Calgary, Alberta–(Newsfile Corp. - January 28, 2020) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its audited annual consolidated October 31, 2019 financial statements have been filed on SEDAR.

All of the Company’s material subsidiaries are wholly owned, except for District Copper Corp. (formerly named Carmax Mining Corp.) (“District”) (TSXV: DCOP), of which the Company owns 24.3% of the outstanding common shares, which is accounted for as an investment in associate.

For the year ended October 31, 2019, Copper Fox had a net loss of $2,626,031 (October 31, 2018 - $1,368,128) which equated to $0.00 loss per share (October 31, 2018 - $0.00 loss per share).

During the year ended October 31, 2019, the Company incurred $665,436 in expenditures toward furthering the development of its Schaft Creek and Van Dyke projects and the exploration of its 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 2019 work has advanced efforts to surface value in the Schaft Creek Joint Venture and significantly advanced the potential of the Arizona copper projects. The Schaft Creek project team investigated the 133 ktpd scenario recommended by the 2018 Sizing and Infrastructure study. On Copper Fox operated projects, the Mineral Mountain and Sombrero Butte copper projects have been advanced to the next stage of exploration and an updated resource estimate for the Van Dyke project is expected in Q2 2020. The Company will continue in 2020 to employ the strategy of “potential maximum value added per dollar invested” to position the Company to take advantage of increases in either M&A activity or copper prices.”

2019 Q4 Highlights
a) At Schaft Creek, the work focused on an in-depth review of the 133 ktpd scenario outlined by the 2018 Sizing and Infrastructure study. At the date of this news release, the final report for the 2019 Schaft Creek work program has not been completed.
b) At Van Dyke, the 2019 program has expanded the dimensions of the mineralized envelope of the copper deposit. The updated resource estimate for the Van Dyke project is expected in Q2 2020.
c) At Mineral Mountain, sampling and mapping outlined two large surface targets each with the potential to host a large porphyry copper deposit. Deep penetrating Induced Polarization geophysical exploration of these targets is required.
d) The Sombrero Butte project has been advanced to the “target testing” stage. Two large surface exploration targets have been delineated in a portion of a Laramide age intrusive stock exhibiting widespread potassic/sericite alteration associated with NNW and ENE trending copper-molybdenum vein sets underlain by positive chargeability anomalies.

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
October 31, 2019 July 31, 2019 April 30, 2019 January 31, 2019
3 months ended 3 months ended 3 months ended 3 months ended

Loss before taxes $ 289,922 $ 270,252 $ 1,974,306 $ 192,708
Net loss 188,765 270,252 1,974,306 192,708
Comprehensive loss 257,746 528,250 1,732,808 176,208

Comprehensive loss per share,
basic and diluted 0.00 0.00 0.00 0.00

October 31, 2018 July 31, 2018 April 30, 2018 January 31, 2018
3 months ended 3 months ended 3 months ended 3 months ended
Loss before taxes $ 256,899 $ 620,441 $ 541,914 $ 213,774
Net (gain)/loss (8,001 ) 620,441 541,914 213,774
Comprehensive (gain)/loss 226,205 456,739 (47,768 ) 787,900
Comprehensive (gain)/loss per share, basic and diluted 0.00 0.00 (0.00 )
0.00

Liquidity

As at October 31, 2019, the Company had $374,507 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 (TSX-V: 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