Copper Fox Announces First Quarter Results
CALGARY, ALBERTA--(Marketwired - Mar 12, 2014) - Copper Fox
Metals Inc. ('Copper Fox' or the 'Company') (TSX-VENTURE:CUU) is
pleased to announce its first quarter operating and financial
results. Copper Fox had a net loss for the quarter of $182,095
($0.00 income per share). The Company also incurred $769,718 in
expenditures toward furthering the development of its Van Dyke
copper project in Arizona. Copies of the financial statements,
notes and related management discussion and analysis may be
obtained on SEDAR at www.sedar.com, the Company web site at
www.copperfoxmetals.com or by contacting the Company directly. All
amounts are in Canadian dollars unless otherwise stated.
Highlights:
Schaft Creek Project
During the quarter, the results for the 2013 program were
released. Although the 2013 field program completed fewer metres
than planned, the objectives of the 2013 program were essentially
achieved. The objectives of this program were to determine if the
mineralization in the Paramount zone continues to the east under
Mount LaCasse and to collect additional data for pit slope
stability studies. The diamond drilling program demonstrated that
the mineralization in the Paramount zone extends at least 300m east
of the 2012 resource block model and also marginally to the west.
Results of the pit slope studies were also positive.
The 2014 plans for the Schaft Creek project are currently under
review and should be finalized by the end of March 2014, well in
advance of the time to complete a field program. Preliminary
indications are that the Operator of the Schaft Creek Joint Venture
plan to recommend a program of optimization studies as well as a
field program to update the geological model and better define
certain parameters of the Schaft Creek deposit.
Van Dyke Copper Project
During the quarter, the Company initiated a program to verify
the historical results from the Van Dyke oxide copper deposit that
consists of a 5,000m (approximately nine holes) diamond drilling
program to twin seven historical drill holes, as well as submitting
pulps from original drill core samples and splitting the
mineralized core interval for certain historical drill holes.
Results of the analytical work is expected shortly.
The proposed verification drilling program covers an 800m wide
by 500m long section through the deposit. Applications for the
various permits required to conduct a diamond drilling program has
commenced and selection of a diamond drill contractor is complete.
The drilling is expected to start in March 2014.
Sombrero Butte Copper Project
Desert Fox's objective on the Sombrero Butte project is to
assess its potential to host a large porphyry copper-molybdenum
deposit. The results of the 2013 program were positive and
identified the alteration pattern and veinlet and disseminated
copper-molybdenum mineralization characteristic of a porphyry
copper system. Currently, Desert Fox is collecting all the data
from the historical exploration conducted over this area since the
mid 1960's. Contingent on completion and review of this work,
Desert Fox plans to complete a deep penetrating geophysical survey
(Induced Polarization) to identify chargeability/resistivity
anomalies indicative of porphyry copper systems. The Company has
received the permit from the State of Arizona to conduct the
Titan-24 Survey.
Selected Financial Results
|
|
Net Loss |
|
|
Net (loss)/income per share - basic and diluted |
2014 |
|
|
|
|
|
|
|
First Quarter |
|
$ |
(182,095 |
) |
|
$ |
0.00 |
2013 |
|
|
|
|
|
|
|
Fourth Quarter |
|
$ |
(636,715 |
) |
|
$ |
0.00 |
Third Quarter |
|
$ |
3,117,445 |
|
|
$ |
0.01 |
Second Quarter |
|
$ |
(697,664 |
) |
|
$ |
0.00 |
First Quarter |
|
$ |
(525,595 |
) |
|
$ |
0.00 |
2012 |
|
|
|
|
|
|
|
Fourth Quarter |
|
$ |
(812,324 |
) |
|
$ |
0.00 |
Third Quarter |
|
$ |
(1,328,328 |
) |
|
$ |
0.00 |
Second Quarter |
|
$ |
(514,292 |
) |
|
$ |
0.00 |
Liquidity and Capital Resources
At January 31, 2014, the Company had working capital of
$12,149,874, a deficit of $16,017,886 and had a net loss of
$182,095 for the three months ended January 31, 2014.
About Copper Fox
Copper Fox is a Canadian resource development company listed on
the TSX-Venture Exchange (TSX-VENTURE:CUU) with offices in Calgary,
Alberta and through its wholly owned subsidiary Desert Fox, an
office in Miami, Arizona.
Copper Fox holds a 25% interest in the Schaft Creek Joint
Venture with Teck Resources Limited ('Teck') on the Schaft Creek
project in northwestern British Columbia. On January 23, 2013, a
National Instrument 43-101 technical report (feasibility study) was
completed on the Schaft Creek copper-gold-molybdenum-silver project
that recommended a 130,000 tonne per day open pit mine with proven
and probable reserves of 940.8 million tonnes grading 0.27% copper,
0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver with a 21 year
mine life. The proven and probable reserves are estimated to
contain 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.
In addition to its interest in the Schaft Creek Joint Venture,
Copper Fox holds, through Desert Fox Copper Inc. ('Desert Fox') and
its wholly-owned subsidiaries, the Sombrero Butte copper project
located in the Bunker Hill District, Pinal County, Arizona and the
Van Dyke copper project located in the Globe-Miami District, Gila
County, Arizona immediately adjacent to the mining operations of
BHP Billiton and Freeport McMoRan copper mining operations. The Van
Dyke oxide copper deposit is reported to host a Historical Estimate
of 112 million tonnes grading 0.52% copper (approximately 1.2
billion pounds of copper at a 0.2% copper cut-off). The historical
data strongly suggests that the Van Dyke oxide copper deposit could
be exploited using in-situ leaching, a production method widely
used in the mining industry and currently being advanced and used
on other copper projects in Arizona. The Sombrero Butte copper
project is located 9 miles east of the San Manuel Mine (14 billion
pounds of copper), and 2 miles south of Redhawk Resources' Copper
Creek project (7 billion pounds of copper).
For further information on these mining projects please refer to
the Company's web site at www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart, President and 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 statements" and
"forward-looking information" (collectively, "forward-looking
information") within the meaning of applicable 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 MD&A includes statements
about
Desert Fox's future exploration/development activities as well
as any equity or working interest acquired in other significant
copper projects in North America; the utilization of unallocated
cash to advance Arizona copper assets (with the majority of effort
on the Van Dyke oxide copper deposit); historical data on the Van
Dyke deposit; the efficacy of in-situ leaching method (with respect
to the environment, lower capital costs and low operating costs);
Desert Fox's objective (including timing) to complete the work
required to prepare a Preliminary Economic Assessment technical
report on the Van Dyke project to estimate a preliminary valuation;
timing of the finalization of the 2014 plans for the Schaft Creek
project; the recommendation of a program of optimization studies as
well as a field program to update the geological model and better
define certain parameters of the Schaft Creek project; the program
to verify the historical results from the Van Dyke oxide copper
deposit and the completion of a NI 43-101 compliant resource
estimation for the Van Dyke copper deposit; collection of hydro
geological and geotechnical data required for a Preliminary
Economic Assessment on the Van Dyke project; a follow-up 25 hole
drilling program for the Van Dyke deposit; timing of the expected
drilling program on the Van Dyke project; the upgrade of the Van
Dyke historical estimate as a current mineral resource; objective
on the Sombrero Butte project to assess its potential to host a
large porphyry copper-molybdenum deposit; plans for a deep
penetrating geophysical survey (Induced Polarization) to identify
chargeability/resistivity anomalies indicative of porphyry copper
systems at the Sombrero Butte project; expected capital
requirements to continue planned activities; expected capital
requirements to continue planned activities; expected sources and
the adequacy of required capital resources; geological
interpretations and potential mineral recovery processes.
In connection with 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 Copper Fox and Desert Fox's operations. 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: the Schaft Creek Joint Venture may not result in a
Production Decision being made, or the construction of a mine;
further exploration and development of the Schaft Creek property
may not occur as expected; cash payments to Copper Fox may not be
paid by Teck in the quantum or timing expected, or at all;
financing commitments may not be sufficient to advance the Schaft
Creek project as expected, or at all; proven and probable reserves
at Schaft Creek may not be in the quantum as currently expected, or
result in economic mining thereof; the possibility that future
obligations with respect to the Sombrero Butte property may not be
met on a timely basis, or at all; planned activities for the Van
Dyke and Sombrero Butte properties many not commence as currently
planned, or at all; a current (43-101 compliant) resource estimate,
and a Preliminary Economic Assessment may never be obtained by the
Company for the Van Dyke property; fluctuations in metal prices and
currency exchange rates; conditions in the financial markets and
overall economy may continue to deteriorate; uncertainties relating
to interpretation of drill results and the geology, continuity and
grade of mineral deposits; uncertainty of the metallurgical
testwork; the uncertainty of the estimates of capital and operating
costs, recovery rates, and estimated economic return; the need to
obtain additional financing and uncertainty as to the availability
and terms of future financing; the possibility of delay in
exploration or development programs; and uncertainty of meeting
anticipated program milestones.
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.
Copper Fox Metals Inc.Investor
line1-866-913-1910www.copperfoxmetals.com
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