Copper Fox Announces 2020 Third Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2020 THIRD QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – September 25, 2020. 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, 2020 financial statements have been filed on SEDAR.
All the Company’s material subsidiaries are wholly owned , except for District Copper Corp. (“District”)
(TSX-V: DCOP), of which the Company owns 24.30% of the outs tanding common sh ares as of
September 25, 2020.
For the nine months e nded July 31, 20 20, Copper Fox had a net loss of $ 845,158 (July 31, 2019 –
$5,438,843) which equated to a loss per share of $0.00 (July 31, 2019 - $0.01 loss per share).
During the nine months ended July 31, 2020, the Compan y incurred $221,704 in expenditures toward
furthering the development of its Schaft Creek, Van Dyke , Sombrero Butte and Mineral Mountain
copper projects. Copies of the financ ial statements, notes , and related management discuss ion 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 plan ned activities
and technical information contained within this news release have previously been announced in
preceding news releases. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, Pres ident and CEO of Copper Fox st ated, “The Company continues t o experience
delays due to the COVID-19 pandemic. During the Quarter activities included preparation of the 2019
Report of Activities for the Scha ft Creek Join t Venture , a limited environmental baseline monitor ing
field program at Schaft Creek and commencement of the Preliminary Economic Assessment for the Van
Dyke project. Delays in permitting and receipt of regulatory authorization have affected the timelines
on the acquisition of the Eaglehead project, the environmental assessment at Mineral Mountain and
the drone magnetic survey at Sombrero Butte.”
Q3 2020 Highlights:
• The 2019 Report of Activities for the Schaft Creek Joint Venture is expected to be completed by
year-end. A limited environmental baseline monitoring field p rogram focusing on Climatology
and Hydrology data collection was completed in early September.
• The Preliminary Economic Assessment of the Van Dyke project to quantify the economic impact
of the increased soluble copp er content and projected increased solu ble co pper recove ry as
highlighted in the 2020 resource estimate commenced.
• At the request of the Bureau of Lan d Management (“BLM”), the com pany commissioned an
Environmental Assessment (“EA”) of the Mineral M ountain project. Copper Fox views this
early stage assessment as an opportunity to identify potential issues, if any ; prior to
commencing future drilling programs.
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• The process to acquire the Eaglehead copper-gold project continued , with ongoing discussions
with the BC Ministry of Energy and Mines and the relevant First Nations Groups, in an effort to
obtain approval for the Notice of Work (“NOW”) for the project. Subsequent to Q3 2020, the
Company was advised that additional delays in approving the NOW were expected because of
the ongoing consultations between the province of BC and First Nations groups.
• Subsequent to Q3 2020, Copper Fox retained SWCA Consult ing to conduct the requeste d EA of
the Mineral M ountain project. Commencement of the EA is cont ingent on receipt of
authorization from the BLM to complete the survey.
• Subsequent to Q3 2020, due to delays in receipt of regulatory approval for the Sombrero Butte
field program and op erational delays on other projects , the contractor was not able to
complete the drone magnetic survey prior to t he deadline dates for the three Arizona
exploration permits. The survey has be en re-scheduled for early 2021, the t iming of which will
be announced on approval of an updated Geologic Field Operations Plan from the Arizona State
Land Department.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox , is th e C ompany’s non-independent,
nominated Qualified Person pursuant t o National Instrument 43-101, Sta ndards 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 of July 31, 2020, the Company had $869,274 in cash (October 31, 2019 - $374,507).
About Copper Fox
Copper Fox i s 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 subsidia ries, being Northern Fox
Copper Inc. and D esert Fox Copper Inc ., are the 25% interest in the Schaft Creek Joint V enture with
Teck Resourc es L imited on the Schaft C reek copper -gold-molybdenum-silver project located in
July 31, 2020 April 30, 2020 January 31, 2020 October 31, 2019
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 248,589 $ 375,725 $ 205,572 $ 289,922
Net loss 248,589 375,725 205,572 188,765
Comprehensive (gain)/loss 940,165 (283,957) 139,438 257,746
Comprehensive (gain)/loss per share,
basic and diluted 0.00 (0.00) 0.00 0.00
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 $ 1,974,306 $ 195,607 $ 256,899
Net (gain)/loss 270,252 1,974,306 195,607 (8,001)
Comprehensive loss 528,250 1,732,808 197,607 226,205
Comprehensive loss per share, basic
and diluted 0.00 0.00 0.00 0.00
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northwestern British Columbia and a 100 % ownership of the Van Dyke o xide 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
For additional information please contact Lynn Ball at 1-844-464-2820 or 1-403-264-2820.
Neither TSX Vent ure Exchange nor its Regula tion S ervices Provider (as that term is defined in the
policies of the TSX Venture Exchange) acc epts respons ibility for the adequ acy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meanin g of the Section 27A of the Secu rities Act of 1933
and Section 21E of the Securities Exchange A ct of 1934, and forward -looking information within the mean ing of the
Canadian securities la ws (coll ectively, “forward -looking i nformation”). Forward-looking in formation in this news release
include statements regarding completing the 2019 Schaft Creek report; the Preliminary Economic Assessment for the Van
Dyke proje ct; the property sales agreement with Dist rict C opper on the Eaglehea d pro ject; advancement of the Mine ral
Mountain and Sombrero Butte projects.
In co nnection with the f orward-looking information conta ined in this news releas e, Copper Fox and its subsidi aries have
made numerous assumptions regarding, among other things: the geological, financial a nd economic advice that Copper Fox
has received is reliable and is based upo n practices and methodologies wh ich are consistent with industry standards; and
the s tability 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 whi ch could cause Copper Fo x’s actual results , performance, or
achievements to be materially differ ent from any future res ults, performance or achievements expressed or implied by the
forward-looking informa tion contained herein. Known risk factors include, a mong others: the Company may decide to
change its strategic focus; the completion of the 2019 Re port of Activities on the Schaf t Creek Project may not be
completed on a ti me; the Pre liminary Economic Assess ment on the Van Dyke project may not be completed in a timely
basis or at all; the Environmental Assessment on the Mineral Mountain project may not be completed in a timely basis or at
all; the proposed acquisition of the Eaglehead copper project may not be completed in a timely basis, or at all; the magnetic
drone survey on the Sombrero Butte pro ject may not be completed in a timely basis , or at all; exploration of the projects
may not find copper mineralization in significant quantities or at all; the overall economy may deterio rate; uncertainty as to
the avail ability and terms of fu ture financing; copper prices and demand m ay fluctua te; c urrency excha nge 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 dis cussion of the risks and unce rtainties fac ing Copper Fox is disclosed in Copper Fox's continuous
disclosure filings with Canadian secur ities 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.