Copper Fox Announces 2016 First Quarter Financial Results

Copper Fox Metals Inc. (TSXV:CUU) announced its first quarter condensed operating and financial results.
As quoted in the press release:

For the three months ended January 31, 2016, Copper Fox had a comprehensive gain of $284,576 ($0.00 gain per share). For the period, the Company incurred $263,665 in expenditures toward furthering the development of its Van Dyke, Sombrero Butte and Mineral Mountain copper projects in Arizona. In addition, Carmax incurred $68,638 in exploration expenses during the period for its Eaglehead project. Copies of the financial statements, notes and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company’s website atwww.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases by the Company. All amounts are expressed in Canadian dollars unless otherwise stated.
Q1 2016 Highlights

• The Schaft Creek Joint Venture (“SCJV“) has approved a budget for 2016 of approximately $700,000 to complete resource modeling of the Schaft Creek deposit with emphasis on the precious metal content, ongoing environmental monitoring and continued relations with the Tahltan First Nation,

• The SCJV increased its equity ownership in Liard Copper Mines Ltd. from 78% to 85.5%,

• The Company raised gross proceeds of $1,575,000 through a private placement equity financing, of which $1,500,000 was flow through equity.

• The PEA is the first National Instrument 43-101 Technical Report prepared on the Van Dyke In-Situ Leach (“ISL“) copper project. This study suggests that the Van Dyke project has low cash costs, strong cash flows and an after-tax Net Present Value of US $149.5 million and an Internal Rate of Return of 27.9%,

• The PEA on the Van Dyke project recommended completion of a pre-feasibility study, including additional diamond drilling and an ISL test program, at an estimated cost of US$16.6 million,

• Copper Fox increased its equity ownership in Carmax, to 65.4% thereby increasing its metal ownership from this project to 433 million lbs. copper, 14.4 million lbs. molybdenum and 173,300 ozs gold. Carmax owns the advanced stage Eaglehead porphyry copper-molybdenum-gold project located in northwestern British Columbia, and

• Generated the Mineral Mountain project which provides the Company with an economical, early stage entry into the Laramide porphyry copper province in Arizona, one of the most prolific copper districts in the world.

Copper Fox Metals President and CEO, Elmer B. Stewart, stated:

The primary focus of the 2016 program for the Schaft Creek project is focused on resource modelling, a critical aspect of project development. The successful completion of the Preliminary Economic Assessment (“PEA“) on the Van Dyke project has moved this project from the exploration stage to the development stage, thus maintaining a proper balance in our property portfolio. To augment our property balance, Copper Fox has added the Mineral Mountain project, which we view as an economical, early stage entry into copper exploration in the Laramide copper province in Arizona. The increase in equity ownership in Carmax increases our metal holdings and provides a larger interest in a developing, potentially large porphyry copper-molybdenum-gold deposit located in a safe geopolitical jurisdiction. The Company will continue to focus on conserving cash, advancing its assets on a technical and value added basis and executing its corporate strategy.

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