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News

February 08, 2008
2007 Year-End Financial Results

Calgary, Alberta - February 8, 2008 - Guillermo Salazar S.,President and CEO of Copper Fox Metals Inc. (TSX Venture: CUU) said, "We have made substantial progress in 2007. We completed $14.4 million of exploration and development work on our Schaft Creek project which allowed us to acquire the direct interest in the project early in our option agreement with Teck Cominco. We also raised $17.3 million in 2007 of new equity; completed the preliminary economic assessment of the Schaft Creek project; and signed key agreements with the local Tahltan First Nation." Copies of the financial statements and notes and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, our Company web site at www.copperfoxmetals.com or by contacting the Company directly. All amounts are in Canadian dollars unless otherwise stated.

Highlights and Significant Items

Copper Fox was very active in 2007. The Company spent $14.4 million on the Schaft Creek property allowing the Company to earn a direct 70 percent ownership interest in accordance with the Company's option agreement with Teck Cominco. This agreement requires the Company to expend $15 million on the Schaft Creek property by December 31, 2011 - a milestone that has been completed more than 4 years in advance..

With accumulated data obtained through its drilling programs, the Company released a resource estimate, pit optimization plan, and preliminary economic assessment for Schaft Creek. The assessment detailed the economic potential of the mineral deposit using conservative pricing and capital cost assumptions. A key recommendation of the assessment is expand its plan to put a 100,000 tonne per day mine in operation by the end of 2011. The Company is forecasting a capital outlay to construct a mine facility at Schaft Creek, including the infrastructure for road access and power, of $ 1.4 billion.

The Company expects to complete its bankable feasibility of Schaft Creek by December 31, 2008. The
Company is confident that on the release of this study, the positive economics of the Schaft Creek deposit will be confirmed. Management is also confident that matters pertaining to the effective construction and operation of the project and financing will be proven on the strength of the bankable feasibility study.

The Company has made progress in building its relationship with the Tahltan Nation with the signing of three key agreements. A memorandum of understanding was signed between the Company and the Tahltan Nation Development Corporation (TNDC), the economic development branch of the Tahltan Nation, which provides for priority hiring and contracting through the TNDC. This agreement will ensure that those close to the project will have access to its employment and economic development benefits.

The Company signed a Communications Agreement with the Tahltan Central Council (TCC), the political
branch of the Tahltan Nation, outlining topics such as: on-going communication vehicles, community
participation in the Schaft Creek project and regular meetings with leadership at the band and Nation levels.This agreement is evidence of the Company's commitment to building an effective working relationship with the Tahltan Nation to advance the development of Schaft Creek.

The Company also signed a Tahltan Knowledge Agreement which is a key agreement required to move baseline studies necessary for permitting forward and awarded $85,000 in 2007 in bursaries to Tahltan scholars pursuing studies in the areas of law and archaeology.

During the year the Company announced the appointments of two executives, Mr. Cam Grundstrom, Vice
President of Operations and Mr. Shane Uren, Vice-President of Environment and Permitting. Messrs.
Grundstrom and Uren will play significant roles in Company operations, in the completion of the bankable feasibility study and future mine construction.

Selected Financial Information


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Liquidity

During the fourth quarter the Company's working capital improved by $2,059,957 to $3,631,414. This was as a result of the Company completing an $8.9 million (net of $700,000 in selling costs) financing in August and through the exercise of approximately $900,000 of warrants in the fourth quarter. This money is being used to continue the required expenditures at Schaft Creek and for general corporate purposes. The Company has sufficient funds available to meet its current obligations.

The cash requirements in the next year will be significant as the Company plans to complete a bankable feasibility study by December 31, 2008. At the end of this fiscal year the company has spent approximately $22 million toward this study. At the date of this release the Company has spent approximately $24 million. The Company will require additional capital to complete this study and to provide for the administration of its Calgary and Vancouver offices. The Company believes that it will raise this capital through the public markets and through the continued exercise of its outstanding options and share purchase warrants.

Copper Fox is a Junior Resource Mining Company listed on the TSX-Venture Exchange (CUU). The company is involved in the exploration and development of a world-class copper/gold porphyry mineral deposit located in north western B.C. at Schaft Creek. Under the terms of an option agreement negotiated with Teck Cominco Limited, Copper Fox can acquire up to a 94.3% aggregate (direct and indirect) interest in the Schaft Creek mineral resource.

For further information please contact Jason Shepherd investor relations toll free at telephone 1 866 913 1910, Email: investor@copperfoxmetals.com or visit our web site at http://www.copperfoxmetals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Guillermo Salazar S., P. Geol.
President and 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, receipt of property titles, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; 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. Additional information, about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its most recent annual and quarterly filings, filed with the securities regulatory authorities in Canada available 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. Additional information, about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its most recent annual and quarterly filings, filed with the securities regulatory authorities in Canada available at www.sedar.com.

  





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