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June 26, 2008
2007 Drilling And Geophysical Results All Show Increased Potential For Schaft Creek Deposit Copper Fox Says

Calgary, Alberta - June 26, 2008 - Copper Fox Metals Inc. (TSX-V: CUU) said today that drilling results indicate the Mineral Resource at the Schaft Creek (Cu/Mo/Au), BC property is comparable in copper equivalent grade to the nearby Cu/Au Galore Creek deposit. A NI 43-101 compliant resource report prepared by Associated Geosciences Ltd. released in June of 2007 estimated Schaft Creek to contain measured and indicated 1.393 billion tonnes of resource with 0.25% Cu, 0.019% Mo, 0.18 g/t Au and 1.55 g/t Ag.

The company also announced that the Preliminary Economic Assessment report (PEA) prepared by Samuel Engineering Ltd. on December 7, 2007 confirmed that due to favorable differences of access, topography and climate between the Schaft Creek and Galore Creek projects, the Schaft Creek project should, on a comparative per tonne basis, have significantly less expensive access and reduced capital and operating expenses. The Samuel PEA Case2 price assumptions also predicted that Schaft Creek could mine a 0.61% CuEq grade producing 4,409,000 million tonnes of over a 31 year mine life. The metallurgical testing to date has indicated excellent recovery rates to concentrate for both copper and molybdenum.

These findings are contained in Copper Fox's release of detailed information on the completion of its 2007 drilling, geophysical, engineering and economic studies.

Guillermo Salazar, Copper Fox President, said "Together with geophysical and engineering studies completed late last year, these findings augment our confidence that Copper Fox is shaping up as a viable, major mining project of the near future."

Diamond drilling data indicates that the Liard Main Zone at the Schaft Creek property in northwestern BC is larger than previously thought. During 2007 Copper Fox drilled 42 holes for a total of 6,274 metres. Five of these holes tested the deposit's depth extension to the northeast; results from these holes supported the indications from geophysical data of increased mineral potential to the east and northeast of the existing outline of the Main/Liard Zone. Of particular note were the results from DDH 07CF313, drilled onto an area between the Paramount and Liard Main Zones west of Mount LaCasse.

DDH 07CF313 returned:

From

To

Interval

Copper

Molybdenum

Gold

Silver

62.80 m

110 m

47.2 m

0.506%

0.016%

0.241 g/t

0.3 g/t


Detailed drilling and metallurgical results have been posted on Copper Fox's website www.copperfoxmetals.com.

Copper Fox is scheduled to complete a pre-feasibility study of the Schaft Creek property in early Q3 2008. The study will review a 100,000 tpd mill; a bankable feasibility study for the same production rate will be completed in Q1 2009.

Copper Fox also announced that geophysical testing of one of the proposed mill sites, a 250-300 metre wide area not previously covered by geophysical surveys or drilling, found a strong anomaly immediately east of the Liard Zone with coincident chargeability and resistivity responses with signatures similar to that of the Main/Liard Zone. This area will be subjected to further geophysical surveys in the 2008 program prior to drilling to determine the cause of the anomaly.

About Copper Fox:

Copper Fox (CUU, CPFXF) is a Canadian-based mining company listed on the TSX-Venture Exchange. The Company has concentrated its project activities exclusively to the Schaft Creek mineral deposit, one of the larger undeveloped copper, gold, molybdenum and silver deposits in the world. Based on the PEA (see News Release of January 14, 2008), 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 the study's Case 2 metal pricing) of 0.61% and a waste to ore ratio of 1.66 over 31 years. This sits within the current NI 43-101 Mineral Resource of 1.4 billion tonnes, using a 0.20% CuEq cut off. Currently the company is working on a pre feasibility study, which will be based on a 100,000 tpd throughput scenario, and which is expected to be released this quarter.

Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited and has earned a direct 70% interest in the Schaft Creek Mineral Deposit. The Company may acquire up to a 93.4% direct and indirect interest in the property, subject to certain back-in rights to Teck Cominco Limited.

For additional information contact: Investor inquiries: Jason Shepherd, Phoenix Communications Group Tel: 1-866-913-1910, E-mail:

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



DETAILED INFORMATION


The 2007 Season's results are summarized as follows:

Metallurgical Testing Update -- Flotation

Based on the metallurgical results to date, our consulting metallurgical engineers suggest that the Marketing Section of the pre-feasibility study use the following Copper and Molybdenum Concentrate values:

  %Cu %Mo g/tAu G/t A ppm Re
Copper Concentrate 30.6 0.18 147.4 16.1 N/A
Moly Concentrate 1.6 50.0 N/A N/A 368


The Copper Concentrate grade can reach up to 30.6% Cu after molybdenum has been removed into a separate concentrate. It is possible that the ongoing G&T locked cycle test data will produce higher copper concentrate grades, but a balance between concentrate grade and metal recovery needs to be optimized. Hyppaa Engineering had previously predicted a 30% grade at a 90% recovery for use in the Scoping Study. "This type of high grade copper concentrate is usually rewarded with premium payments," says Mr. Salazar.

The rhenium assay from G&T test No.KM2050-33 was 227 ppm in a Molybdenum Concentrate that assays 46.4% Mo. This equates to a rhenium assay of 245 ppm into a Molybdenum Concentrate that assays 50% Mo. The PRA Laboratory assay of rhenium for test F75 was 181 ppm into a Molybdenum Concentrate that assayed 18.44% Mo. This equates into a rhenium assay of 491 ppm into a Molybdenum Concentrate that assays 50% Mo. A previous Hecla Mining report indicated that a 33% Molybdenum Concentrate assayed 325 ppm rhenium. This translates into a 490 ppm rhenium assay for a 50% Mo concentrate. Hyppaa suggests averaging the two recent values and use a value of 368 ppm as a conservative estimate of rhenium content in the Molybdenum Concentrate.

Rhenium is a metal used as an alloy in the catalytic converters that make possible the use of unleaded gas and as an aluminum alloy for propellers in jet engines. It sells for $5,000 an ounce at the present time. "We continue to work with the consultants to gain confidence in the early rhenium results to determine the pay ability of its rhenium content and expect to eventually see this metal reflected in the revenue of the project," says Mr. Salazar.


Pit Optimization and Resources Update

In late 2007, Samuel Engineering completed the PEA. The PEA has a designed capacity of 65,000 tpd of mill throughput. The PEA includes the Resource Calculations completed by Associated Geosciences Ltd. in July of 2007. At PEA Case 2 metal prices copper represents 44% of the potential net smelter revenue while molybdenum is 45% and gold is 10%. Silver and rhenium represent between 1% and 2% of potential net smelter revenue. Copper Fox is scheduled to publish its Pre Feasibility Study in early Q3 2008 which will be based on a 100,000 tpd mill throughput. The Company expects to complete the Feasibility Study based on a production rate of 100,000 tpd in Q1 2009.

The PEA stresses the differences of access, topography and climate between the Galore Creek and Schaft Creek projects which highlight the significantly less expensive access, CAPEX and OPEX for Schaft Creek when compared to Galore Creek. The PEA's open pit mine design envisions mining a 0.61% copper equivalent grade and 4,409,000 tonnes of equivalent copper over the 31 year mine life.


2007 Diamond Drilling Program

A total of 42 drill holes were drilled in 2007 for a total depth of 6,275 meters. Drilling was allocated as follows:

Table 1: 2007 Diamond Drilling Campaign

Purpose

Number of Drill Holes

Total Meters

Extensions to Mineralization - NE Pit Slope and Snipe Lake

11

2,357.8

Proposed Tailings Ponds & Mill Site

14

1,405.2

Proposed Waste Disposal Areas

17

2,412.0

TOTALS

42

6,275.0


Extensions to Mineralization: NE Pit Slope -- Snipe Lake

Drilling into the north eastern portions (The Mt. LaCasse Ridge area) of the deposit has been difficult at best. Low core recoveries and high winds are the main difficulties encountered. Mineralization, however, was found by previous operators and was confirmed in 2007. Of special note are the results from DDH 07CF313, drilled into an area, between the Paramount and the Liard zones, that is heavily weathered, leached and shattered. This hole returned:

Table 2: Schaft Creek Project - DDH 07CF313 Results

Hole No

Total Depth (m)

From

To

Interval

Weighted
Avg Cu_%

Weighted
Avg Mo_%

Weighted
Avg Au_g/t

Weighted
Avg Ag_g/t

Eqv Cu %

07CF313

421.8

47.5

110

62.5

0.439

0.015

0.208

9.6319

0.765

07CF313

421.8

114.6

129.8

15.2

0.394

0.015

0.345

0.0001

0.725

07CF313

421.8

382.8

407.2

24.4

0.359

0.039

0.32

2.9898

1.053


This mineralization extends the Main or Liard zone north eastwards under the La Casse Ridge and correlates to two mineralized intervals found in drill hole T81CH198, one with 0.582% Cu, 0.01% Mo and 0.62g/t gold over 36.6 meters and another of 6.1 meters grading 1.17% Cu, 0.03% Mo and 0.62 g/t Au. These higher grade sections of mineralization extend north easterly away from the Main or Liard zone and under the La Casse Ridge, into an area of the property not previously. The ridge rises steeply to the north and east from the drilled area. Attempts at testing possible extensions to this zone with holes 07CF316A/B (636.1 meters deep) and 07CF317A/B (122.0 meters deep) failed due to the very difficult drilling conditions encountered.

DDH's 07CF301, 07CF303, 07CF308 and 07CF309 were drilled onto the north and west edges of a swamp located immediately south of the Main or Liard Zone. The best mineral intersection here was found in DDH 07CF303 which returned 3.1 meters, assaying 1.28% Cu, 0.001% Mo and 0.020 g/t Au with no silver values, from 94.2 to 97.2 meters of hole depth. Gold values of 0.60 and 0.68 g/t over 3.1 and 23.5 meters, respectively, were intersected in holes 07CF308 and 07CF309. DDH 07CF301 returned a 12.2 meter long intersection that assayed 0.40% Cu, 0.002% Mo, 0.020 g/t Au and 0.5g/t Ag.

Table 3: Liard South and NE Pit Slope - Snipe Lake Area

Hole No

Total Depth (m)

From

To

Interval

Weighted
Avg Cu_%

Weighted
Avg Mo_%

Weighted
Avg Au_g/t

Weighted
Avg Ag_g/t

Eqv Cu %

Liard South - Extension

 

 

 

 

 

 

 

07CF301

192.7

9.7

30.2

20.5

0.221

0.014

0.057

0.0001

0.448

07CF301

 

48.5

54.6

6.1

0.236

0

0.02

0.0001

0.242

07CF301

 

109.4

121.6

12.2

0.401

0.002

0.02

0.5337

0.439

07CF301

 

143.0

146

3.1

0.169

0

0.03

0.0001

0.178

07CF303

138

8.8

18

9.1

0.324

0.001

0.02

0.0001

0.345

07CF303

 

48.5

60.7

12.2

0.454

0.001

0.055

0.0001

0.486

07CF303

 

75.9

85

9.1

0.201

0.001

0.007

0.0001

0.218

07CF303

 

94.2

97

3.1

1.279

0.001

0.02

0.0001

1.300

07CF303

 

136.3

138

1.7

0.197

0

0.03

0.0001

0.206

07CF308

104.9

25.6

31.7

6.1

0.236

0.001

0.021

0.8263

0.261

07CF308

 

43.9

47

3.1

0.192

0.001

0.02

0.0001

0.213

07CF308

 

77.4

80.5

3.1

0.367

0.003

0.06

0.0001

0.430

07CF309

111.3

9.5

32.9

23.5

0.232

0.014

0.068

0.0001

0.463

NE Pit Slope -- Snipe Lake Area

07CF312

156.7

48.2

57.3

9.1

0.19

0.002

0.326

0.0001

0.320

07CF312

 

66.4

69.5

3.1

0.165

0.001

0.03

0.0001

0.189

07CF312

 

72.5

81.7

9.1

0.175

0.001

0.057

0.7318

0.210

07CF312

 

124.4

133.5

9.2

0.278

0.003

0.053

0.0001

0.339

07CF313

421.8

11.0

14

3.1

0.475

0.002

0.02

0.0001

0.511

07CF313

 

47.5

110

62.5

0.439

0.015

0.208

9.6319

0.765

07CF313

 

114.6

129.8

15.2

0.394

0.015

0.345

0.0001

0.725

07CF313

 

148.1

184.7

36.6

0.242

0.039

0.165

0.0001

0.877

07CF313

 

190.8

215.2

24.4

0.236

0.014

0.193

0.0001

0.505

07CF313

 

248.7

257.9

9.2

0.279

0.006

0.123

0.0001

0.407

07CF313

 

303.6

328

24.4

0.181

0.011

0.195

2.0004

0.413

07CF313

 

382.8

407.2

24.4

0.359

0.039

0.32

2.9898

1.053

07CF314

256.7

No significant mineralization found

 

 

 

 

07CF315

149.9

No significant mineralization found

 

 

 

 

07CF316

636.1

499.1

505.2

6.1

0.155

0.021

0.06

0.0001

0.488

07CF316

 

529.0

532.0

3.1

0.159

0.005

0.06

0.0001

0.252

07CF316

 

557.0

560.1

3.1

0.352

0.002

0.11

0.0001

0.416

07CF316

 

569.2

572.3

3.1

0.24

0.007

0.05

0.0001

0.360

07CF316

 

599.5

602.6

3.1

0.371

0.009

0.03

0.0001

0.515

07CF317

122

No significant mineralization found

 

 

 

 

07CF319

167.7

102.7

108.8

6.1

0.187

0.002

0.055

0.0001

0.234

07CF319

 

145.4

154.3

8.9

0.531

0.003

0.044

0.0001

0.589

07CF320A

36.3

NO ASSAYS

 

 

 

 

 

 

07CF321

0

NO ASSAYS

 

 

 

 

 

 


Table 4: Drill Testing of Waste Disposal Areas

A total of 31 drill holes for 3,817.2 meters were dedicated to testing potential Waste Disposal Areas near the deposit. The following Table summarizes the results from this testing.

Hole No

Total Depth (m)

From

To

Interval

Weighted
Avg Cu_%

Weighted
Avg Mo_%

Weighted
Avg Au_g/t

Weighted
Avg Ag_g/t

Eqv Cu %

 

 

 

 

 

 

 

 

 

 

Waste Disposal Area

07CF291

122.5

No significant mineralization found

 

 

 

 

07CF292

136.9

No significant mineralization found

 

 

 

 

07CF293

125

No significant mineralization found

 

 

 

 

07CF294

151.4

No significant mineralization found

 

 

 

 

07CF295

120

36.1

39.2

3.05

0.242

0.013

0.05

0.0001

0.452

07CF295

 

75.55

78.6

3.05

0.165

0.001

0.06

0.0001

0.198

07CF296

185.4

52.3

58.3

6

0.226

0.005

0.115

0.0001

0.336

07CF296

 

76.6

82.7

6.1

0.225

0.002

0.085

0.0001

0.281

07CF296

 

104.05

107.1

3.05

0.209

0.005

0.02

0.0001

0.290

07CF296

 

128.45

131.5

3.05

0.159

0.006

0.02

0.0001

0.255

07CF296

 

140.65

146.8

6.1

0.274

0.003

0.04

0.0001

0.331

07CF297

154

No significant mineralization found

 

 

 

 

07CF298

153.3

No significant mineralization found

 

 

 

 

07CF299

110.3

No significant mineralization found

 

 

 

 

07CF300

119.2

No significant mineralization found

 

 

 

 

07CF302

149.1

No significant mineralization found

 

 

 

 

07CF304

139.9

4.6

139.9

135.3

0.296

0.011

0.107

1.5534

0.500

07CF305

129.5

No significant mineralization found

 

 

 

 

07CF306

128

No significant mineralization found

 

 

 

 

07CF307

136.6

No significant mineralization found

 

 

 

 

07CF310

150.3

100

103

3.1

0.248

0.002

0.03

0.0001

0.287

Paramount - Waste

07CF311

200.6

No significant mineralization found

 

 

 

 


DDH 07CF304 intersected 139.9 meters (from bottom of casing to bottom of hole) assaying 0.296% Cu, 0.011% Mo, 0.107 g/t Au and 1.55 g/t Ag, with a CuEq of 0.500%, and extends the West Breccia zone a further 400 metres to the south, towards the swamp further south which was drill tested by holes 07CF301 and 07CF303. In addition, DDH's 07CF295 and 07CF296 returned up to 6.1 metres of up to 0.274% Cu and assays of 0.115, 0.085 and 0.107 g/t Au. Although narrow, these intersections prove the mineralization extends into these areas as well.


Geophysical Results -- 2007 Results

Condemnation testing of one of the proposed mill sites produced an induced polarization -- chargeability/resistivity anomaly immediately east of the Liard Zone. It is 250-300 meters wide and is located in an area not previously drill tested or covered by geophysical surveys. The coincident chargeability and resistivity anomalies have a similar signature to those of the Main/Liard Zone. This anomaly is directly south of the mineralization found under the LaCasse Ridge. This summer's plans are to test this area in detail with further geophysical surveys prior to drilling.

  





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