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October 23, 2008
Copper Fox announces new high grade copper and gold intervals from assay results reported in the first 16 drill holes from its 2008 drill season


Calgary, October 23, 2008, with field operations concluded for the season Copper Fox Metals Inc. (CUU-TSX-V, CPFXF-S/P) announced assay results from 16 new drill holes completed as part of its 53 hole drill program at Schaft Creek this year.

"We are extremely pleased with the results of the 2008 drill hole program to date," said Guillermo Salazar, President of Copper Fox. "The drilling program not only confirmed the existence of high grade mineralization but that this mineralization is in areas known to be outside of the main ore bodies".

The remaining assay results are expected to be released as soon as possible.

Selected higher grade intervals from the results are:

Hole No. From To Interval Weighted
Avg Cu_%
Weighted
Avg Mo_%
Weighted
Avg Au_g/t
Weighted
Avg Ag_g/t
Cu_Eq%
08CF321 280.60 292.80 12.20 1.149 0.003 0.003 5.925 1.224
08CF326 24.40 39.65 15.25 0.609 0.0042 0.684 5.900 1.311
08CF326 94.55 158.60 64.05 0.286 0.018 0.080 3.414 0.524
08CF326 30.50 33.55 3.05 1.301 0.036 2.820 9.500 2.654
08CF329 12.20 106.75 94.55 0.439 0.024 0.165 0.848 0.749
08CF339 10.60 73.20 62.60 0.423 0.015 0.215 n/a 0.654

Of the 16 drill holes for which assay results have been received, 6 are geotechnical drill holes, 3 are hydrogeological holes, and 7 are infill exploration drill holes.

Hole Type Drill Hole Numbers
Infill exploration 08CF321, 08CF322, 08CF323, 08CF324, 08CF325, 08CF326, 08CF327
Geotechnical 08CF328, 08CF329, 08CF333, 08CF335, 08CF338, 08CF339
Hydrogeological 08CF330A, 08CF332A, 08CF337A

Table "A" is appended to provide in detail the assay results of those drill holes from this program reporting mineralization above 0.25% CuEq. Below is an interpretation of these same assay results:

Interpretation: Liard - Paramount Boundary

Drill hole 08CF321 contains 3.05 meters grading 241.8 g/t Ag within Late Triassic Stuhini volcanic rocks starting at five metres from surface however this result is being reviewed by the laboratory. Also within Late Triassic Stuhini sedimentary units at depths between 213.50 to 317.20m, four elevated intervals of 3.05-12.20m are reported, primarily as a result of high values for copper and silver, however these intervals returned only background values for molybdenum and gold. At a depth of 286.7m an interval of 3.05m assayed 2.415% Cu.

Drill hole 08CF328, collared about 90m to the west-southwest of 08CF321 and drilled at a dip of -60° toward 08CF321, reported six intervals of 3.05-6.10m containing 0.261-0.647% CuEq at depths from 8.53-88.45m, all within Late Triassic Hickman porphyry.

Located a further 275m to the southwest of 08CF328 at the south end of the Paramount Zone, drill hole 08CF338 was drilled as a vertical geotechnical hole but reported five intervals of 3.05-30.50m grading between 0.299-0.845% CuEq at depths from 64.05-158.6m mostly hosted in Late Triassic Hickman granodiorite but also from Early Jurassic tourmaline breccia. Of particular importance is the 30.50m interval from 97.60-128.10m where 0.845% CuEq was reported.. Only assay data to 158.60m has been received to date for 08CF338.

These three holes are located partway between the Paramount and Liard Zones and the mineralization could be related to either zone, or be a part of a mineralized body that links both zones.

Interpretation: West Breccia Zone

Six holes were drilled in and near the West Breccia Zone and four of these reported values of more than 0.25% CuEq. Hole 08CF322 was drilled about 300m southwest of the West Breccia Zone, as currently defined, and reported a single interval of 3.05m with 0.313% CuEq from Stuhini porphyry.

Drill hole 08CF323, located about 200m west of the West Breccia Zone contains an interval of 9.15m averaging 0.673% CuEq starting at a depth of 51.85m in Stuhini volcanic rocks.

Drill hole 08CF326 was drilled within the West Breccia Zone and reported nine intervals above 0.25% CuEq between 9.15m and 182.88m, all from Early Jurassic tourmaline breccia. The highlights of the hole are at 24.40-39.65m where an interval of 1.311% CuEq was reported over 15.25m, and at 94.55-158.60m where 0.524% CuEq was reported over 64.05m. The highest single value is from 30.50-33.55m where 1.301% Cu, 0.036% Mo, 2.82 g/t Au and 9.5 g/t Ag were returned for a combined 2.64% CuEq.

Drill hole 08CF327 returned 31.43m of 0.407% CuEq from 14.32-45.75m within Stuhini volcanic rocks. This mineralization could indicate that the West Breccia Zone extends further south.

Interpretation - Central Pit

Two geotechnical holes were drilled toward the centre of the planned open pit on the Liard Zone. Drill hole 08CF329 was drilled at -65° in the southern part of the zone and intersected 94.55m of 0.749% CuEq from 12.20-106.75m within Stuhini volcanic rocks and porphyry. Within this zone, three intervals of 3.05m returned values between 1.213-1.501% CuEq.

Located about 550m further northwest, drill hole 08CF339 was drilled at -60° and reported 62.60m of 0.654% CuEq from bedrock at 10.60m to 73.20m in Stuhini volcanic and sedimentary rocks, and porphyry, and also in part from dykes of mafic to intermediate composition of Tertiary age or older.

Table 'A' - Significant Assay Results

Hole No. From To Interval Weighted
Avg Cu_%
Weighted
Avg Mo_%
Weighted
Avg Au_g/t
Weighted
Avg Ag_g/t
Cu_Eq%
08CF321 9.15 12.20 3.05 0.099 0.002 0.040 241.800 1.615
08CF321 213.50 222.65 9.15 0.558 0.006 0.037 1.467 0.638
08CF321 274.50 277.55 3.05 0.217 0.002 0.020 1.400 0.251
08CF321 280.60 292.80 12.20 1.149 0.003 0.033 5.925 1.224
08CF321 311.10 317.20 6.10 0.304 0.001 0.020 3.000 0.339
Single high value
08CF321 286.70 289.75 3.05 2.415 0.004 0.040 8.000 2.519
08CF322 76.25 79.30 3.05 0.297 0.000 0.000 2.200 0.313
08CF323 51.85 61.00 9.15 0.516 0.013 0.037 0.567 0.673
08CF326 9.15 12.20 3.05 0.281 0.012 0.080 3.800 0.455
08CF326 15.25 18.30 3.05 0.132 0.016 0.030 0.800 0.312
08CF326 24.40 39.65 15.25 0.609 0.042 0.684 5.900 1.311
08CF326 54.90 57.95 3.05 0.170 0.010 0.040 0.700 0.289
08CF326 85.40 91.50 6.10 0.332 0.019 0.070 3.550 0.573
08CF326 94.55 158.60 64.05 0.286 0.018 0.080 3.414 0.524
08CF326 164.70 170.80 6.10 0.200 0.005 0.075 4.100 0.298
08CF326 173.85 176.90 3.05 0.151 0.007 0.060 2.300 0.262
08CF326 179.95 182.88 2.93 0.204 0.004 0.060 1.900 0.281
Single high value
08CF326 30.50 33.55 3.05 1.301 0.036 2.820 9.500 2.654
08CF327 14.32 45.75 31.43 0.219 0.002 0.512 0.501 0.407
Single high value
08CF327 21.35 24.40 3.05 0.343 0.002 1.890 0.500 0.972
08CF327 39.65 42.70 3.05 0.051 0.002 2.380 0.000 0.840
08CF328 8.53 9.15 0.62 0.479 0.007 0.270 1.900 0.647
08CF328 18.30 21.35 3.05 0.192 0.014 0.090 0.700 0.373
08CF328 39.65 42.70 3.05 0.221 0.008 0.040 0.900 0.326
08CF328 64.05 67.10 3.05 0.158 0.009 0.100 0.000 0.288
08CF328 70.15 73.20 3.05 0.184 0.006 0.070 0.800 0.272
08CF328 82.35 88.45 6.10 0.144 0.010 0.035 0.250 0.261
08CF329 12.20 106.75 94.55 0.439 0.024 0.165 0.848 0.749
08CF329 131.15 134.20 3.05 0.338 0.003 0.040 0.000 0.384
Single high value
08CF329 18.30 21.35 3.05 0.493 0.082 0.400 3.600 1.501
08CF329 36.60 39.65 3.05 0.542 0.059 0.160 0.700 1.213
08CF329 64.05 67.10 3.05 0.962 0.031 0.490 1.400 1.455
08CF338 64.05 76.25 12.20 0.292 0.017 0.020 n/a 0.479
08CF338 82.35 85.40 3.05 0.264 0.025 0.020 n/a 0.530
08CF338 91.50 94.55 3.05 0.237 0.005 0.020 n/a 0.299
08CF338 97.60 128.10 30.50 0.615 0.020 0.034 n/a 0.845
08CF338 134.20 158.60 24.40 0.353 0.029 0.070 n/a 0.686
08CF339 10.60 73.20 62.60 0.423 0.015 0.215 n/a 0.654
08CF339 82.35 85.40 3.05 0.160 0.014 0.010 n/a 0.315
08CF339 88.45 91.50 3.05 0.304 0.019 0.030 n/a 0.516
08CF339 176.90 179.95 3.05 0.213 0.001 0.130 n/a 0.262
Data Inputs for Copper Equivalent: Copper $3.12 lb; Molybdenum $33.00 lb; Gold $692.85 oz; Silver $13.09 oz.
Metallurgical recoveries and net smelter returns are assumed to be 100%, or actual recoveries if based on recovered grades.


About Copper Fox

Copper Fox is a Canadian-based mining company listed on the TSX-Venture Exchange (CUU). The Company's activities are focused exclusively on the Schaft Creek mineral property, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox holds the Schaft Creek property pursuant to an option agreement with Teck Cominco Limited ("Teck) 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.

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. Schaft Creek is situated between the highway and the glaciers in the area, and benefits from a significantly lower average rain and snowfall compared to the Pacific (west) side of these same ranges.

The Company released the results of its preliminary feasibility study on September 15, 2008. The PFS was based on a 100,000 tonne p/d open pit mine with a minable reserve of 812 million tonnes. The report indicated Schaft Creek could produce 4.762 billion pounds of Copper, 255.1 million pounds of molybdenum, 4.493 million ounces of gold and 32.480 million ounces of silver over a 22.6 year mine life with a pretax NPV of $2.764 billion discounted at 8%. The Company plans to proceed with the completion of a full feasibility study on this project.

For additional information contact:

Investor inquiries:
Jason Shepherd, Phoenix Communications Group
Tel: 1-866-913-1910, E-mail: investor@copperfoxmetals.com

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 www.sedar.com. 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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