Copper Fox Announces 2019 First Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2019 FIRST QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – March 22, 2019. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX -V:
CUU – OTC-Pink: CPFXF) is pleased to announce that its unaudited interim consolidated January 31,
2019, financial statements have been filed on SEDAR.
All of the Company’s material subsidiaries are wholly owned , except for District Copper Corp.
(“District”) (TSX-V: DCOP), of which the Company owns 24.43% of the outstanding common shares as
of March 22, 2019. The unaudited interim consolidated financial statements include 100% of the
assets and liabilities related to District and include a non -controlling interest representing 60.49% of
District’s assets and liabilities not owned by the Company, which was the non-ownership percentage of
District by Copper Fox as of January 31, 2019.
For the three months ended January 31, 2019, Copper Fox had a net loss of $195,607 (January 31, 2018
– $213,774) which equated to $0.00 loss per share (January 31, 2018 - $0.00 loss per share).
During the three months ended January 31, 201 9, the Compan y incurred $262,128 in expenditures
toward furthering the development of its Schaft Creek, Eaglehead, Van Dyke , Sombrero Butte and
Mineral Mountain copper p rojects. 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 dollar s unless otherwise
stated.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “ The multi-disciplinary team established by
the Schaft Creek Joint Venture ( “SCJV”) in 2018 to describe and further characterize several
development scenarios for the Sc haft Creek deposit w ill continue its work in 2019. The SCJV plans to
strengthen the project management team to complete additional scoping -level engineering and design
work based on the 2018 program to assess opportunities associated with a range of devel opment
scenarios, the focus of which is to improve financial returns over those outlined in the 2013 Feasibility
Study. Positive exploration results from the Mineral Mountain and Van Dyke projects strongly suggest
that additional exploration work is warranted on both projects.”
2019 Q1 Highlights
The SCJV approved a $2.1 million budget to continue desk top studies, complete a four to six-
week field program and strengthen the project management team.
Based on the work completed by the SCJV in 2018, addit ional scoping -level engineering and
design work is planned in 2019 to assess opportunities associated with a range of development
scenarios, the focus of which is to improve financial returns over those outlined in the 2013
Feasibility Study.
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The SCJV anticipates a four to six-week field program that includes assessing ground conditions
at the proposed process facility and tailings facility locations, formulation of an environmental
approach to the project, reinforcing the existing flood protection for th e camp, improving the
drill-core storage facilities, and other field -related activities as well as ongoing work with the
Tahltan Nation.
At Mineral Mountain , two large areas of porphyry copper mineralization have been identified
and a deep penetrating ge ophysical survey is planned to survey these areas for chargeability
and resistivity anomalies at depth.
At Van Dyke, the results of the analytical program to date have returned significant ly higher
acid soluble copper concentration s over thicker intervals in a number of the holes analyzed to
date compared to the mineralized intervals used in the 2014 maiden resource estimate.
A mapping and sampling program are planned at Sombrero Butte to better define the
correlation between the positive chargeability outlined in 2015 and areas of copper
mineralization and alterations.
District completed its acquisition of the Stoney Lake East gold project in Newfoundland in
February 2019, resulting in the issuances of 40 million shares of District to the Vendors, whi ch
reduced Copper Fox’s ownership of District to 24.4%.
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
Liquidity
As at January 31, 2019, the Company had $311,789 in cash (October 31, 2018 - $938,311).
January 31, 2019 October 31, 2018 July 31, 2018 April 30, 2018
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 195,607 $ 256,899 $ 620,441 $ 541,914
Net loss / (gain) 195,607 (8,001) 620,441 541,914
Comprehensive loss /(gain) 197,130 226,205 456,739 (47,768)
Comprehensive loss /(gain) per share, basic and diluted 0.00 (0.00) 0.00 (0.00)
January 31, 2018 October 31, 2017 July 31, 2017 April 30, 2017
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 213,774 $ 400,188 $ 395,888 $ 453,045
Net loss 213,774 144,910 395,888 453,045
Comprehensive loss /(gain) 787,900 (322,819) 1,637,337 (220,645)
Comprehensive loss /(gain) per share, basic and diluted 0.00 (0.00) 0.00 (0.00)
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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 S tates. 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 Sc haft
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.
For additional information please contact Lynn Ball at 1-844-464-2820 or 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 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 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 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 information in this
news release include statements regarding: strengthening the SCJV project management team; continuing desktop studies;
completing additional scoping -level engin eering and design work; completing a four to six week field program and the
activities within; improving SCJV financial returns over those outlined in the 2013 Feasibility Study; additional exploration
work being warranted on both the Mineral Mountain and Van Dyke projects; the interpretation and potential of two large
areas of porphyry copper mineralization at Mineral Mountain; significantly higher acid soluble copper concentrations at Van
Dyke over thicker intervals than those used in the maiden resource estimate completed in 2014 ; and a mapping and
sampling program is planned at Sombrero Butte.
In connection with the forward -looking information contained in this news release, Copper Fox and its subsidiaries have
made numerous assumptions regarding, amon g 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; the availability of ke y personnel; 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 un known 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 r isk factors include, among others: the desktop studies and field
work being used to enhance the value of the Schaft Creek project may not produce the desired results or be completed in a
timely basis, or at all; additional exploration work may not be warranted on the Mineral Mountain and Van Dyke projects ;
the two areas of porphyry copper mineralization at Mineral Mountain may not be as indicated ; Van Dyke may not have
significantly higher acid soluble copper concentrations over thicker intervals than those used in the maiden resource
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estimate completed in 2014 ; a mapping and sampling program may not be conducted at Sombrero Butte ; 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 fa cing 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 di sclaims 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 requ ired by law.