MILESTONE IN ENVIRONMENTAL ASSESSMENT OF SCHAFT CREEK ACHIEVED
February 14 2011 - 9:17AM
PR Newswire (Canada)
VANCOUVER, Feb. 14 /CNW/ -- Additional Assays From 2010 Drilling
Pending VANCOUVER, Feb. 14 /CNW/ - Copper Fox Metals Inc. ("Copper
For" or "the Company") (TSX-Venture: CUU) is very pleased to
announce that it has received confirmation from the BC
Environmental Assessment Office and the Canadian Environmental
Assessment Agency that its Application Information Requirements
(AIR) for the proposed Schaft Mine has been approved. The AIR has
been developed to meet the requirements of the cooperative
environmental assessment being conducted pursuant to both the
British Columbia's Environmental Assessment Act and the Canadian
Environmental Assessment Act. The cooperative nature of the Schaft
Creek environmental assessment ensures adherence to both federal
and provincial legislation. Canada and British Columbia have
aligned their review timelines to expedite the review process as
well as the timeline for final decisions for environmental
approval. Pursuant to the
Section 11 Order dated April 21, 2010, the AIR incorporates
comments from First Nations, provincial, federal and local
governments and the public that were considered to be within the
scope of the assessment. The terms and conditions of the AIR will
be included in the Environmental Impact Statement/Application for
an environmental assessment certificate for the Schaft Creek
project currently being prepared by Stantec Consulting Ltd., on
behalf of Copper Fox. Copper Fox has completed multiple years of
environmental, economic, social, health and archaeological baseline
studies in the Schaft Creek Project area. Both the work
plans and the final baseline reports have been presented to
technical regulators and First Nations for their review and
comment. The baseline data requirements listed in the AIR can
be met and or exceeded with the studies completed by Copper Fox to
date. Copper Fox will further enhance the Schaft Creek data
set in Q1 2011 with additional baseline water quality and quantity
data. Mr. Stewart, President of Copper Fox stated, "We are
very pleased to have been able to work with the First Nations, the
provincial, federal, local governments and other interested parties
to achieved this important milestone. Preparation of the
Environmental Impact Statement/Application for an environmental
assessment certificate for the Schaft Creek project can now proceed
and is currently expected to be filed during the second quarter of
2011. Baseline studies and the collection of additional
environmental information from the Schaft Creek deposit will
continue during this period". About Copper Fox Copper Fox is
a Canadian based resource company listed on the TSX-Venture
Exchange (CUU) focused on completing a Feasibility Study on the
Schaft Creek deposit, one of the largest undeveloped copper, gold,
molybdenum and silver deposits in North America. Categorized
as a "giant porphyry deposit" this project is at the advanced
development stage with a Preliminary Feasibility Study ("PFS")
prepared by Samuel Engineering, Inc. of Denver, Colorado, in
September 2008. The results of the PFS were extremely
"robust" reporting a NPV @ 8% (before tax) of $2.8 billion dollars
over a 23 year mine life. They contemplated processing
100,000 tonne per day ("tpd") from an open pit mine using a
standard flotation recovery process. The PFS estimated the
current Mineral Resources (using a 0.2% copper equivalent cutoff)
at Schaft Creek includes; Measured Resources of 436.5 million
tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and
1.55 g/t silver, Indicated Resources of 929.8 million tonnes
grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t
silver. A Feasibility Study on a minimum 120,000 tpd open pit
mine is expected to be completed in early 2011. Copper Fox holds
title and a 100% working interest in a contiguous 21,025 hectares
(51,954 acres) property which includes the Schaft Creek deposit
subject to certain royalty agreements, a 30% carried interest held
by Laird Copper and an earn back option held by Teck Resources
Limited ("Teck"). Copper Fox is currently earning a 78% interest in
Liard Copper from Teck. Teck's earn back option to acquire 20%, 40%
or 75% of the Schaft Creek project is triggered upon completion of
a positive Feasibility Study. Should Teck elect to exercise
its option for 75% they are required to fund subsequent property
expenditures up to a total of 400% of those incurred by Copper Fox
($57.2 million to date) and arrange for project financing,
including the Copper Fox portion. For full details of the
option please refer to the Company's website
www.copperfoxmetals.com. *United States investors are advised that
current Mineral Resources are not current Mineral Reserves and do
not have demonstrated economic viability. All figures are
rounded to reflect the relative accuracy of the estimate and in
keeping with "best practice principals". Elmer B. Stewart, MSc. P.
Geol., President of Copper Fox, is the Company's nominated
Qualified Person pursuant to National Instrument 43-101, Standards
for Disclosure for Mineral Projects, has reviewed the technical
information disclosed in this news release. On behalf of the Board
of Directors Elmer B. Stewart President & Chief Executive
Officer Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Cautionary Note Regarding Forward-Looking
Information This news release contains "forward-looking
information" within the meaning of the Canadian securities
laws. Forward-looking information is generally identifiable
by use of the words "believes," "may," "plans," "will,"
"anticipates," "intends," "budgets", "could", "estimates",
"expects", "forecasts", "projects" and similar expressions, and the
negative of such expressions. Forward-looking information in
this news release include statements about the preparation, timing,
and anticipated filing of the Environmental Impact Statement/
Application for an environmental assessment certificate for the
Schaft Creek project; continuation of baseline studies and
collection of additional environmental information; the timing and
anticipated results of the proposed updated resource estimate; the
timing and scope of the feasibility study for the Schaft Creek
project; estimated timing and amounts of future expenditures and
"earn-back" options; geological interpretations and potential
mineral recovery processes. Information concerning mineral
reserve and resource estimates also may be deemed to be
forward-looking information in that it reflects a prediction of the
mineralization that would be encountered if a mineral deposit were
developed and mined. The forward-looking information contained in
this news release, Copper Fox has made numerous assumptions ,
regarding, among other things: the geological, metallurgical,
engineering, financial and economic advice that Copper Fox has
received is reliable, and is based upon practices and methodologies
which are consistent with industry standards; and the continued
financing of the Feasibility Study. While Copper Fox
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and
contingencies. Additionally, there are known and unknown risk
factors which could cause Copper Fox's actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk
factors include, among others: the preparation and anticipated
filing of the Environmental Impact Statement/ Application for
an environmental assessment certificate for the Schaft Creek
project may not occur on a timely basis, or at all; the Feasibility
Study may not be completed within the contemplated time frame, or
at all; the possibility that an Environmental Assessment
Certificate may not be obtained on a timely basis, or at all, or
that additional approvals will be necessary in order to obtain an
Environmental Assessment Certificate; fluctuations in copper and
other commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; uncertainty of estimates
of capital and operating costs, recovery rates, and estimated
economic return; the need to obtain additional financing to develop
properties and uncertainty as to the availability and terms of
future financing; the possibility of delay in exploration or
development programs or in construction projects and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals A more
complete discussion of the risks and uncertainties facing Copper
Fox is disclosed in Copper Fox's continuous disclosure filings with
Canadian securities regulatory authorities at www.sedar.com.
All forward-looking information herein is qualified in its entirety
by this cautionary statement, and Copper Fox disclaims any
obligation to revise or update any such forward-looking information
or to publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/14/c2244.html
pInvestor line 1-866-913-1910 or J. Michael Smith, EVP, at
1-604-689-5080/p
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