MILESTONE IN ENVIRONMENTAL ASSESSMENT OF SCHAFT CREEK ACHIEVED
VANCOUVER, Feb. 14 /CNW/ --
Additional Assays From 2010 Drilling Pending
VANCOUVER, Feb. 14 /CNW/ - Copper Fox Metals Inc. ('Copper For' or 'the Company') (TSX-Venture: CUU) is very pleased to announce that it has received confirmation from the
BC Environmental Assessment Office and the Canadian Environmental
Assessment Agency that its Application Information Requirements (AIR)
for the proposed Schaft Mine has been approved.
The AIR has been developed to meet the requirements of the cooperative
environmental assessment being conducted pursuant to both the British
Columbia's Environmental Assessment Act and the Canadian Environmental
Assessment Act. The cooperative nature of the Schaft Creek
environmental assessment ensures adherence to both federal and
provincial legislation. Canada and British Columbia have aligned their
review timelines to expedite the review process as well as the timeline
for final decisions for environmental approval.
Pursuant to the Section 11 Order dated April 21, 2010, the AIR
incorporates comments from First Nations, provincial, federal and local
governments and the public that were considered to be within the scope
of the assessment.
The terms and conditions of the AIR will be included in the
Environmental Impact Statement/Application for an environmental
assessment certificate for the Schaft Creek project currently being
prepared by Stantec Consulting Ltd., on behalf of Copper Fox.
Copper Fox has completed multiple years of environmental, economic,
social, health and archaeological baseline studies in the Schaft Creek
Project area. Both the work plans and the final baseline reports have
been presented to technical regulators and First Nations for their
review and comment.
The baseline data requirements listed in the AIR can be met and or
exceeded with the studies completed by Copper Fox to date. Copper Fox
will further enhance the Schaft Creek data set in Q1 2011 with
additional baseline water quality and quantity data.
Mr. Stewart, President of Copper Fox stated, 'We are very pleased to
have been able to work with the First Nations, the provincial, federal,
local governments and other interested parties to achieved this
important milestone. Preparation of the Environmental Impact
Statement/Application for an environmental assessment certificate for
the Schaft Creek project can now proceed and is currently expected to
be filed during the second quarter of 2011. Baseline studies and the
collection of additional environmental information from the Schaft
Creek deposit will continue during this period'.
About Copper Fox
Copper Fox is a Canadian based resource company listed on the
TSX-Venture Exchange (CUU) focused on completing a Feasibility Study on
the Schaft Creek deposit, one of the largest undeveloped copper, gold,
molybdenum and silver deposits in North America. Categorized as a
'giant porphyry deposit' this project is at the advanced development
stage with a Preliminary Feasibility Study ('PFS') prepared by Samuel
Engineering, Inc. of Denver, Colorado, in September 2008. The results
of the PFS were extremely 'robust' reporting a NPV @ 8% (before tax) of
$2.8 billion dollars over a 23 year mine life. They contemplated
processing 100,000 tonne per day ('tpd') from an open pit mine using a
standard flotation recovery process. The PFS estimated the current
Mineral Resources (using a 0.2% copper equivalent cutoff) at Schaft
Creek includes; Measured Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02%
molybdenum and 1.55 g/t silver, Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02%
molybdenum and 1.56 g/t silver.
A Feasibility Study on a minimum 120,000 tpd open pit mine is expected
to be completed in early 2011.
Copper Fox holds title and a 100% working interest in a contiguous
21,025 hectares (51,954 acres) property which includes the Schaft Creek
deposit subject to certain royalty agreements, a 30% carried interest
held by Laird Copper and an earn back option held by Teck Resources
Limited ('Teck'). Copper Fox is currently earning a 78% interest in
Liard Copper from Teck. Teck's earn back option to acquire 20%, 40% or
75% of the Schaft Creek project is triggered upon completion of a
positive Feasibility Study. Should Teck elect to exercise its option
for 75% they are required to fund subsequent property expenditures up
to a total of 400% of those incurred by Copper Fox ($57.2 million to
date) and arrange for project financing, including the Copper Fox
portion. For full details of the option please refer to the Company's
website www.copperfoxmetals.com.
*United States investors are advised that current Mineral Resources are
not current Mineral Reserves and do not have demonstrated economic
viability. All figures are rounded to reflect the relative accuracy of
the estimate and in keeping with 'best practice principals'.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the
Company's nominated Qualified Person pursuant to National Instrument
43-101, Standards for Disclosure for Mineral Projects, has reviewed the
technical information disclosed in this news release.
On behalf of the Board of Directors
Elmer B. Stewart
President & 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 information' within the
meaning of the Canadian 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 news release include statements about the
preparation, timing, and anticipated filing of the Environmental Impact
Statement/ Application for an environmental assessment certificate for
the Schaft Creek project; continuation of baseline studies and
collection of additional environmental information; the timing and
anticipated results of the proposed updated resource estimate; the
timing and scope of the feasibility study for the Schaft Creek project;
estimated timing and amounts of future expenditures and 'earn-back'
options; geological interpretations and potential mineral recovery
processes. 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.
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 the Feasibility Study. 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
preparation and anticipated filing of the Environmental Impact
Statement/ Application for an environmental assessment certificate for
the Schaft Creek project may not occur on a timely basis, or at all;
the Feasibility Study may not be completed within the contemplated time
frame, or at all; the possibility that an Environmental Assessment
Certificate may not be obtained on a timely basis, or at all, or that
additional approvals will be necessary in order to obtain an
Environmental Assessment Certificate; 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, and estimated economic return; 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
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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Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080