Copper Fox Announces 2017 Year End Operating and Financial Results
COPPER FOX ANNOUNCES 2017 YEAR END OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – February 26th, 2018. Copper Fox Metals Inc. (“Copper Fox” or the “Company”)
(TSX-V: CUU – OTC-Pink: CPFXF) is pleased to provide its consolidated 201 7 year end operating
and financial results. All of the Company’s material subsidiaries are wholly owned except for Carmax
Mining Corp. ( “Carmax”) (TSX-V: CUX), of which the Company owns 60.38% of the outs tanding
common shares. These audited consolidated financial stateme nts include 100% of the assets and
liabilities related to Carmax and include a non -controlling interest representing 39.62% of Carmax’s
assets and liabilities not owned by the Company.
For the year ended October 31, 201 7, Copper Fox had a comprehensive loss of $1,643,630 (October 31,
2016 - $784,363) which worked out to a $0.00 loss per share (October 31, 2016 - $0.00). For the year,
the Company incurred $ 378,888 in expenditures toward furthering the development of its Van Dyke ,
Sombrero Butte , and Mine ral Mountain copper projects in Arizona as well as $45,224 towards the
Schaft Creek Project. Carmax also incurred expenditures of $67,845 towards their Eaglehead project .
Copies of the financial statements, notes and related management discussion and ana lysis may be
obtained on SEDAR at www.sedar.com, the Company web site at www.copperfoxmetals.com, or by
contacting the Company directly. All references to planned activitie s and technical information
contained in this news release have been previously announced by way of news releases by the
Company. All amounts are expressed in Canadian dollars unless otherwise stated
Elmer B. Stewart, President and CEO of Copper Fox , stated, “ Schaft Creek and our investment in
Carmax Mining Corp. will be the main focus in 2018. The direction and objective of the 2018 work
plan for Schaft Creek is in line with Copper Fox’s plans to advance its other projects and investment by
exploration. Preparation of budgets and program s for the other project s are underway and will be
announced when finalized and approved by the board. The shift in focus from the United States projects
to the Canadian projects is primarily d ue to the current unfavorable US to Canadian exchange rates .
With the expected return to a positive commodity cycle, Copper Fox’s objective in 2018 will be to
advance its exploration stage projects located in proven mineral districts in politically stable mining
jurisdictions.”
2017 Highlights
The remodeling work completed by the Schaft Creek Joint Venture (“SCJV”) resulted in
improvements to the geological interpretation and has found n o material changes to the 2012
Resource Estimate included in the 2013 Feasibility Study of the Schaft Creek deposit.
The 2013 Schaft Creek Feasibility Study remains current. If upon completion of the desktop
studies the SCJV concludes that there is the potential to materially change project economics, the
SCJV will assess the timing and scope of f urther studies including a NI 43-101 Technical Report
if warranted.
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The 2018 $0.8 million budget and work program for the Schaft Creek project includes
investigating a number of different scenarios with the objective of adding value to the Schaft
Creek project.
Collection of baseline environmental data continued and an application for a Multi-Year Area
Based Permit (“ MYAB”) was submitted in 2017. The main activities, pursuant to a MYAB
permit, include approval for up to 50 diamond drill holes, 5 kms of new drill road and 20 kms of
line cutting; none of which are contemplated at this time.
At the Van Dyke project, modelling of the Pollution Management Area, Discharge Impact Area,
Cone of Depression and Point of Compliance work, abandonment plans, etc. , was completed
prior to suspension of the work pending the outcome of discussion s with a third party to gain
access to the proposed site for the in-situ leach test program.
Carmax’s ownership of the mineral title to the Eaglehead project (see news release s dated July
17, 2017 and August 23, 2017) was confirmed on August 17, 2017 when the appeal period to the
Supreme Court’s decision expired.
Surface outcrop sampling on the Mineral Mountain project outlined an area of approximately
1,100m by 900m of copper mineralization hosted in a Laramide Intrusive. A number of samples
from this zone yielded between 1% and 6.6% copper primarily due to the presence of chalcocite.
The SCJV has approved a $0.8 million budget and program for 2018. This work includes investigating
the potential of a phased approach as an alternative to th e approach adopted in the 2013 Feasibility
Study completed by Copper Fox on the Schaft Creek Project as well as c ollection of baseline
environmental data and ongoing discussions with the Tahltan First Nation.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-
independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for
Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information
disclosed in this news release.
Selected Annual Results
October 31, 2017 October 31, 2016 October 31, 2015
Year Ended Year Ended Year Ended
Loss before non-operating items and taxes $ 1,456,055 $ 1,667,161 $ 1,910,352
Net loss 1,200,857 1,070,949 1,546,398
Comprehensive loss 1,643,630 748,363 20,215
Comprehensive Loss per Share, Basic and Diluted 0.00 0.00 0.00
Weighted Average Number of Shares Outstanding 430,224,452 419,326,720 407,660,044
Financial Position
Total assets $ 79,737,101 $ 80,323,388 $ 79,601,459
Non-current liabilities $ 2,148,690 $ 2,389,297 $ 2,984,494
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Liquidity
As at October 31, 2017, the Company had $286,195 in cash (October 31, 2016 - $847,505).
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX -V:
CUU) focused on copper exploration and development in Canada and the United States. The principal
assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox
Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with
Teck Resources Limited on the Schaft Creek copper -gold-molybdenum-silver project located in
northwestern British Colu mbia and the 100% ownership of the Van Dyke oxide copper project located
in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments
visit the Company’s website at http://www.copperfoxmetals.com.
For additional information contact: Investor line 1-844-484-2820 or Lynn Ball, at 1-403-264-2820.
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 de fined 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 within the meaning of the Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, and forward -looking information within the meaning of the Canadian securities laws
(collectively, “forward-looking information”). Forward-looking information in this news release include statements about Schaft Creek
and our investment in Carmax Mining Corp. being the main focus in 2018; the announcement of budgets and programs for the othe r
projects; an expected return to a positive commodity cycle; advancing the Company’s portfolio of exploration stage projects in 2018;
assessing the timing and scope of further studies on the Schaft Creek Project, including a NI 43 -101 Technical Report if warranted; and a
$0.8 million budget and program for the Schaft Creek P roject, including investigating the potential of a phased approach as well as
collection of baseline environmental data and ongoing discussions with the Tahltan First Nation.
In connection with the forward -looking information contained in this news relea se, Copper Fox and its subsidiaries have made numerous
assumptions regarding, among other things: the geological, 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 stability of economic and market conditions .
While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncert ainties 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 Company may decide to change its strategic focus; exploration of the
projects may not find copper mineralization in significant quantities or at all; the overall economy may deteriorate; uncertainty as to the
availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in
the financial markets may deteriorate; and 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 disclosur e filings
with Canadian securities regulatory authorities at www.sedar.com. All fo rward-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 f orward-looking information contained herein to reflect future results, events or
developments, except as required by law.