Copper Fox Announces 2019 Fourth Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2019 FOURTH QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – January 28, 2020. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:
CUU – OTC-Pink: CPFXF) is pleased to announce that its audited annual consolidated October 31, 2019
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 owns 24.3% of the
outstanding common shares, which is accounted for as an investment in associate.
For the year ended October 31, 2019, Copper Fox had a net loss of $2,626,031 (October 31, 2018 –
$1,368,128) which equated to $0.00 loss per share (October 31, 2018 - $0.00 loss per share).
During the year ended October 31, 201 9, the Compan y incurred $665,436 in expenditures toward
furthering the development of its Schaft Creek and Van Dyke projects and the exploration of its
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. Al l
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 Cana dian dollars unless
otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “ the 2019 work has advanced efforts to
surface value in the Schaft Creek Joint Venture and significantly advanced the potential of the Arizona
copper projects. The Schaft Creek p roject team invest igated the 133 ktp d scenario recommended by
the 2018 Sizing and Infrastructure study. On Copper Fox operated projects, the Mineral Mountain and
Sombrero Butte copper projects have been advanced t o the next stage of exploration and an updated
resource estimate for the Van Dyke project is expected in Q2 2020. The Company will continue in 2020
to employ t he strategy of “potential maximum value added per dollar invested ” to position the
Company to take advantage of increases in either M&A activity or copper prices.”
2019 Q4 Highlights
a) At Schaft Creek, the work focused on an in -depth review of the 133 ktpd scenario outlined by
the 2018 Sizing and Infrastructure study. At the date of this news release, the fi nal report for
the 2019 Schaft Creek work program has not been completed.
b) At Van Dyke, the 2019 program has expanded the dimensions of the mineralized envelope of
the copper deposit. The updated resource estimate for the Van Dyke project is expected in Q2
2020.
c) At Mineral Mountain, sampling and mapping outlined two large surface targets each with the
potential to host a large por phyry copper deposit. Deep penetrating Induced Polarization
geophysical exploration of these targets is required.
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d) The Sombrero Butte project has been advanced to the “target testing” stage. Two large surface
exploration targets have been delineated in a portion of a Laramide age intrusive stock
exhibiting widespread potassic /sericite alteration associated with NNW and ENE trending
copper-molybdenum vein sets underlain by positive chargeability anomalies.
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 approve s the scienti fic and technical information disclosed in
this news release.
Selected Financial Results
Liquidity
As at October 31, 2019, the Company had $374,507 in cash (October 31, 2018 - $938,311).
About Copper Fox
Copper Fox is a Tier 1 Canadian reso urce company listed on the TSX V enture Exchange (TSX -V: CUU)
focused on copper exploration and development in Canada and the United States. The principal assets
of Copper Fox and its who lly owned Canadian and United States subsidiaries, being Northern Fox
Copper Inc. and Desert Fox Copp er Inc., are the 25% intere st in the Schaft Creek Joint Venture with
Teck Resources Limited on the Schaft Cree k copper -gold-molybdenum-silver project locat ed in
northwestern British Columbia and a 100% ownership of the Van D yke 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
October 31, 2019 July 31, 2019 April 30, 2019 January 31, 2019
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 289,922 $ 270,252 $ 1,974,306 $ 192,708
Net loss 188,765 270,252 1,974,306 192,708
Comprehensive loss 257,746 528,250 1,732,808 176,208
Comprehensive loss per share,
basic and diluted 0.00 0.00 0.00 0.00
October 31, 2018 July 31, 2018 April 30, 2018 January 31, 2018
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 256,899 $ 620,441 $ 541,914 $ 213,774
Net (gain)/loss (8,001) 620,441 541,914 213,774
Comprehensive (gain)/loss 226,205 456,739 (47,768) 787,900
Comprehensive (gain)/loss per share, basic and
diluted 0.00 0.00 (0.00) 0.00
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Neither TSX Venture Exchange nor its Regulation Services Provide r (as that term is def ined in the
policies of the TSX Venture Exchang e) accepts responsibility for th e 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 S ection 21E of the Securities Exc hange Act of 1934, and for ward-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,” “wil l,” “anticipates,” “intend s,” “budgets”, “could”, “estimates”, “expects”,
“forecasts”, “projects” and similar expressions, and the negative of such express ions. Forward-looking information in this
news release include state ments regarding: the 2019 work has advanced ef forts to surface value at Schaft Creek and the
potential of the Arizona p rojects; Minera l Mountain and Sombrero Butte have been advanced to the next state of
exploration; an updated resource estimate for the Van Dyke project is expected in Q2 2020.
In connection with the forward -looking information contained in this news r elease, Copper Fox and its subsidiaries have
made numerous assumptions regarding, among other things: the geol ogical, financial and economic advice that Copper Fox
has received is reliable and is based upon practices and methodologies which are consistent with industry standards; a nd
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 fac tors which could cause Copper Fox’s actual results, performance or
achievements to be materially different from any future results, performance or achi evements expressed or implied by the
forward-looking information contained herein. Known risk factors include, among others: the 2019 work program for Schaft
Creek may not produce the desired results or be completed in a timely basis, or at all; the updated resource estimate for
the Van Dyke project may not produce the desired results or be completed in a timely basis, or at all; the two large
porphyry copper -molybdenum targets at Mineral Mo untain may not indicate a large porphyry system; additional
exploration of Mineral Mountain may not occur or may not advance the project to the drilling stage; Sombrero Butte target
testing may not find copper mineralization in significant quantities or at all; th e overall economy may d eteriorate;
uncertainty as to the availability and terms of future financing; copper pr ices and demand may fluctuate; currency
exchange rates may fluctuat e; conditions in the financial markets may deteriorate; and uncertainty as to t imely 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 contin uous
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 revision s to any of the forward -looking information
contained herein to reflect future results, events or developments, except as required by law.