Copper Fox Announces The Closing of A $3,750,000 Non Brokered Private Placement Flow-through Offering

VANCOUVER, March 16 /CNW/ - Mr. Elmer Stewart, President and CEO of Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSXV: CUU) announced today that the Company has completed a non-brokered private placement financing of $3,750,000 CDN in funds (the "Offering").


Details of the Offering

The Offering raised gross proceeds of $3,750,000 from the issuance of 3,000,000 flow-through units at a price of $1.25. Each unit consisted of one flow through common share and one half of a non flow-through purchase warrant. One full purchase warrant plus $1.50 entitles the holder to purchase a Copper Fox common share until expiry on December 31, 2011. In the event Copper Fox trades above $1.65 for ten (10) consecutive days, the purchase warrants, if unexercised, will expire 30 days thereafter.

The company paid commission/finder's fees totaling $243,750.00 and issued 195,000 non-transferrable warrants to Burgeonvest-Bick Securities Limited, a financial services group headquartered in Toronto. Each non-transferrable warrant entitles the holder to purchase one non flow-through common share at a purchase price of $1.25 until March 16, 2012.

In accordance with applicable securities legislation, securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of completion of the Offering.

Funds generated from this financing will be used to advance the feasibility study and include drilling programs, metallurgical testing and engineering studies associated with the development of the Schaft Creek Giant Porphyry Deposit.


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 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 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 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 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; statements about the results of the PFS, including tonnes per day processing; 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.

In connection with 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.



For further information:

Investor line 1-866-913-1910 or
J. Michael Smith, EVP
at 1-604-689-5080
www.copperfoxmetals.com