Copper Fox announces extension of expiry date of certain stock options
VANCOUVER, Jan. 16, 2013 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the
"Company") (TSX-Venture: CUU) announces that the Board of Directors of the
Company has authorized, subject to TSX Venture Exchange approval, an amendment
to 1,000,000 incentive stock options (the "Options") granted to officers of
the Company to extend the expiry date of the Options to January 11, 2014.
The Options were subject to a Trading Blackout imposed by the Company for a
significant period of time pending the preparation and completion of the
Company's Positive Feasibility Study of the Shaft Creek deposit, and were set
to expire in accordance with the terms of the Company's stock option plan
following the release of the results of the Company's Positive Feasibility
Study. As a result, the Board of Directors of the Company has determined it
advisable to extend the expiry date of the Options to January 11, 2014. All
other terms of the Options, including the exercise price, remain the same.
Pursuant to the policies of the TSX Venture Exchange, the amendment to the
term of the Options must be approved by disinterested shareholders of the
Company at the next annual general meeting of the Company. The Options may
not be exercised until disinterested shareholder approval is obtained.
About Copper Fox
Copper Fox is a Canadian-based resource development company listed on the TSX
Venture Exchange (TSX-V: CUU) with a corporate office in Calgary, AB and an
operations office in Vancouver, BC. Its major asset is the Schaft Creek
copper, gold, molybdenum and silver deposit located in northwestern British
Columbia, Canada for which a positive Feasibility Study was recently completed.
Copper Fox holds title and a 100% working interest in the Schaft Creek project
consisting of 55,779.56 hectares (137,834 acres). Included in this total are
the "Schedule A" mineral tenures originally conveyed to Copper Fox pursuant to
the Teck Option Agreement, which consist of 8,334.34 hectares (20,594 acres).
The "Schedule A" mineral tenures are subject to a 3.5% Net Profits Interest
held by Royal Gold, Inc., a 30% carried Net Proceeds Interest held by Liard
and, together with the additional mineral tenures obtained by Copper Fox
within the "Area of Interest" provided for in the Teck Option Agreement, an
earn back option held by Teck. On completion of the Feasibility Study, Copper
Fox earns Teck's 78% interest in Liard. Teck's earn back option to acquire
either, 20%, 40% or 75%, of Copper Fox's interest in the Schaft Creek Project
is triggered upon delivery of a "Positive Bankable Feasibility Study" (as
defined) to Teck after which they have 120 days to make a decision. Should
Teck elect to exercise its option for 75%, Teck is required to fund subsequent
property expenditures up to a total of 400% of those incurred by Copper Fox
($84.9 million to July 31, 2012) and use its best efforts to arrange for
project financing, including the Copper Fox portion. For full details of the
Teck earn back option please refer to the Company's website
The remainder of Copper Fox's registered interests in mineral tenures in
British Columbia total 47,445.22 hectares (117,240 acres). These interests
have been acquired by Copper Fox through mineral tenure acquisitions and
mineral tenure purchase agreements subsequent to Copper Fox entering into the
Teck Option Agreement. Certain portions of these registered mineral tenures
are subject to inclusion within the Schaft Creek Project pursuant to the
terms of the "Area of Interest" provisions of the Teck Option Agreement.
Additionally the Company holds, through its wholly-owned subsidiaries, mineral
tenures located in Pinal County, Arizona (the 'Sombrero Butte Copper Project')
and in Miami, Arizona (the 'Van Dyke BLM Claims'). The Sombrero Butte copper
project consists of 2,887 acres located in the Bunker Hill Mining District, 44
miles northeast of Tucson and the 35 Van Dyke BLM Claims located to the west
of the Van Dyke copper deposit in Miami.
On behalf of the Board of Directors
Elmer B. Stewart
President & 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 information" within the meaning of
the Canadian securities laws. 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 includes
statements about the amendment of expiry date of the Options; approval for the
amendment of the expiry date of the Options from the TSX Venture Exchange and
disinterested shareholders of the Company at the next annual general meeting
of shareholders; timing and amounts of future expenditures and "earn-back"
options; geological interpretations and potential mineral recovery processes.
In connection with the forward-looking information contained in this news
release, Copper Fox has made numerous assumptions, regarding, among other
things: the geological, metallurgical, engineering, financial and economic
advice that Copper Fox has received is reliable, and is based upon practices
and methodologies which are consistent with industry standards. 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 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: approval of the amendment to the expiry date of
the Options may not be obtained from the TSX Venture Exchange or disinterested
shareholders of the Company on a timely basis, or at all; the actual
mineralization in the Schaft Creek deposit may not be as favourable as
suggested; another deposit may never be discovered on Copper Fox's property,
or contain anticipated mineralization, or mineralization of any significance
at all; the possibility that future drilling on the Schaft Creek project may
not occur on a timely basis, or at all; fluctuations in copper, the completed
drill holes for which analytical results are not available may not return
significant concentrations of either copper, gold, molybdenum or silver;
commodity prices and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and grade of
mineral deposits; the uncertainty of the estimates of capital and operating
costs, recovery rates, and estimated economic return; the need to obtain
additional financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of delay in
exploration or development programs or in construction projects and
uncertainty of meeting anticipated program milestones; 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 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.
Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080.
SOURCE: Copper Fox Metals Inc.
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CO: Copper Fox Metals Inc.
ST: British Columbia
NI: MNG FIN
-0- Jan/16/2013 23:30 GMT
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