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Copper Fox Metals (TSXV:CUU) reported a cash refund of $3,627,858.50 from the British Columbia Mineral Exploration Tax Credit. The cash refund will be providing the Company with funds for general and administrative costs, and to complete drilling on the Van Dyke and Sombrero Butte copper projects in Arizona.
As quoted in the press release:
Copper Fox Metals Inc. (‘Copper Fox’ or the ‘Company’) (TSX VENTURE:CUU) is pleased to announce it has received a cash refund of $3,627,858.50 (includes interest) from the British Columbia Mineral Exploration Tax Credit (“BCMETC”). The Company in its audited financial statements included a BCMETC refund of $4.4 million. The difference between the booked amount of the BCMETC in the audited financial statements and that received is due to the disallowance of certain expenditures by Canada Revenue Agency (“CRA”). Copper Fox has reserved the right to challenge the CRA assessment of expenditures and is currently assessing its legal options.
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
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