Copper Fox Announces Second Quarter Results

VANCOUVER, June 24, 2013 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the 
"Company") (TSX-V: CUU) is pleased to announce its second quarter 2013 
operating and financial results. Copper Fox incurred a net loss for the 
second quarter of $697,664 ($0.00 loss per share) and incurred $1,057,414 in 
expenditures toward furthering the development of the Schaft Creek project. 
Copies of the financial statements, notes and related management discussion 
and analysis may be obtained on SEDAR at www.sedar.com, the Company web site 
at www.copperfoxmetals.com or by contacting the Company directly. All 
amounts are in Canadian dollars unless otherwise stated. 
Highlights: 
Feasibility Study
As of the effective date of the MD&A, discussions are continuing between the 
Company and Teck Resources Limited ("Teck") regarding Teck's back-in to the 
Schaft Creek property. Discussions with Teck commenced following the Company's 
completion of a National Instrument 43-101 technical report pertaining to a 
feasibility study on the Schaft Creek Mineral Deposit. As disclosed in the 
Company's news release dated February 4, 2013, the feasibility study has been 
filed and is available on SEDAR (www.sedar.com). There can be no assurance 
that the discussions with Teck will lead to Teck exercising any of its earn 
back options nor that the Company and Teck will enter into a definitive joint 
venture agreement as contemplated under the Teck Option Agreement. 
Environmental Assessment Application
Copper Fox continued to move the joint Schaft Creek Mine Project Environmental 
Assessment Application (EA Application) and Environmental Impact Statement 
(EIS) forward through the pre-Application stage of the environmental 
assessment process during the past quarter. 
Key aspects of the EA Application and EIS that were advanced during the past 
quarter include work on waste rock management, water management planning and 
water quality predictions. 
Copper Fox also continued with the wildlife baseline monitoring with 
completion of a winter moose aerial survey in March 2013. 
Copper Fox anticipates completing the EA Application and EIS in Q3 2013. 
Copper Fox expects the environmental assessment review process to be complete 
within a year of submitting the EA Application and EIS. 
BC Hydro
In March 2013, the Company entered into a facilities study agreement (the 
"Facilities Study Agreement") with the British Columbia Hydro and Power 
Authority ("BC Hydro") in connection with the proposed electrical power supply 
to the Company's Schaft Creek project. The Facilities Study Agreement sets 
forth the terms and conditions for BC Hydro to perform a facilities study to 
assess the requirements to connect the Schaft Creek project to the forthcoming 
BC Hydro Bob Quinn electrical substation. The sustaining capital portion of 
the Feasibility Study includes a $200 million provision for construction of BC 
Hydro's Northwest Transmission Line to Bob Quinn. 
Financial
During the six months ended April 30, 2013 the Company received $4,318,000 in 
proceeds from private placements and the exercise of options, and incurred an 
additional $1,057,414 of capital expenditures related to the Schaft Creek 
project. 
Selected Financial Results 


                                          
                           Net Loss      Net (loss)/income per share -
                                               basic and diluted

2013                                      

Second Quarter $               (697,664) $                        0.00

First Quarter  $               (525,595) $                        0.00

2012                                                           

Fourth Quarter $               (812,324) $                        0.00

Third Quarter  $             (1,328,328) $                        0.00

Second Quarter $               (514,292) $                        0.00

First Quarter  $               (554,254) $                        0.00

2011                                                           

Fourth Quarter $             (1,018,883) $                      (0.01)

Third Quarter  $               (504,862) $                        0.00
                                          

Liquidity and Capital Resources 
Copper Fox operates in a capital intensive industry in which the demands for 
capital to finance exploration and development of its Schaft Creek property as 
well as corporate overheads generally occur far in advance of the project 
being put into production and generating cash flow. The financial 
requirements of Copper Fox related to the potential development of the Schaft 
Creek project are mitigated to some extent by the obligations of Teck should 
they exercise their earn back right on the Schaft Creek property (readers 
should refer to 'Description of Business' on page 2).

The Company's working capital was $4,004,473 at April 30, 2013 inclusive of an 
increase to deposits relating to an agreement on the Schaft Creek property and 
an increase in accounts receivable with respect to a tax credit claimed.

During the six months ended April 30, 2013, the Company raised a total of 
$4,318,000 from the completion of private placements totaling $4,153,000 and 
194,118 options were exercised for total proceeds of $165,000. Additional 
funds will be required to complete the current planned activities and the 
Company may need to issue additional equity in connection with any development 
of the project (refer to Teck Earn Back Option).

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 
and filed on SEDAR at www.sedar.com.

Copper Fox holds title and a 100% working interest in the Schaft Creek project 
consisting of 56,701.44 hectares (140,112 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. For full details of the Teck earn back option 
please refer to the Company's website www.copperfoxmetals.com.

The remainder of Copper Fox's registered interests in mineral tenures in 
British Columbia total 48,367.10 hectares (119,515 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" provision of the Teck Option Agreement.

Additionally the Company holds, through wholly-owned subsidiaries, mineral 
tenures located in Pinal County, Arizona (the 'Sombrero Butte Copper Project') 
and in Miami, Arizona (the 'Van Dyke BLM Claims'). For further information 
on these mining projects please refer to the Company's web site at 
www.copperfoxmetals.com .

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 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 expected transmission voltage service forecasted for the 
Schaft Creek project, the expected timeline for completion of the facilities 
study, the expected costs to complete the facilities study, the acceptance of 
the facilities study, the expected execution of a facilities agreement, the 
expected timeline for completion of energization, the additional costs 
associated with electrical service, the expected timeline for completion of 
the NTL and the expected costs for the NTL.

In connection with the forward-looking information contained in this news 
release, Copper Fox has made numerous assumptions, regarding, among other 
things: the expected transmission voltage service forecasted for the Schaft 
Creek project, the expected timeline and costs for completion of the 
facilities study is accurate, that the facilities study will be accepted, that 
a facilities agreement will be entered into, the expected timeline and costs 
for completion of energization is accurate, and the expected timeline and 
costs for completion of the NTL is accurate. 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: the expected transmission voltage service forecasted is 
inaccurate, 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; a detailed mine plan may not be completed in a timely 
manner, or 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; conditions in the 
financial markets and overall economy may continue to deteriorate; 
uncertainties relating to interpretation of drill results and the geology, 
continuity and grade of mineral deposits; uncertainty of the metallurgical 
testwork, 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.

To view this news release in HTML formatting, please use the following URL: 
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CO: Copper Fox Metals Inc.
ST: British Columbia
NI: MNG ERN 

-0- Jun/24/2013 15:50 GMT


 
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