Copper Fox Metals Applauds the Announcement of the Province of British Columbia to Approve the Environmental Assessment Certificate for the Construction of the Northwest Power Line
VANCOUVER, Feb. 28 /CNW/ --
VANCOUVER, Feb. 28 /CNW/ - Copper Fox Metals Inc. (Copper Fox or the 'Company') (TSX.V: CUU) applauds the joint announcement by Environment Minister Murray Coell
and Forests, Mines and Lands Minister Pat Bell of their decision to
approve an environmental assessment certificate for the proposed
British Columbia Hydro 'Northwest Transmission Line' ('NTL'). The
proposed $404 million project includes a 287-Kilowatt transmission line
project from the Skeena substation to Bob Quinn Lake.
Elmer Stewart President & CEO of Copper Fox stated 'This is a major
milestone toward developing the infrastructure and a key requirement
for the advancement of the many mining projects located in North
Western British Columbia. This announcement provides Copper Fox with a
significant level of comfort that electrical power will be available
for the Schaft Creek deposit as the Company nears the completion of the
feasibility Study expected by the end of June 2011. The Schaft Creek
deposit is within 90 Km of the proposed Bob Quinn Terminal'.
About Copper Fox
Copper Fox is a Canadian based resource company listed on the
TSX-Venture Exchange (CUU-TSX-V). Copper Fox was recently recognized
by TSX Venture Exchange Inc. as a member of the distinguished TSX
Venture 50® group where it had the distinction of being ranked first
overall for 2010.
The Company is 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 463.5 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 is being led by Wardrop, A Tetra Tech Company on a
minimum 120,000 tpd open pit mine and the study is expected to be
completed by the end of June 2011.
Copper Fox holds title and a 100% working interest in a contiguous
21,025 hectares (51,954 acres) property located in north west British
Columbia, Canada which includes the Schaft Creek deposit subject to
certain royalty agreements, a 30% carried interest held by Liard 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 as of December 31, 2010) 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 principles'.
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 may include statements about
anticipated analytical results of the core sampling of current diamond
drill holes and historical diamond drill holes; the possible higher
grade starter pit; the nature of the previously identified
chargeability anomaly; the scope of mineralization identified in
testing of recent IP anomalies; the potential depth of mineralization;
future drilling potential at Schaft Creek; the timing and availability
of assay results; the timing and anticipated results of the proposed
updated resource estimate; the timing and scope of the feasibility
study for the Schaft Creek project; the timing, approvals and
anticipated results of an Environmental Assessment Application for the
Schaft Creek project; the timing and possibility of completing a high
sensitivity airborne geophysical survey; 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, the
obtaining of an Environmental Assessment Certificate; and the continued
financing of the Feasibility Study; and the anticipated analytical
results of the current drilling program. 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: anticipated assays results may not
prove expected extensions of mineralization 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 the analytical results from
the core sampling does not return significant grades of copper
mineralization; the possibility that future drilling on the Schaft
Creek project may not occur on a timely basis, 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