News Releases


March 31, 2008
Copper Fox Metals Inc. to raise $16000000 in flow-through and non-flow-through funds

Calgary, March 31, 2008 Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-Venture CUU) is pleased to announce that, subject to the approval of the TSX-Venture Exchange, the Company intends to complete a non-brokered flow-through and non flow-through private placement financing of up to (Can. $16,000,000) in funds (the "Offering"). A maximum of (Can. $11,200,000) or 70% of the Offering gross proceeds shall consist of flow-through funds.

The flow-through component of the Offering will consist of units (the "Flow-Through Units") at a price of $0.45 per Flow-Through Unit. Each Flow-Through Unit will consist of one flow-through common share and one-half of a purchase warrant. Each full warrant will entitle the purchaser to purchase one non-flow-through common share at a price of $0.65 per share, exercisable for a period of 12 months from the closing date. The non-flow-through component of the Offering will consist of units (the "Units) at a price of $0.40 per Unit. Each Unit shall consist of one non-flow-through common share and one-half of a purchase warrant. Each full warrant will entitle the purchaser to purchase one non-flow-through common share at a price of $0.60 per share, exercisable for a period of 12 months from the closing date.

The actual number of Flow-Through Units sold versus Units sold will be determined by investor demand, with up to 40,000,000 common shares and 20,000,000 purchase warrants issued under this Offering.

A 7.5% commission or finders' fee payable in cash and a 7.5% finders' option will be paid to registered dealers or arms-lengths third parties responsible for sourcing investors for this financing. The finders' option will entitle the holder to acquire that number of common shares equal to 7.5% of the number of Flow-Through Units and/or Units sold, exercisable at $0.40 per share for a 12-month period. Finders' commissions and options are subject to applicable securities laws and obtaining required regulatory approvals.

Funds generated from this financing will be used for metallurgical testing, engineering studies, road access, studies of power options and other costs expected to be incurred in the completion of a feasibility study for the world class Schaft Creek BC mineral deposit as well as general operating purposes

About Copper Fox

Copper Fox is a Canadian-based mining company listed on the TSX-Venture (CUU). The Company has concentrated its project activities exclusively to the Schaft Creek mineral property, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Schaft Creek comprises 20,932 hectares situated in northwest British Columbia, Canada at 57° 21' N latitude and 130° 59' W longitude on the eastern slopes of the coastal mountain ranges. Fortunately, the location is situated between the highway and the glaciers in the area, and also benefits from a significantly lower average precipitation of rain and snowfall compared to the Pacific (west) side of these same ranges.
The preliminary mining plan is designed to extract the core 713.3 million tonnes of a Measured and Indicated, 43-101 compliant, mineral resource grading 0.304% copper, 0.218 g/t gold, 1.77 g/t silver, and 0.020% molybdenum, for a copper equivalent based on Case 2 metal pricing of 0.663% and a waste to ore ratio of 1.66 over 31 years, within the current NI 43-101 Mineral Resource of 1.4 billion tonnes, using a 0.20% CuEq cut off. Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited and may acquire up to a 93.4% direct and indirect interest in the property. Copper Fox has delivered notice to Teck Cominco that it has surpassed the $15,000,000 threshold of qualifying expenditures and has earned a direct 70% interest in Schaft Creek. Title to the property is in good standing before the BC Government until 2018.

For additional information contact:

Investor inquiries: Jason Shepherd, Phoenix Communications Group Tel: 1-866-913-1910

On behalf of the Board of Directors

Guillermo Salazar S, 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.

Cautionary Note Regarding Forward-Looking Information

This news release includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated dates for receipt, commencement or completion of permits, approvals, construction, production and other milestones; anticipated results of drilling programs, scoping, prefeasibility and feasibility studies and other analyses; anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. 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 Copper Fox's expectations include: fluctuations in copper and other 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 and native groups 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 Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at The forward-looking information in this news release is based on Copper Fox'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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