Calgary, Alberta–(Newsfile Corp. - March 22, 2019) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated January 31, 2019, financial statements have been filed on SEDAR.

All of the Company’s material subsidiaries are wholly owned, except for District Copper Corp. (“District”) (TSXV: DCOP), of which the Company owns 24.43% of the outstanding common shares as of March 22, 2019. The unaudited interim consolidated financial statements include 100% of the assets and liabilities related to District and include a non-controlling interest representing 60.49% of District’s assets and liabilities not owned by the Company, which was the non-ownership percentage of District by Copper Fox as of January 31, 2019.

For the three months ended January 31, 2019, Copper Fox had a net loss of $195,607 (January 31, 2018 - $213,774) which equated to $0.00 loss per share (January 31, 2018 - $0.00 loss per share).

During the three months ended January 31, 2019, the Company incurred $262,128 in expenditures toward furthering the development of its Schaft Creek, Eaglehead, Van Dyke, Sombrero Butte and Mineral Mountain 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 multi-disciplinary team established by the Schaft Creek Joint Venture (“SCJV”) in 2018 to describe and further characterize several development scenarios for the Schaft Creek deposit will continue its work in 2019. The SCJV plans to strengthen the project management team to complete additional scoping-level engineering and design work based on the 2018 program to assess opportunities associated with a range of development scenarios, the focus of which is to improve financial returns over those outlined in the 2013 Feasibility Study. Positive exploration results from the Mineral Mountain and Van Dyke projects strongly suggest that additional exploration work is warranted on both projects.”

2019 Q1 Highlights
•The SCJV approved a $2.1 million budget to continue desktop studies, complete a four to six-week field program and strengthen the project management team.
•Based on the work completed by the SCJV in 2018, additional scoping-level engineering and design work is planned in 2019 to assess opportunities associated with a range of development scenarios, the focus of which is to improve financial returns over those outlined in the 2013 Feasibility Study.
•The SCJV anticipates a four to six-week field program that includes assessing ground conditions at the proposed process facility and tailings facility locations, formulation of an environmental approach to the project, reinforcing the existing flood protection for the camp, improving the drill-core storage facilities, and other field-related activities as well as ongoing work with the Tahltan Nation.
•At Mineral Mountain, two large areas of porphyry copper mineralization have been identified and a deep penetrating geophysical survey is planned to survey these areas for chargeability and resistivity anomalies at depth.
•At Van Dyke, the results of the analytical program to date have returned significantly higher acid soluble copper concentrations over thicker intervals in a number of the holes analyzed to date compared to the mineralized intervals used in the 2014 maiden resource estimate.
•A mapping and sampling program are planned at Sombrero Butte to better define the correlation between the positive chargeability outlined in 2015 and areas of copper mineralization and alterations.
•District completed its acquisition of the Stoney Lake East gold project in Newfoundland in February 2019, resulting in the issuances of 40 million shares of District to the Vendors, which reduced Copper Fox’s ownership of District to 24.4%.

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.

Selected Financial Results


January 31, 2019 October 31, 2018 July 31, 2018 April 30, 2018
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 195,607 $ 256,899 $ 620,441 $ 541,914
Net loss / (gain) 195,607 (8,001 ) 620,441 541,914
Comprehensive loss /(gain) 197,130 226,205 456,739 (47,768 )
Comprehensive loss /(gain) per share, basic and diluted 0.00 (0.00 ) 0.00 (0.00 )

January 31, 2018 October 31, 2017 July 31, 2017 April 30, 2017
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 213,774 $ 400,188 $ 395,888 $ 453,045
Net loss 213,774 144,910 395,888 453,045
Comprehensive loss /(gain) 787,900 (322,819 ) 1,637,337 (220,645 )
Comprehensive loss /(gain) per share, basic and diluted 0.00 (0.00 ) 0.00 (0.00 )

Liquidity

As at January 31, 2019, the Company had $311,789 in cash (October 31, 2018 - $938,311).

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.

For additional information please contact Lynn Ball at 1-844-464-2820 or 1-403-264-2820.

On behalf of the Board of Directors,

Elmer B. Stewart
President and Chief Executive Officer