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Copper Fox Metals Inc. (TSXV:CUU) announced a net gain of $509,648 in its 2015 first quarter operating and financial results. The company also reported $204,572 in expenditures was incurred as a result of furthering the development of its Van Dyke copper project in Arizona.
As quoted in the press release:
The Company had working capital of $5,578,680, an accumulated deficit of $17,680,805 and comprehensive income of $509,648 for the three months ended January 31, 2015.
As at January 31, 2015, the Company’s cash and cash equivalents totaled $1.3 million. The balance of working capital included funds owing from the BCMETC (Federal Government) in the amount of $4.4 million, of this total 3.5 million was received on March 12, 2015.
Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum; including an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000 CDN. Total corporate and general costs were approximately $1,200,000 in 2013 and 2014.
Highlights include:
As quoted in the press release:
The Company had working capital of $5,578,680, an accumulated deficit of $17,680,805 and comprehensive income of $509,648 for the three months ended January 31, 2015.As at January 31, 2015, the Company’s cash and cash equivalents totaled $1.3 million. The balance of working capital included funds owing from the BCMETC (Federal Government) in the amount of $4.4 million, of this total 3.5 million was received on March 12, 2015.Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum; including an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000 CDN. Total corporate and general costs were approximately $1,200,000 in 2013 and 2014.
Highlights include:
Schaft Creek Project:
During and subsequent to the quarter, the Schaft Creek Joint Venture (‘SCJV’) 2015 work program was developed and announced. The objectives of the 2015 work program are to continue the optimization studies that were commenced in 2014 and to test the copper-gold mineralization located in the LaCasse zone of the Schaft Creek project. Total budget for the SCJV in 2015 to complete these objectives has been set at $4.8 million.
Van Dyke Project:
Desert Fox and its technical consultants are working to verify that the information collected in 2014 is sufficient to support the preparation of a Preliminary Economic Assessment (‘PEA’). The completion of a NI 43-101 resource estimate and the in-situ pressure leach tests combined with the information collected in 2014 as well as the available historical information are expected to be sufficient to proceed to the preparation of a technical report outlining the results of a PEA level study on the Van Dyke oxide copper deposit.
The completion of a PEA on the Van Dyke oxide copper deposit would provide a conceptual study that includes an independent preliminary engineering assessment of the project, an estimate of potential value, operating costs, capital and sustaining costs and a conceptual plan on development and operations of the Van Dyke oxide copper deposit.
Elmer B. Stewart, President and CEO of Copper Fox, commented:
We are very pleased with the scope and scale of the 2015 program for the Schaft Creek Joint Venture. The continuation of the Optimization studies, commenced in 2014, as well as drilling of the LaCasse zone are expected to deliver the results required to advance the Schaft Creek project.
Click here to read the Copper Fox Metals Inc. (TSXV:CUU) press release
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