/C O R R E C T I O N -- Copper Fox Metals Inc./
CALGARY, March 4 /CNW/ --
In c8249 trasmitted at 16:15e today, an error occurred in the first
paragraph. The date of expiry for the shares that read 'March 2, 2011'
should have read 'March 2, 2016'. Corrected copy follows:
CALGARY, March 4 /CNW/ - Copper Fox Metals Inc. ('Copper Fox' or the 'Company') (TSXV: CUU) is pleased to announce that the Board of Directors of the Company has
approved an incentive stock option grant to employees, officers, key
Consultants and directors of the Company for the purchase of a total of
1,700,000 shares at an exercise price of $1.69 per share expiring March
2, 2016.
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 include statements about 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; 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: 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; 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/04/c8290.html
Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080