Copper Fox Metals Inc.: Files Van Dyke Technical Report on SEDAR
VANCOUVER, December 24, 2015 - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) (OTC PINK: CPFXF) and its wholly owned subsidiary, Desert Fox Copper Inc. ("Desert Fox"), are pleased to report that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") technical report related to the Preliminary Economic Assessment ("PEA") on its Van Dyke copper project located in Miami, Arizona. The Technical Report titled "NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke Copper Project" dated December 18, 2015, was prepared by Moose Mountain Technical Services ("MMTS"). The authors of the report are James (Jim) H. Gray, PEng, Tracey D. Meintjies, PEng, and Susan C. Bird, MSc, PEng of MMTS who are "Qualified Persons" as defined by NI 43-101 standards. The PEA for the Van Dyke project was disclosed in a previous news release dated November 25, 2015.Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased with the positive results and recommendations of the PEA. This PEA is preliminary in nature and should not be considered to be a pre-feasibility or feasibility study, as the economics and technical viability of the Van Dyke Copper Project have not been demonstrated at this time."
The PEA's recommendations that could have a significant positive impact on mine life and project economics include:
- A diamond drilling program to expand the size of the resource and upgrade the existing Inferred Resource;
- An ISL test program designed to further investigate overall metal recoveries, refine well field design, and determine the extent of rock stimulation required, if any; and
- Opportunities to lower capital, sustaining and operating costs by reduction in the size of the underground development and further defining operating procedures.
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 has four primary assets as noted below:
- 25% interest in the Schaft Creek Joint Venture with Teck Resources Ltd. 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.
- 50.97% 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.
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 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 is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about the Van Dyke PEA recommendations and their potential positive impact on mine life and project economics. Information concerning inferred mineral resources 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.
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 economic models for the Van Dyke project, including the Base Case model, are reliable and accurate; costs of production; success of mining operations; projected future metal prices; engineering, procurement and construction timing and costs; the timing and obtaining of permitting and approvals; the potential mineralization in the Van Dyke deposit; 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'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, among others: the results of the positive Preliminary Economic Assessment may not lead to the development of a mine at Van Dyke or commercial mining operations; the project development plans and timing for Van Dyke as outlined in the Preliminary Economic Assessment may not occur as currently anticipated, or at all; the Inferred resource may never be upgraded to a high category of resource; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; uncertainties related to the estimated mine life and potential extension thereof; the possibility of delays and cost overruns in engineering, procurement and construction of the project and uncertainty of meeting anticipated project milestones; unforeseen environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially affect the resource estimate used in the cash flow analysis; the receipt of state and federal permits and certificates required for production may not be completed in a timely manner, or at all, or provincial or federal environmental approvals may not be obtained in a timely manner, or at all; further exploration at Van Dyke may not occur as currently anticipated, or at all; the actual mineralization in the Van Dyke deposit may not be as favorable as suggested; another deposit may never be discovered on Van Dyke property, or contain anticipated mineralization, or mineralization of any significance at all; the possibility that future drilling on the Van Dyke project may not occur on a timely basis, or at all; 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 or in construction projects and uncertainty of meeting anticipated program milestones; and the possibility of a downturn in the economy or market.
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.
Contact
Copper Fox Metals Inc.
Lynn Ball
1-844-464-2820
Copper Fox Metals Inc.
Jevin Werbes
1-604-620-7737