Copper Fox Announces 2018 Third Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2018 THIRD QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – September 28, 2018. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU
– OTC-Pink: CPFXF) is pleased to announce that its unaudited interim consolidated July 31 , 2018 financial
statements have been filed on SEDAR.
All of the Company’s material subsidiaries are wholly owned , except for District Copper Corp. (formerly named
Carmax Mining Corp. ) (“District”) ( TSX-V: DCOP), of which the Company own s 39.51% of the outs tanding
common shares. These unaudited interim consolidated financial statements include 100% of the assets a nd
liabilities related to District and include a non -controlling interest portion, representing 60.49% of District ’s
assets and liabilities that are not owned by the Company.
For the nine months ended July 31, 2018, Copper Fox had a net loss of $ 1,320,825 (July 31, 2017 – $1,041,591)
which equated to $0.00 loss per share (July 31, 2017 - $0.00 loss per share).
During the nine months ended July 31, 2018, the Company incurred $162,831 in expenditures toward furthering
the development of its Schaft Creek, Van Dyke, Sombrero Butte and Mineral Mountain copper projects. 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 Cop per Fox, stated, “ Copper Fox is pleased with the progr ess on the
Schaft Creek project. The multi-disciplinary approach adopted in 2018 is being used to enhance the value of the
project by investigating various sizing and investment scenarios (milling and open pit) targeting potential cost
reductions, a higher -grade initial starter pit and other opportunities to improve project economics. The
expanded porphyry “footprint” at Mineral Mountain is encouraging and warrants additional exploration to
advance the project to the drilling stage by better delineating the structural controls and extent of the porphyry
copper mineralization/alteration.”
2018 Q3 Highlights:
a) At Schaft Creek, the desktop studies are progressing, focusing in part on describing a phased
development approach that targets potential capital, operating and sustaining cost reductions, a higher-
grade initial starter pit and identifying other opportunities to improve project economics;
b) The Multi-Year Area Based Permit (“MYAB”) for the Schaft Creek project has been received from the
Ministry of Mines for British Columbia. The main activities covered pursuant to the MYAB 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 planned at this stage;
c) At Mineral Mountain a sampling program on Target #2 and an airborne (magnetic and radiometric)
geophysical survey are planned; and
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d) District has completed a program on their Eaglehead porphyry copper project consisting primarily of re-
logging and where necessary, sampling or re-sampling historical drill core. Analytical results from the
program will be released once received from District.
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
July 31, 2018 April 30, 2018 January 31, 2018 October 31, 2017
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 620,441 $ 541,914 $ 213,774 $ 400,188
Net loss 620,441 541,914 213,774 144,910
Comprehensive loss/(gain) 456,739 (47,768) 787,900 (322,819)
Comprehensive loss/(gain) per share, basic and diluted 0.00 (0.00) 0.00 (0.00)
July 31, 2017 April 30, 2017 January 31, 2017 October 31, 2016
3 months ended 3 months ended 3 months ended 3 months ended
Loss before non-operating items and taxes $ 395,888 $ 453,045 $ 207,014 $ 633,383
Net loss 395,888 453,045 207,014 37,171
Comprehensive loss/(gain) 1,637,337 (220,645) 549,757 (724,814)
Comprehensive loss/(gain) per share, basic and diluted 0.00 (0.00) 0.00 (0.00)
Liquidity
As at July 31, 2018, the Company had $1,714,530 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 Can ada 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 Resourc es 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 te rm is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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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: enhancing
the value of the Schaft Creek project by investigating various sizing and investment scenarios (milling and open pit) targeting potential
cost reductions, a higher -grade initial starter pit and other opportunities to improve project economics; additional exp loration of the
expanded porphyry “footprint” at Mineral Mountain , and the potential value thereof ; a potential sampling program and an airborne
survey at Mineral Mountain; and releasing results from District’s 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 reli able and is
based upo n 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 achievem ents to
be materially different from any future results, performa nce 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 Company may
not be able to enhance the value of the Schaft Cre ek project to the extent expected, if at all; the Mineral Mountain project may not
warrant additional exploration; the sampling program and airborne survey at Mineral Mountain may not be completed; 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 avai lability 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 forward -looking information herein is qua lified 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 he rein to reflect future results, events or
developments, except as required by law.