CALGARY, Alberta, Jan. 28, 2019 (GLOBE NEWSWIRE) — 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, 2018 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 39.51% of the outstanding common shares. These audited annual consolidated financial statements include 100% of the assets and liabilities related to District and include a non-controlling interest portion, representing 60.49% of District’s assets and liabilities that are not owned by the Company.
For the year ended October 31, 2018, Copper Fox had a net loss of $1,368,128 (October 31, 2017 – $1,200,857) which equated to $0.00 loss per share (October 31, 2017 – $0.00 loss per share).
During the year ended October 31, 2018, the Company incurred $1,144,079 in expenditures toward furthering the development of its Schaft Creek, Van Dyke, Sombrero Butte, Mineral Mountain and Eaglehead 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 announced 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, “Copper Fox is pleased with the progress on the Schaft Creek and Mineral Mountain projects and its investment in District Copper Corp. The multi-disciplinary approach being used to enhance the value of the Schaft Creek project by investigating various sizing and investment scenarios is nearing completion. The receipt of the Multi-Year Based Permit is an important necessity for the Schaft Creek project for future field activities. Mineral Mountain has advanced significantly in 2018 with the identification of two large porphyry copper-molybdenum targets, the largest of which is interpreted to be closer to surface than previously thought. Additional exploration is warranted to advance the project to the drilling stage.”
2018 Q4 Highlights:
- At Schaft Creek, the 2018 program utilized a phased approach to target potential capital, operating and sustaining cost reductions, a higher-grade initial starter pit and identify other infrastructure and access opportunities to improve project economics. The 2018 program is nearing completion.
- The receipt of the Multi-Year Area Based Permit for the Schaft Creek project allows for completion of future field activities and includes approval for up to 50 diamond drill holes, 5 kms of new drill road, and other activities, none of which are planned at this stage.
- The Q4 2018 management committee meeting for the Schaft Creek Joint Venture is scheduled for January 31, 2019 at which time Copper Fox expects be advised of Teck’s 2019 proposed plans for the project.
- The large porphyry copper-molybdenum targets identified at Mineral Mountain strongly suggest the presence of a large porphyry system that provides the Company with the potential of making a significant copper-molybdenum discovery.
- The field program completed by District on their Eaglehead porphyry copper project consisted of re-logging and where necessary, sampling or re-sampling historical drill core. This work cleaned up the legacy issues related to the project’s data base.
- No work was performed on the Van Dyke and Sombrero Butte projects in 2018.
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 approves the scientific and technical information disclosed in this news release.
Selected Financial Results
| 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 loss / (gain) | (8,001 | ) | 620,441 | 541,914 | 213,774 | ||||||
| Comprehensive loss /(gain) | 226,205 | 456,739 | (47,768 | ) | 787,900 | ||||||
| Comprehensive loss /(gain) per share, basic and diluted | 0.00 | 0.00 | (0.00 | ) | 0.00 | ||||||
| October 31, 2017 | July 31, 2017 | April 30, 2017 | January 31, 2017 | ||||||||
| 3 months ended | 3 months ended | 3 months ended | 3 months ended | ||||||||
| Loss before non-operating items and taxes | $ | 400,188 | $ | 395,888 | $ | 453,045 | $ | 207,014 | |||
| Net loss | 144,910 | 395,888 | 453,045 | 207,014 | |||||||
| Comprehensive loss/(gain) | (322,819 | ) | 1,637,337 | (220,645 | ) | 549,757 | |||||
| Comprehensive loss/(gain) per share, basic and diluted | (0.00 | ) | 0.00 | (0.00 | ) | 0.00 | |||||
Liquidity
As at October 31, 2018, the Company had $938,311 in cash (October 31, 2017 – $286,195).
About Copper Fox
Copper Fox is 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 subsidiaries, being Northern 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 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
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 Act 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 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 include statements regarding: nearing completion of the multi-disciplinary approach being used to enhance the value of the Schaft Creek project; the interpretation and potential of two large porphyry copper-molybdenum targets at Mineral Mountain; additional exploration of Mineral Mountain to advance the project to the drilling stage; future field activities at the Schaft Creek project; and the timing and results of the Schaft Creek Joint Venture management committee meeting.
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 economic 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 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 multi-disciplinary approach being used to enhance the value of the Schaft Creek 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 Mountain 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; future field activities at the Schaft Creek project may not occur as anticipated, or at all; and the timing and results of the Schaft Creek Joint Venture management committee meeting may not occur as anticipated, or at all; exploration of the projects may not find copper mineralization in significant quantities 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 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.