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TSXV:CUU

Copper Fox Metals Inc. (TSXV:CUU) reported its annual 2013 operating and financial results: net income for the year of $1,386,744 after reversal of a deferred tax liability of $4,013,856 and expenses of $2,627,112 ($0.00 income per share).

Copper Fox Metals Inc. (TSXV:CUU) reported its annual 2013 operating and financial results: net income for the year of $1,386,744 after reversal of a deferred tax liability of $4,013,856 and expenses of $2,627,112 ($0.00 income per share).
As quoted in the press release:

Highlights:
Schaft Creek Joint Venture
During the quarter ended July 31, 2013, the Company announced the formation of a joint venture with Teck Resources Limited (‘Teck’) on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia, Canada.
Corporate Activities

  • The formation of the Schaft Creek Joint Venture combined with other corporate activities has resulted in the following:
  • A tax free cash distribution of $0.0275/share as a return of capital was declared to shareholders of record on Tuesday, August 20, 2013 (the ‘Record Date’). The distribution was paid to shareholders on Thursday, August 29, 2013;
  • The Company’s wholly-owned subsidiary has been named “Desert Fox Copper Inc.”‎ and it is the primary operating vehicle responsible for acquisitions and exploration and development activities;
  • The wholly-owned subsidiaries of Desert Fox have been renamed as follows: Copper Fox Minerals Co. to Desert Fox Minerals Co., Copper Fox Van Dyke Co. to Desert Fox Van Dyke Co. and Copper Fox Sombrero Butte Co. to Desert Fox Sombrero Butte Co.;
  • Copper Fox management and personnel have been assigned to Desert Fox to support Desert Fox’s new role as the primary operating vehicle for the Company, re-aligning overhead and providing savings and cost efficiencies;
  • With the lessening of activity at Schaft Creek and changes to Copper Fox management the general and administrative expenses have been significantly reduced;
  • Desert Fox commenced activities on its Van Dyke and Sombrero Butte copper projects located in Arizona. Activities include compilation and review of over 6,000 boxes of core and samples from 72 drill holes, a detailed review of the environmental, geotechnical and copper production data collected from the historical work completed on the Van Dyke oxide copper project. A surface mapping and sampling program was completed on the Sombrero Butte project in preparation for a geophysical exploration program; and
  • Desert Fox is actively reviewing copper companies to either acquire and/or invest in advanced poly-metallic copper projects within North America to take advantage of unprecedented current market value opportunities.
  • Financial
  • During the year ended October 31, 2013 the Company received $4,964,250 in proceeds from private placements and the exercise of options, received $24.66 million in relation to the Schaft Creek Joint Venture and incurred an additional $3,889,784 of capital expenditures related to the Schaft Creek project.

Click here to read the Copper Fox Metals Inc. (TSXV:CUU) press release

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