Copper Fox Announces 2018 Second Quarter Operating and Financial Results
Copper Fox Announces 2018 Second Quarter Operating and Financial Results
CALGARY, Alberta, June 28, 2018 -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:CUU)
(OTC:CPFXF) is pleased to announce that its unaudited interim consolidated April 30, 2018 financial statements have been
filed on SEDAR.
All of the Company’s material subsidiaries are wholly owned, except for Carmax Mining Corp. ( “Carmax” ) (TSX-V:CUX), of
which the Company owns 45.06% of the outstanding common shares. These unaudited interim consolidated financial
statements include 100% of the assets and liabilities related to Carmax and include a non-controlling interest portion,
representing 54.94% of Carmax’s assets and liabilities that are not owned by the Company.
For the six months ended April 30, 2018, Copper Fox had a net loss of $705,682 (April 30, 2017 – $660,101) which equated to
$0.00 loss per share (April 30, 2017 - $0.00 loss per share).
During the six months ended April 30, 2018, the Company incurred $147,505 in expenditures toward furthering the
development of its Schaft Creek, Van Dyke, Sombrero Butte and Mineral Mountain copper projects and its equity investment
in Carmax. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on
SEDAR at www.sedar.com, the Company’s web site at www.copperfoxmetals.com, or by contacting the Company directly.
All references to planned activities and technical information contained in this news release have been previously announced
by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “During the Quarter, Copper Fox was active on the Schaft Creek
and Mineral Mountain projects and provided technical services to Carmax related to its Eaglehead porphyry copper project. At
Schaft Creek, work continues on evaluating a number of scenarios to identify value enhancing opportunities for the project. At
Mineral Mountain, a geological model and a potential drill target has been developed that significantly enhances the geological
understanding and mineral potential of the project.”
2018 Q2 Highlights
• At Schaft Creek the desktop study is ongoing, investigating a number of scenarios using a multi-phased approach to
identify value opportunities to enhance the overall value of the Schaft Creek project.
• If upon completion of the 2018 desktop study the Schaft Creek Joint Venture (“ SCJV”) concludes that there is the
potential to materially change project economics, the SCJV will assess the timing and scope of further studies
including a NI 43-101 Technical Report if warranted.
• The Multi-Year Area Based Permit (“ MYAB”) for the Schaft Creek project has been submitted and reviewed by the
Ministry of Energy, Mines and Petroleum Resources. The main activities, pursuant to the MYAB, include approval to
complete up to 50 diamond drill holes, construct 5 kms of new drill road, and complete 20 kms of line cutting; none of
which are contemplated at this time.
• At Mineral Mountain, sampling of the historical trenches has identified a number of previously unknown mineralized
intervals that contain in excess of 0.1% copper and 0.01% molybdenum.
• The copper mineralogy and geochemical data from the trench sampling at Mineral Mountain has identified a Leach Cap;
a weathering feature typical of porphyry copper deposits in Arizona.
• Copper Fox continued to provide technical support to Carmax for the preparation of a potential 2018 exploration program
on its 100% owned Eaglehead porphyry copper project.
Elmer B. Stewart, MSc. P. Geol., President 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 Financial Results
April 30, 2018
January 31,
2018
October 31,
2017 July 31, 2017
3 months
ended 3 months ended 3 months ended
3 months
ended
Loss before taxes $ 541,914 $ 213,774 $ 400,188 $ 395,888
Net loss 541,914 213,774 144,910 395,888
Comprehensive loss/(gain) (47,768) 787,900 (322,819) 1,637,337
Comprehensive loss/(gain) per share, basic and
diluted (0.00) 0.00 (0.00) 0.00
April 30, 2017
January 31,
2017
October 31,
2016 July 31, 2016
3 months
ended 3 months ended 3 months ended 3 months ended
Loss before non-operating items and taxes $ 453,045 $ 207,014 $ 633,383 $ 305,814
Net loss 453,045 207,014 37,171 305,814
Comprehensive loss/(gain) (220,645) 549,757 (724,814) (201,748)
Comprehensive loss/(gain) per share, basic and
diluted (0.00) 0.00 (0.00) (0.00)
Liquidity
As at April 30, 2018, the Company had $992,179 in cash (October 31, 2017 - $286,195).
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 Columbia, and a 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.
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.
For additional information contact:
Copper Fox Metals Inc. Renmark Financial Communications Inc.
Lynn Ball: [email protected] Robert Thaemlitz: [email protected]
(844) 484-2820 or (403) 264-2820 Tel: (416) 644-2020 or (514) 939-3989
www.copperfoxmetals.com www.renmarkfinancial.com
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 regarding: identifying value enhancing opportunities for the Schaft Creek project; a potential drill target at Mineral
Mountain and the mineral potential of the project; an ongoing desktop study on the Schaft Creek project; assessing the timing
and scope of further studies on the Schaft Creek Project, including a NI 43-101 Technical Report if warranted; the trench
sampling program and identification of a Leach Cap and previously unknown mineralized intervals on the Mineral Mountain
project; and provision of technical services to Carmax in relation to its Eaglehead project.
In connection with the forward-looking information contained in this news release, 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; the reliability
of historical reports; and the stability of economic and market conditions. 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 Company may decide to change
its strategic focus; the studies investigating the potential of a phased approach may not occur as planned or at all; the Leach
Cap at the Mineral Mountain may not be as interpreted; further studies on the Schaft Creek Project, including a NI 43-101
Technical Report if warranted may not be completed in 2018 or at all; additional sampling may not locate copper
mineralization of the same concentration as outlined in the 2018 sampling program or at all; the provision of technical services
to Carmax may not locate additional mineralization of the same concentration or at all; the conclusion that a larger portion of
the Eaglehead intrusive is prospective for porphyry style mineralization may not be correct; 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
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.