Copper Fox Welcomes The Awarding Of The Construction Contract For The Northwest Transmission Line Project
VANCOUVER, Sept. 6, 2011 /CNW/ --
VANCOUVER, Sept. 6, 2011 /CNW/ - Copper Fox Metals Inc. ('Copper Fox' or the 'Company') (TSX-V: CUU) applauds the recent announcement that BC Hydro has awarded the design
and construction contract for the Northwest Transmission Line (NTL)
project. This decision complements and completes the granting, by the
Provincial Environmental Assessment Office on February 24, 2011, of an
environmental certificate for the extension of the power grid to the so
called Golden Triangle area located in North Western British Columbia.
Elmer B. Stewart President and CEO of Copper Fox stated, 'We applaud BC
Hydro for this announcement. The awarding of this contract is a major
milestone toward delivering the necessary power for the development of
the north western portion of the province, an area which hosts enormous
potential for development, including mining and green energy, which
would provide significant long term economic and employment benefits to
the region. This announcement provides security of electrical power to
move the development of projects like Schaft Creek one step closer to
becoming an operating mine. The development of the Schaft Creek
project would add approximately 800 full time jobs and approximately
1,600 jobs in industries supporting the operation of the Schaft Creek
project.'
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 working on completing a Feasibility Study on the Schaft
Creek deposit, one of the largest undeveloped copper, gold, molybdenum
and silver deposits in North America. The current Mineral Resources
(using a 0.20% copper equivalent cutoff) at Schaft Creek includes; Measured Resource of 40 million tonnes grading 0.36% copper, 0.25 g/t gold and 0.023%
molybdenum, Indicated Resource of 971 million tonnes grading 0.27% copper, 0.18 g/t gold, 0.017%
molybdenum, Inferred Resource of 283 million tonnes grading 0.24% copper, 0.15 g/t gold and 0.011%
molybdenum.
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 in the fourth quarter of 2011.
Copper Fox holds title and a 100% working interest in a contiguous
24,003.5 hectare (59,311 acre) 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 Copper Fox portion 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 ($61.8 million as of June 30, 2011) 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.
Additionally Copper Fox holds mineral claims totaling 3,947 hectares
(9,752 acres) in the Liard mining district of BC not subject to the
Teck earn-back.
*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.
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
construction of Northern Transmission Line will never be completed, 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.
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Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080