7.8 BILLION pounds of copper , 
7.9 million ounces of
69.7 million ounces of silver 
583 million pounds of molybdenum

"Completion date for the updated resource estimate to allow inclusion of the assay results for the 2010 diamond drilling and the re-sampling of selected historical diamond drill holes that is currently underway"

"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 and an earn back option.  Teck Resources Limited ("Teck") has an option to acquire up to 75% of the Schaft Creek project which is triggered upon completion of the Feasibility Study.  Should Teck elect to exercise their option for the full amount (75%) they are required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($55 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. "


Copper Fox Metals is a Canadian-based resource company focused on completing, by early 2011, a feasibility study on the Schaft Creek deposit, one of Canada's largest undeveloped copper-gold-molybdenum-silver deposits located in north western British Columbia.

In early 2010, Copper Fox retained Wardrop (a TERTA TECH company) to complete the feasibility study on the Schaft Creek deposit. The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating costs estimates and other technical, socio-economic and financial aspects related to the feasibility study.

Pursuant to a 2002 Option Agreement with Teck Resources Limited ("Teck") Copper Fox has acquired a 100% working interest in the Schaft Creek Project subject to a 30% net proceeds interest held by Liard Copper Mines Limited ("Liard") a private company. Teck holds a 78% equity interest in Liard representing 23.4% of the Schaft Creek project referred to as the "indirect interest". Under the terms of the 2002 Option Agreement with Teck, Copper Fox can earn the "indirect interest" by completing a "positive" Feasibility Study. For further details see Teck Option Agreement below.

In 2008, Samuel Engineering, Inc. completed a Preliminary Feasibility Study, (click here to view) on the Schaft Creek deposit, the results of which were made public on September 15, 2008. The Preliminary Feasibility Study indicates that the Schaft Creek deposit can be developed economically as an open pit mine and recommends proceeding forward to complete a feasibility study.

The conclusions of the Preliminary Feasibility Study are:

  • A Measured Mineral Resource of 436.5 million tonnes grading 0.30% copper, 0.23 grams per tonne ("g/t") gold, 0.02% molybdenum and 1.55 g/t silver, and an Indicated Mineral Resource of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver at a 0.20% Copper Equivalent cutoff;
  • A Proven Mineral Reserve of 411.1 million tonnes grading 0.32% copper, 0.019% molybdenum, 0.23 g/t gold and 1.72 g/t silver and a Probable Mineral Reserve of 409.9 million tonnes grading 0.28% copper, 0.020% molybdenum, 0.19 g/t gold and 1.79 g/t silver.

The numbers in the Mineral Resources and Mineral Reserves are rounded to conform with "best practice" principals. The Proven and Probable Mineral Reserves are contained within the Measured and Indicated Mineral Resources

*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.

  • 18.6% internal rate of return after recovery of capital costs and before taxes,
  • $11.734 billion after recovery of capital costs and Pre-Tax Cash Flow,
  • $2.764 billion NPV after capital recovery and before taxes, discounted at 8% over 23 year mine life,
  • Cost of copper production net of by-product sales of gold-molybdenum-silver is a negative
    .32/pound, and
  • 4.7 years, after recovery of capital costs and before tax, payback period.

For the base case economic analysis in the Preliminary Feasibility Study, the Net Smelter Return per tonne is US $31.47 and cash operating costs (including transportation, refining and smelting charges) are US $12.49 per tonne.

Teck Option Agreement:

Teck may at any time elect to exercise the earn-back terms and conditions of the Option Agreement.

On receipt of a Positive Bankable Feasibility Study, a defined term in the Option Agreement, Teck has 120 days in which to elect to either: i) exercise one of its earn-back options, or ii) retain a 1% net smelter return royalty, or iii) receive common shares of Copper Fox to a value of $1,000,000.

If Teck elects to exercise its earn-back option pursuant to the Option Agreement, then Teck has the right to elect to acquire either a 20%, a 40% or a 75% working interest in the Schaft Creek Project from Copper Fox by solely funding subsequent expenditures equal to either 100%, 300% or 400% of Copper Fox's prior expenditures pursuant to the Option Agreement. In the event Teck elects to earn-back a 75% working interest in the Schaft Creek Project, Teck will be responsible for arranging Copper Fox's share of project financing and will recover the project financing funds from Copper Fox's share of metal sales until payout is reached.

An example of how the Teck earn-back option works based on the assumption that Teck elects to exercise either 20%, 40% or 75% earn-back is set out below. This example assumes that Copper Fox has incurred a total of $50.0 million of qualifying expenditures pursuant to the Option Agreement at the time Teck makes its election

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