CALGARY, March 19 /CNW/ - Copper Fox Metals Inc. ("Copper Fox") (TSX-Venture-CUU) announced today continued progress in the development of its Schaft Creek gold and copper project in northwest BC. "We are gaining ground on the critical areas necessary to bring about the development of this deposit", said Guillermo Salazar S, President of Copper Fox. "We are on or ahead of schedule in all areas of the company's project development plan", said Salazar.
Copper Fox recently updated the Schaft Creek Project Description with the Tahltan Nation and provincial and federal regulatory agencies. The updated Project Description is based on the Schaft Creek Preliminary Economic Assessment released on January 14, 2008 and is available at (www.copperfoxmetals.com). Progress on the Environmental Assessment Application is also being made following on-going community consultations and advances in environmental, socio-economic, health and heritage resource studies in support of the Application. "The Schaft Creek Project has been well received in the various communities of northwest BC", said Salazar. "We are especially pleased by the Tahltan Nation's recent announcement calling for responsible mining investment in the region".
Copper Fox will shortly file the following environmental baseline studies: Meteorology and Air Quality, Hydrology, Archaeology, Tahltan (Country) Foods, Tahltan Knowledge and Use, Hydrogeology, Metal Leaching and Acid Rock Drainage, Fisheries and Aquatics, Wildlife, Vegetation, Soils, Geohazards, Wetlands and Land Use.
Preliminary findings of these studies are:
- The Schaft Creek deposit, is located in areas of the Mess and Schaft Creek drainages, that are devoid of salmon or other migratory fish. - The Metal Leaching and Acid Rock Drainage study included 200 tests for acid generation potential and demonstrates limited acid generation potential. - Precipitation in the Schaft Creek area is considerably lower than that of the nearby Coast Range.
These studies will be presented to the Tahltan Nation and federal and provincial regulatory agencies in the next 60 days. Two other important documents will be produced in preparation for the EA Application: "an alternatives assessment report on the proposed tailings options and modified road alignment", and "the Terms of Reference for the EA Application". The resulting Terms of Reference document will serve Copper Fox Metals as the guideline to proceed to production. Copper Fox is hopeful that the EA Application will be ready for submission to the Tahltan Nation and regulatory agencies by the end of 2008.
Prefeasibility Study: Management expect the Schaft Creek prefeasibility study to be released in the second quarter of this year.
About Copper Fox
Copper Fox is a Canadian-based mining company listed on the TSX-Venture (CUU). The Company has concentrated its project activities exclusively to the Schaft Creek mineral property, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Schaft Creek comprises 20,932 hectares situated in northwest British Columbia, Canada at 57 degrees 21' N latitude and 130 degrees 59' W longitude on the eastern slopes of the coastal mountain ranges. Fortunately, the location is situated between the highway and the glaciers in the area, and also benefits from a significantly lower average precipitation of rain and snowfall compared to the Pacific (west) side of these same ranges.
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 Case 2 metal pricing of 0.663% 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. Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited and may acquire up to a 93.4% direct and indirect interest in the property. Copper Fox has delivered notice to Teck Cominco that it has surpassed the $15,000,000 threshold of qualifying expenditures and has earned a direct 70% interest in Schaft Creek. Title to the property is in good standing before the BC Government until 2018.
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
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.