News Releases


May 31, 2011
Copper Fox Commences 2011 Drilling Program Updates Other Activities at Schaft Creek

Vancouver, British Columbia - May 31, 2011. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce that diamond drilling of DDH CF407-2011 at Copper Fox's 100% owned Schaft Creek copper-gold-molybdenum-silver porphyry deposit located in northwest British Columbia has commenced. This hole is designed to test the eastern extension of the large chargeability anomaly associated with the zone of higher-grade mineralization intersected in 2010. An update on the progress of the resource estimate and airborne magnetic survey is also provided.


    a) Diamond drill hole ("DDH") CF407-2011 is underway and is located on the same site as DDH CF406-2010. A second diamond drill is expected to arrive at Schaft Creek by mid June 2011,

    b) The primary objective of the 2011 drilling program is to test at depth a 1,200m long by 600m wide portion of the large chargeability anomaly associated with the higher-grade mineralization located in 2010 and test the ES and GK zones of mineralization that are on the recently acquired lands located immediately north of the Schaft Creek deposit,

    c) Completion of the high resolution aeromagnetic survey of the Schaft Creek project has been delayed due to adverse weather conditions. The survey is approximately 60% complete and results of this survey will be announced upon receipt of the surveyor's reports following completion, and

    d) AMEC are working toward delivery of the updated resource estimation. The receipt of this report is expected shortly.

Elmer B. Stewart President and CEO of Copper Fox stated that "Our first priority for 2011 is to complete the feasibility study on the Schaft Creek deposit and to do this we must first receive the updated resource estimation. The delay in receiving this report has been frustrating but resource estimations are complex in-depth studies especially when dealing with a substantial amount of legacy data such as at Schaft Creek. I am confident that this report will be completed soon and we can then move quickly to complete the feasibility study. The delay in completing the airborne magnetic survey is a function of the weather conditions around Schaft Creek but has not affected the other portions of the 2011 program. I am pleased that we re-started the testing of the extensions of the large chargeability anomaly associated with the higher-grade mineralization located in 2010. This anomaly is interpreted to have the best potential to substantially expand the limits of the mineralization in the Schaft Creek deposit".

Diamond Drilling Program:
The drilling of DDH CF407-2011 has commenced. This hole is collared on the same site as DDH CF406-2010 but is being drilled at a steeper angle and has a minimum target depth of 800m. The final depth of this hole will be determined based on observation of the core as drilling progresses. The objectives of the 8,000m diamond drilling program are to:
    a) test the lateral and depth extensions of the large chargeability anomaly associated with higher-grade mineralization located in 2010,
    b) subject to the results of the planned Titan-24 survey, diamond drill test the ES and GK zones of mineralization that are located on the recently acquired lands, and
    c) diamond drill test the large chargeability anomaly located north of the Paramount zone.

A second drill is expected to arrive at Schaft Creek in mid June. Depending on snow conditions, this drill may be used to test the separate large chargeability anomaly located north of the Paramount Zone. The 2011 drilling program has been modified slightly to allow testing of the western wall of the proposed starter pit. The majority of the drilling is dedicated to testing the strike, depth and eastern extension of the large chargeability anomaly associated with the higher-grade mineralization located in 2010. Contingent on the results of the drilling of the chargeability anomaly, the size of the 2011 drilling program may be expanded by increasing the metres to be drilled and adding a third diamond drill to the program.

Airborne Geophysical Survey:
Adverse weather conditions have contributed to a lower than expected number of kilometers that can be flown in a day. This decrease in daily productivity has increased the number of days required to complete the high resolution airborne magnetic survey over the Schaft Creek project. This delay does not affect the other activities associated with the 2011 program. The survey is approximately 60% complete and due to improving weather conditions the survey is expected to be completed within 10 days assuming good weather conditions.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed the technical information disclosed in this news release.

About Copper Fox
Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (CUU-TSX-V). Copper Fox was recently recognized by TSX Venture Inc. as a member of the distinguished TSX Venture 50(r) group where it had the distinction of being ranked first overall for 2010.

The Company is working on completing a Feasibility Study on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. Categorized as a "giant porphyry deposit" this project is at the advanced development stage with a Preliminary Feasibility Study ("PFS") prepared by Samuel Engineering, Inc. of Denver, Colorado, in September 2008. The results of the PFS were extremely "robust" reporting a NPV @ 8% discount rate (before tax) of $2.8 billion over a 23 year mine life. The study contemplated processing 100,000 tonne per day ("tpd") from an open pit mine using a standard flotation recovery process. The PFS estimated the current Mineral Resources (using a 0.2% copper equivalent cutoff) at Schaft Creek includes; Measured Resources of 463.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and 1.55 g/t silver, Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver.

A Feasibility Study is being led by Wardrop, A Tetra Tech Company on a minimum 120,000 tpd open pit mine and concentrator and the study is expected to be completed by the end of the third quarter, 2011.

Copper Fox holds title and a 100% working interest in a contiguous 24,003.5 hectare (59,311 acre) property. The Schaft Creek deposit comprising 21,025 hectares (51,954 acres) is subject to certain royalty agreements, a 30% carried interest held by Liard Copper and an earn back option held by Teck Resources Limited ("Teck"). Copper Fox is currently earning a 78% interest in Liard Copper from Teck. Teck's earn back option to acquire either, 20%, 40% or 75%, of the Schaft Creek project is triggered upon completion of a positive Feasibility Study. Should Teck elect to exercise its option for 75% they are required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($61.2 million to date) and arrange for project financing, including the Copper Fox portion. For full details of the option please refer to the Company's website

The Company recently acquired adjacent mineral claims from Pembrook Mining Corp. and from Messrs Greig and Kreft totaling 2,978.5 hectares (7,360 acres) which are subject to a 2% Net Smelter Return ("NSR"). Copper Fox has the option to repurchase, at any time, one-half of the NSR on one or both of the mineral claims for a purchase price of $1.5 million each.

In addition Copper Fox owns a further contiguous group of mineral claims encompassing 3,937 hectares (9,753 acres) not subject to the Teck option agreement.

*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice principles".

For additional information contact: Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080

On behalf of the Board of Directors

Elmer B. Stewart
President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the timing and scope of expected diamond drilling; the timing of the delivery of an updated resource estimate on the Schaft Creek deposit; the timing to complete the high resolution airborne survey of the Schaft Creek project; potential existence and size of mineralization within the Schaft Creek project; the timing and scope of the feasibility study for the Schaft Creek project; estimated timing and amounts of future expenditures and "earn-back" options; geological interpretations and potential mineral recovery processes. 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.

In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards; and the continued financing of the Feasibility Study; and the anticipated analytical results of the current drilling program. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the possibility that the updated resource estimate may not be completed on a timely basis, or at all; the high resolution airborne survey of the Schaft Creek project may not be completed on a timely basis; another deposit may never be discovered on Copper Fox's property, or contain anticipated mineralization, or mineralization of any significance at all; the Feasibility Study may not be completed within the contemplated time frame, or at all; the possibility that the analytical results from the core sampling does not return significant grades of copper mineralization; the possibility that future drilling on the Schaft Creek project may not occur on a timely basis, or at all; 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, and estimated economic return; 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

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.


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