TMX group

CALGARY, March 28 /CNW/ - Guillermo Salazar S, President and CEO of
Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V:CUU) is pleased
to announce that on March 27, 2006 Copper Fox closed on $2,967,963.54 of its
Private Placement sold by the Company's agents, Leede Financial Markets Ltd.
of Calgary and Haywood Securities Inc. of Vancouver (the "Agents"). This
closing forms part of a $3,500,000 Private Placement announced in a News
Release issued by Copper Fox dated December 9, 2005, for which the Company
subsequently received conditional approval from the TSX-V to increase to a
maximum $3,800,000 to accommodate an oversubscription of the offering.
This closing consists of an aggregate of 2,252,000 flow-through shares of
Copper Fox ("FT Shares") at a price of $0.30 and an aggregate 9,966,798 non
flow-through units (the "Units"), each Unit consisting of one common share at
a price of $0.23 and one half common share purchase warrant. Each full share
purchase warrant entitles the holder thereof to acquire one additional share
of Copper Fox at an exercise price of $0.35 for a period of 18 months from
closing. The combined FT Shares and common shares (as a component of the
Units) issued on this closing total 12,218,798 for an aggregate amount of
$2,967,963.54.
The Agents received a total of $272,965 in commissions and an agent's
option entitling the Agents to purchase (i) 226,700 common shares with respect
to FT Shares and (ii) 1,187,810 Units.
Copper Fox had previously closed a portion of the Private Placement on
December 30, 2005 raising $155,000 with a placement of 516,667 FT Shares as
reported in a news release dated February 1, 2006. The remaining portion of
this Private Placement totals $677,036.46 and is expected to close by the end
of March.
Funds generated by this financing will be used by the company for bulk
sampling, baseline studies, drilling programs, road access, engineering, and
general operating purposes associated with the development of its Schaft
Creek, British Columbia, copper/gold porphyry project.

Copper Fox is a Tier 2 Junior Natural Resource Mining Company listed on
the TSX-Venture exchange trading under the symbol (CUU). The company is
involved in the exploration and development of a large copper/gold porphyry
project located in north western British Columbia at Schaft Creek.

The TSX Venture exchange has not reviewed the contents of this news
release and accepts no responsibility for the accuracy thereof.

This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming events,
work programs, etc. Actual results may differ materially from those
anticipated in such statements.

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