News Releases

News

July 10, 2008
Strategic Drilling Program and Greenfield Camp Expansion Highlight Important Summer for Schaft Creek project

Calgary, July 10, 2008 - Copper Fox Metals Inc. (TSX-V-CUU, Pink- CPFXF) reports that the company is "right on plan" to complete geotechnical and environmental assessment work needed to advance the Schaft Creek deposit to development. The Schaft Creek site is located 45 kilometers west of the Stewart-Cassiar Highway in northwestern British Columbia and contains a world-class porphyry copper-gold-molybdenum mineral deposit.

Announcing the opening of the company's expanded greenfield camp and the commencement of a summer drilling program, Copper Fox President Guillermo Salazar said, "The amount of work going on at Schaft Creek is now 'something of a bright spot' against general economic conditions in northwest BC."

He added, "The 2008 Field Season is a significant milestone in the advancement of the Schaft Creek deposit to development. We are on track to conclude the environmental assessment work needed to file for necessary construction permits and our geotechnical engineering work this summer will provide the data necessary to complete a mining plan that will efficiently exploit this resource. Completion of this work will allow us to complete a feasibility study early in 2009."

Why the 2008 work plan is important

This summer's diamond drilling program is intended to further define the first six years of mining when Schaft Creek goes into production in an effort to shorten the payback period. Work at the site will include 36 drill holes drilling approximately 9,000 metres. Thirty-three (33) of these holes will be geotechnical holes to define the geotechnical and environmental conditions, and will provide data for mine design, tailings and waste location and wall stability. A minimum of three deep holes will be drilled for exploration. Additionally, further geophysics will be performed to investigate the IP resistivity anomaly defined during the 2007 season. The geophysical program is designed to complete approximately 54 line kilometers of IP surveying. The access and road survey work will include extensive archaeological studies.

Expansion of the Schaft Creek camp

Copper Fox's project at Schaft Creek, BC is a greenfield operation supported by helicopters and fixed wing airplanes operating at least four days a week using a 700 metre air strip located adjacent to the camp. Over the past four years the camp has been totally rebuilt into a modern and efficient facility and now accommodates some 80 personnel. Copper Fox currently has three diamond drills on site.

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 Company's Preliminary Economic Evaluation (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, 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 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: investor@copperfoxmetals.com

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.

  





Designed and popwered by Adnet