NEW
COPPER FOX ANNOUNCES RESIGNATION OF CFO, APPOINTMENT OF AN INTERIM CFO
Vancouver, British Columbia – May 3, 2011 . (“Copper Fox” or the “Company”) (TSX-V: CUU) Copper Fox regrets to advise that its Chief Financial Officer, Murray Hunter, has decided to resign in order to devote more time to his growing public pract ice. The Company would like to reco rd its appreciation to Mr . Hunter for his contribut ion to Copper Fox since it s inception some seven y ears ago, and to wish him continued success in his future endeavors. During the interim, Ms.Catherine Henderson, currently the Corporate Comptroller will assume the role of interim Chief Financial Officer.
Elmer B. Stewart President and CEO of Copper Fox stated “I want to thank Murray on behalf of the Company for his efforts over t he past six years and wish him success in his future endeavors. I look forward to working with Ms. Henderson as interim CFO”.
About Copper Fox
Copper Fox is a Canadian based resource company listed on th e TSX-Venture Exchange (CUU-TSX-V). Copper Fox was recently recognized by TSX Venture Inc. as a member of the distinguished TSX Venture 50® gr oup where it had the di stinction of being ranked first overall for 2010.
The Company is working on completing a Feasibility Study on the Scha ft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North Amer ica. Categorized as a “giant porphyry de posit” this project is at the advanced development stage with a Preliminary Feas ibility Study (“PFS”) prepared by Samuel E ngineering, 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 mi ne 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 463.5 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 is being led by Ward rop, A Tetra Tech Company on a minimum 120,0 00 tpd open pit mine and the study is expected to be completed by the end of June 2011.
Copper Fox holds title and a 100% working interest in a contiguous 24,003.5 hectare (59,311 acre) property which includes the Schaft Creek deposit subject to certain royalty agreements, a 30% carried interest held by Liard Copper and an earn back option held by Teck Resources Limited (“Teck”). Copper Fox is cu rrently earning a 78% interest in Liard C opper from Teck. Teck’s earn back option t o acquire 20%, 40% or 75% of the Schaft Creek project is trig gered upon completion of a positive Feasibility Study. Should Teck elect to exercise its option for 75% they are required to fund subseque nt property expenditures up to a total of 400% of those incurr ed by Copper Fox ($58.1 million as of March 29, 2011) 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.
Additionally Copper Fox holds mineral claims totaling 3,947 hectares (9,752 acres) in the Liard mining district of BC not subje ct to the Teck earn-back.
*United States investors are advised th at current Mineral Resources are not curren t Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative a ccuracy of the estimate and in keeping with “best practice principles”.
For additional information contact: Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080 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 i nformation 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 informati on in this news release include statements about the timing and scope of the feasib ility study for the Schaft Creek project; estimated timing and amounts of future expenditures and “earn-back” options ; geological interpretations and potential mineral recovery pr ocesses. Information c oncerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralizat ion that would be encountered if a mineral deposit were developed and mined.
In connection with the forward-looking inform ation contained in this news release, C opper Fox has made numerous assumptions , r egarding, among other th ings: the geological, metallurgical, engineering, financial and ec onomic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards; and the continued financ ing of the Feasibility Study; and the anti cipated analytical results of the current drilling program. While Copper Fox considers these assumptions to be reasonable, these assump tions are inherently subject to significant uncertainties and cont ingencies. Additio nally, 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, am ong others: the Feasibility Study may not b e completed within the contemplated time frame, or at all; the possibility that the analytical results from the core sampling does not return significant grades of copper mineralization; the possibility that future drilling on the Schaft Creek project may not occur on a timely basi s, or at all; fluctuations in copper an d other commodity prices and currency exchan ge rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimat es of capital and operating cost s, recovery rates, and estimated economic return; the need to obtain additional financing to deve lop properties and uncertainty as to the av ailability 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 a nd uncertainties facing Copper Fox is disclo sed 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 announ ce the result of any revisions to any of the forward-looking i nformation contained herein to reflect future results, events or developments, except as required by law.