Copper Fox Announces 2019 Third Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2019 THIRD QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – September 6, 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 three and
nine months ended July 31, 2019 financial statements have been filed on SEDAR.
All of the Company’s material subsidiaries are wholly owned. The Company also owns 24.4% of District
Copper Corp. (“District”) (TSX-V: DCOP) common shares outstanding.
For the nine months e nded July 31 , 2019, Copper Fox had a net loss of $ 5,438,843 (July 31 , 2018 –
$1,320,825) which equated to $0.01 loss per share (July 31, 2018 - $0.00 loss per share). The net loss
increased in Q3 2019 compared to Q2 2018 due to the impairment of the Eaglehead property, offset by
the deconsolidation of District from Copper Fox’s financial statements.
During the nine months ended July 31, 2019, the Compan y incurred $427,946 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 an nounced 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, “ The more in-depth study on the 133,000
tpd scenario selected from the 2018 Sizing a nd Infrastructure Alternatives S tudy on the Schaft Creek
project is underway. At Van Dyke; the Updated Resource E stimate is expected to commence in
September 2019 and will include updated analytical results from 37 drill holes, allowing for a more
robust geologi cal model. We are confident that the multi -disciplinary team assigned by the Schaft
Creek Joint Venture (“SCJV”) to evaluate the identified improvement options will be successful in
further defining a sound economic, technical and environmental base case project configur ation for
the next study phase.”
Q3 2019 Highlights
• The 2019 Schaft Creek work program is budgeted at $2.1 million and includes field work to
inform a more in -depth analysis of options identified in late 2018 and early 2019 to lower
capital and operating costs associated with the 133,000 tpd development scenario.
• The combined field and study work at Schaft Creek is focused on lowering the capital and
operating costs associated with key infrastructure and access options, mine development a nd
sequencing alternatives, and tailings management facility options.
• The Schaft Creek study team has been assembled, contractors have been retained and the work
is underway.
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• Other activities at Schaft Creek include geotechnical investigations, continued collection of
baseline environmental data, camp maintenance and protection work, and ongoing
engagement with the Tahltan Nation.
• The Updated Resource E stimate for the Van Dyke deposit is expected to commence in
September 2019.
• The Van Dyke, 2019 analytical program included 37 drill holes and yielded higher soluble copper
concentrations over thicker intervals compared to the historical project data base.
• Approval from Arizona State authorities to a conduct work program on the Sombrero Butte
project has been received. The work program is expected to commence in September 2019.
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 Disclo sure for
Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in
this news release.
Selected Financial Results
Liquidity
As at July 31, 2019, the Company’s cash position was $769,075 (October 31, 2018 - $938,311).
About Copper Fox
Copper Fox is a Tier 1 Cana dian 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 Nor thern 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 In-Situ Leach oxide copper
July 31, 2019 April 30, 2019 January 31, 2019 October 31, 2018
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 270,252 $ 4,975,881 $ 192,708 $ 256,899
Net (gain)/loss 270,252 4,975,881 192,708 (8,001)
Comprehensive loss 663,525 4,734,383 176,208 226,205
Comprehensive loss per share, basic
and diluted 0.00 0.01 0.00 0.00
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 (gain)/loss 456,739 (47,768) 787,900 (322,819)
Comprehensive (gain)/loss per share,
basic and diluted 0.00 (0.00) 0.00 (0.00)
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project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and
investments visit the Company’s website at 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 A ct 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 s tatements regarding: additional work on the Van Dyke project with th e possibility of completing an Updated
Resource Estimate for the project ; reducing capital and operating costs of the Schaft Creek project; conducting a review of
the site characteristics of potential revisions to key infrastructure elements of the Schaft Creek project; completion of
geotechnical investigations, continued collection of baseline environmental data, camp maintenance and protection work,
at the Schaft Creek project as well as ongoing work with the Tahltan Nation in 2019.
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 e conomic 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 reas onable, 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 timing and scope of further work on the Van Dyke project, may not be completed as planned
or at all; the timing and scope of further work on the Schaft Creek project may not be completed as planned or at all;
ongoing work with the Tahltan Nation may not occur as planned 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
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 su ch
forward-looking information or to publicly announce the result of any revisio ns to any of the forward -looking information
contained herein to reflect future results, events or developments, except as required by law.