
$ |
207,014 |
|
$ |
633,383 |
|
$ |
305,814 |
|
$ |
413,437 |
Net loss |
|
|
207,014 |
|
|
37,171 |
|
|
305,814 |
|
|
413,437 |
Comprehensive
(gain)/loss |
|
|
549,757 |
|
|
(724,814 |
) |
|
(201,748 |
) |
|
1,995,501 |
Comprehensive
(gain)/loss per share, basic and diluted |
|
|
0.00 |
|
|
(0.00 |
) |
|
(0.00 |
) |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2016 |
|
|
October 31, 2015 |
|
|
July 31, 2015 |
|
|
April 30, 2015 |
|
|
|
3 months ended |
|
|
3 months ended |
|
|
3 months ended |
|
|
3 months ended |
Loss before
non-operating items and taxes |
|
$ |
314,527 |
|
$ |
358,917 |
|
$ |
484,385 |
|
$ |
350,360 |
Net loss |
|
|
314,527 |
|
|
358,917 |
|
|
484,385 |
|
|
350,360 |
Comprehensive
(gain)/loss |
|
|
(284,576 |
) |
|
(14,846 |
) |
|
(309,555 |
) |
|
854,264 |
Comprehensive (gain)/loss per share, basic and diluted |
|
|
(0.00 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
|
0.00 |
Liquidity
As at January 31, 2017, the Company had $433,396
in cash (January 31, 2016 - $2,131,672).
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company
listed on the TSX Venture Exchange (TSX-V:CUU) focused on copper
exploration and development in Canada and the United States.
Copper Fox and its wholly owned Canadian and United States
subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper
Inc., hold the five primary assets listed below:
- 25% interest in the Schaft Creek Joint Venture with Teck
Resources Limited on the Schaft Creek copper-gold-molybdenum-silver
project located in northwestern British Columbia.
- 100% ownership of the Van Dyke oxide copper project located in
Miami, Arizona.
- 65.4% of the shares of Carmax Mining Corp., who in turn own
100% of the Eaglehead copper-molybdenum-gold project located in
northern British Columbia.
- 100% ownership of the Sombrero Butte copper project located
east of Mammoth, Arizona.
- 100% ownership of the Mineral Mountain copper project located
east of Florence, Arizona.
For additional information please contact Lynn
Ball at 1-844-464-2820 or 1-403-264-2820.
On behalf of the Board of Directors,
Elmer B. StewartPresident 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 within the meaning of the Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
and forward-looking information within the meaning of the Canadian
securities laws (collectively, “forward-looking
information”). Forward-looking information in this news
release include statements about completing the resource remodeling
for the Schaft Creek project; finding an industry partner to
continue exploration or development of one or all of the projects
in the United States; the possibility of a new commodity cycle in
copper; a $0.9 million budget for the 2017 Schaft Creek Joint
Venture program, including completion of the resource remodeling,
desktop engineering and trade-off studies, collection of baseline
environmental data, and an application for a MYAB permit; approval
of the MYAB permit and the underlying activities; anticipated metal
prices; the long term FOREX for the Schaft Creek resource
remodeling work; and estimated Mineral Mountain mineralization.
In connection with the forward-looking
information contained in this news release, Copper Fox and its
subsidiaries have made numerous assumptions regarding, among other
things: the geological, 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
stability of economic and market conditions. 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: exploration of the projects may not
find copper mineralization in significant quantities or at all, or
at the expected cost; the Company may not be able to find suitable
industry partners; the overall economy may deteriorate; uncertainty
as to the availability and terms of future financing; copper prices
and demand may fluctuate; currency exchange rates may fluctuate;
conditions in the financial markets may deteriorate; and
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.
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