VANCOUVER, British Columbia, March 31, 2017 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:CUU) (OTC-Pink:CPFXF) is pleased to announce that its unaudited interim consolidated January 31, 2017 financial statements have been filed on SEDAR.

All of the Company’s material subsidiaries are wholly owned, except for Carmax Mining Corp. (“Carmax”) (TSX-V:CXM), of which the Company owns 65.4% of the outstanding common shares. These unaudited interim consolidated financial statements include 100% of the assets and liabilities related to Carmax and include a non-controlling interest portion, representing 34.6% of Carmax’s assets and liabilities that are not owned by the Company.

For the three months ended January 31, 2017, Copper Fox had a comprehensive loss of $549,757 (January 31, 2016 – $284,576 comprehensive gain) which equated to $0.00 loss per share (January 31, 2016 - $0.00 gain per share). During the three months ended January 31, 2017, the Company incurred $113,235 in expenditures toward furthering the technical development of its copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company’s web site at www.copperfoxmetals.com, or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, President and CEO of Copper Fox stated, “The primary focus in 2017 is to complete the resource remodeling for the Schaft Creek project. This work, while delayed for a few weeks, is a critical aspect of the Schaft Creek project and allows the Joint Venture the opportunity to update many of the parameters of the Schaft Creek project. The recent interest in our United States assets is encouraging and hopefully will result in finding an industry partner to continue exploration or development of one or all of these projects. Additional mineral tenures were acquired to protect the discovery of a large area of porphyry style copper mineralization at Mineral Mountain, a high quality project in an under-explored area of Arizona. The court decision related to the judicial review of the Eaglehead project has not been delivered. The increasing signs of investor sentiment and the possibility of a new commodity cycle in copper are encouraging. Until these trends become more established Copper Fox plans to focus on conserving cash, advancing its assets on a technical and value added basis, and executing its corporate strategy.”

Q1 2017 Highlights:
•The Management Committee for the Schaft Creek Joint Venture (“SCJV”) approved a $0.9 million budget to complete the resource remodeling, desktop engineering, and trade off studies, continue collection of baseline environmental data, and obtain a Multi-Year Area Based Permit (“MYAB”).

•The MYAB permit includes approval for up to 50 diamond drill holes, 5 kms of new drill road, and 20 kms of line cutting; none of which are planned for execution at this stage.

•The QA/QC reviews, definition of the mineral domains, contact analysis, and grade estimation profiles portions of the remodeling work on the Schaft Creek deposit have been completed.

•The metal prices (in line with industry consensus to the year 2020) to be used in the remodeling work for the Schaft Creek project are: copper $US 3.00/lb, molybdenum $US 10.00/lb, gold $US 1,200/oz. and silver $US 20.00/oz.

•The long term FOREX for the Schaft Creek resource remodeling work is $1.00 USD = $0.83 CAD.

•A 1,100m by 900m area of Laramide age porphyry copper-molybdenum-gold style mineralization has been delineated on the Mineral Mountain project. A significant number of these samples assayed in excess of 1% and up to 6.6% copper.

•The 1,100m by 900m area of mineralization at Mineral Mountain occurs within a larger mineralized alteration “footprint” in Laramide age rocks that measures approximately 3kms by 1.5kms.

•57 additional mineral claims have been added to the Mineral Mountain project to cover a new zone of oxide copper mineralization and the interpreted extension of the previously announced mineralized alteration “footprint”.

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

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