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News

August 16, 2007
Copper Fox announces the closing of a Brokered Private Placement Financing of $9602100

Calgary, August 16, 2007 Guillermo Salazar S President and CEO of Copper Fox Metals Inc. ("Copper Fox" or the "Company") is pleased to announce that further to its news release of July 16, 2007 the Company completed a brokered "flow-through" and "non flow-through" private placement financing on August 15, 2007. The Offering raised an aggregate $9,602,100 CDN funds. The "flow-through" portion of the offering consisted of an aggregate 5,772, 400 common shares at a price of $1.25. The non flow-through component consisted of aggregate 2,169, 635 units priced at $1.10. Each unit consists of one non flow-through common share and one-half of a non flow-through common share purchase Warrant. Each full Warrant will entitle the Purchaser to purchase one Warrant Share at a price of $1.60 per Warrant Share, exercisable at any time until the close of business on the date following the expiry of 18 months from the Closing Date provided that, if at any time following the expiration of four months from the Closing Date, the Closing Price of the Issuers Shares is equal to or greater than $1.75 per share for 15 consecutive trading days, the Issuer may give notice to the Purchaser in writing that the expiry date of the Warrants is being shortened to 30 days from the date of such notice.

Evergreen Capital Partners Inc. acted as exclusive lead agent for this brokered private placement. A total of $653,478, representing 6.8% of the gross proceeds of the offering, was paid in commissions and fees to agents. The Company also issued Agents Options entitling the agents to purchase 525,411 common shares at a price of $1.10 per common share for a period of 24 months following the closing..

Funds generated from this financing will be used to advance the feasibility study and include metallurgical testing, engineering studies, road access as well as general operating purposes associated with the ongoing development of the company's world class copper/gold porphyry project located at Schaft Creek British Columbia.

About Copper Fox

The Schaft Creek mineral deposit is one of the largest undeveloped copper deposits in Canada and the company is evaluating the feasibility of developing an open pit mine with a capacity of up to100,000 tonnes per day and a mine life of 35 years. Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited whereby Copper Fox may acquire up to a 93.4% direct and indirect interest in the property. Title to the property is in good standing before the BC Government until 2015.

Schaft Creek is located in north western British Columbia, Canada, a stable socio-political environment. This area of northwest British Columbia is often referred to as the "Gold Copper Belt" and includes deposits like Galore Creek, and Red Chris. Copper Fox is in the Environmental Assessment Process required by the British Columbia and Canadian Governments for project permitting and is in continuous consultation with the Tahltan Nation.

For further information please contact Jason Shepherd, Investor Relations toll free at 1-866-913-1910, Email www.investor@copperfoxmetals.com or contact Guillermo Salazar at 403-264-2820. Please visit the Copper Fox web site at: www.copperfoxmetals.com. The full resource calculation report can be viewed on SEDAR.

On behalf of the Board of Directors

Guillermo Salazar S, President & CEO

The TSX Venture Exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or the accuracy thereof.

This news release includes "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation: anticipated timing and content of upcoming work programs, geological interpretations, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, scoping and feasibility studies and other analyses; future production, operating and capital costs; and operating or financial performance. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. For any forward looking information given, management has assumed that the assay results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from management's expectations include: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for co-operation of government agencies in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in the Company's other filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.

  





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