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On Monday, shares of Copper Fox Metals (TSXV:CUU) gained over 30 percent, or 6 cents, to close at $0.255 per share. Roughly 1.71 million shares of the company traded hands, representing eight times its average daily trading volume.
Copper Fox has been on the rise as of late, adding about 64 percent to its share price over the past five days.
In terms of recent news, the company announced on Friday that it had received a cash refund of roughly $3.63 million from the British Columbia mineral exploration tax credit. That will see the company funded for G&A, and for the completion of drilling at is Van Dyke and Sombrero Butte copper projects in Arizona. Copper Fox also announced Thursday that it will provide a one year extension for warrants issued on April 8 2013 that were previously set to expire after one year.
As quoted in Friday’s release, Copper Fox president and CEO, Elmer B. Stewart, said:
This cash refund provides Copper Fox the funds necessary to cover its general and administrative costs as well as complete its planned 2015 activities on the Van Dyke and Sombrero Butte copper projects in Arizona and to either maintain or increase its equity interest in Carmax Mining Corporation. Going forward, the Company will continue to focus on conserving cash while at the same time advancing its assets on a technical and value added basis.
Click here to read the Copper Fox Metals (TSXV:CUU) press release
Click here to see the Copper Fox Metals (TSXV:CUU) profile.
About Copper Fox
“Copper Fox Metals Inc. (TSXV:CUU) is a Canadian resource development company that holds ajoint venture with Teck Resources on the Schaft Creek Project in Northern British Columbia, Canada. In addition, Copper Fox, through its wholly-owned subsidiaries, has mineral tenures located in Pinal County, Arizona (the Sombrero Butte Copper Project) and in Gila County, Arizona (the Van Dyke Copper Project).
The Schaft Creek Project is a joint venture, whereby Copper Fox owns a 25% working interest and Teck Resources Limited owns 75% and is the operator. A feasibility study on the property indicates Proven and Probable Mineral Reserves totaling 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver containing 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver; (Recoverable CuEq 0.46%).
The Project is based on a conventional open pit mine. Ore will be mined and processed at a rate of 130,000 t/d for a 21-year life-of-mine (LOM). Ore will be processed in a conventional flotation plant, producing a copper concentrate containing gold and silver, and a separate molybdenum concentrate. The Project will require a permitting and construction period of 57 months, at an initial capital cost of Cdn$3.26 billion.”