Calgary, Alberta–(Newsfile Corp. - January 29, 2021) - 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, 2020 financial statements have been filed on SEDAR.
All the Company’s material subsidiaries are wholly owned. The Company owns 24.3% of the outstanding common shares of District Copper Corp. (formerly named Carmax Mining Corp.).
For the year ended October 31, 2020, Copper Fox had a net loss of $537,453 (October 31, 2019 - $2,626,031) which equated to $0.00 loss per share (October 31, 2019 - $0.00 loss per share).
During the year ended October 31, 2020, the Company incurred $695,582 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects, exploration of its Sombrero Butte, and Mineral Mountain copper projects and proposed acquisition of the Eaglehead copper project. 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, “Activities during and subsequent to the Quarter, included completion of the Preliminary Economic Assessment (“PEA”) resulting in a four-fold increase in valuation of the Van Dyke project and commissioning a PEA on the Schaft Creek project. The acquisition of the Eaglehead project is progressing slower than expected with anticipated completion in early 2021. The exercise of previously issued warrants continues and these funds will be used to finance 2021 activities. While plans for 2021 have not been finalized, the Company will continue to employ the strategy of “maximum value added per dollar invested.”
2020 Q4 Highlights:
a.The Schaft Creek Joint Venture continued work on the in-depth review of the 133 ktpd scenario outlined by the 2018 Sizing and Infrastructure Study. After the Quarter ended, Copper Fox commissioned the preparation of an external, independent PEA Technical Report to be prepared in accordance National Instrument 43-101. The PEA will provide an update on current project infrastructure, mine plan, processing, access and power options, estimated capital, operating and sustaining costs and estimated valuation on a pre- and post-tax basis.
b.At Van Dyke, the PEA yielded a post-tax Net Present Value (“NPV”)7.5 of US $644.7 million and an Internal Rate of Return (“IRR”) of 43.4% versus NPV8.0 US $149.5 million and IRR of 27.9% shown in the 2015 PEA.
c.The company continues to work toward obtaining the permit required to transfer ownership of the Eaglehead project. Consultation between the B.C. Ministry of Energy, Mines and Petroleum Resources and First Nations related to the proposed Notice of Work are ongoing.
d.Programs planned for the Mineral Mountain and Sombrero Butte projects were not completed during the year, primarily due to delays experienced in either receipt of approvals or ongoing requests to obtain Authorization from the BLM to conduct the EA surveys requested by the BLM.
Warrant Exercises:
Subsequent to the fiscal year ended, the Company has received 7,387,667 exercised warrants for total proceeds of $1,038,370.
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, 2020 July 31, 2020 April 30, 2020 January 31, 2020
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 298,567 $ 248,589 $ 375,725 $ 205,572
see & read more on
https://www.copperfoxmetals.com/news/copper-fox-announces-2020-fourth-quarter-operating-73226/ |
