Copper Fox Metals Inc. (CVE:CUU) Invites Shareholders and Investors to Visit Booth 2713 at PDAC International Convention, Toronto, Canada
Vancouver, Mar 2, 2011 AEST (ABN Newswire) - Copper Fox Metals Inc. (CVE:CUU) (PINK:CPFXF) is pleased to be an Exhibitor at the 2011 PDAC International Convention, Trade Show & Investors Exchange in Toronto, and invite convention attendees to visit us at Booth #2713.
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 Exchange 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 focused 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% (before tax) of $2.8 billion dollars over a 23 year mine life. They 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 (NASDAQ:TTEK) Company, on a minimum 120,000 tpd open pit mine and the study is expected to be completed by the end of June 2011.
Copper Fox holds title and a 100% working interest in a contiguous 21,025 hectares (51,954 acres) property located in north west British Columbia, Canada which includes the Schaft Creek deposit subject to certain royalty agreements, a 30% carried interest held by Liard Copper and an earn back option held by Teck Resources Limited (NYSE:TCK) (TSE:TCK.B). Copper Fox is currently earning a 78% interest in Liard Copper from Teck. Teck's earn back option to acquire 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 ($57.2 million as of December 31, 2010) and arrange for project financing, including the Copper Fox portion.