Copper Fox Announces 2020 First Quarter Operating and Financial Results

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Overig advies 01/04/2020 05:34
Calgary, Alberta–(Newsfile Corp. - March 31, 2020) - Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSXV: CUU) (OTC Pink: CPFXF) is pleased to announce that its unaudited interim consolidated January 31, 2020 financial statements have been filed on SEDAR.

All the Company’s material subsidiaries are wholly owned, except for District Copper Corp. (“District Copper”) (TSXV: DCOP), of which the Company owns 24.30% of the outstanding common shares as of March 31, 2020.

For the three months ended January 31, 2020, Copper Fox had a net loss of $205,572 (January 31, 2019 - $195,607) which equated to $0.00 loss per share (January 31, 2019 - $0.00 loss per share).

During the three months ended January 31, 2020, the Company incurred $83,479 in expenditures toward furthering the development of its Schaft Creek, 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 website 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, “During the quarter, the Schaft Creek Joint Venture focused on completing the 2019 program for the Schaft Creek project. On Copper Fox operated projects results have exceeded expectations, with the most significant achievement being the reporting for the first time an Indicated resource category and a 50% increase of soluble copper content at the Van Dyke project. The proposed acquisition of the Eaglehead copper project provides a re-entry into northern British Columbia, a proven copper district, as an operator, an area with which Copper Fox is very familiar. The Company will continue focusing on positioning the Company to take advantage of an anticipated positive commodity cycle.”

2020 Q1 Highlights
•The 2019 Schaft Creek program focused on strengthening the 133ktpd scenario and the technical-engineering value opportunities identified by the 2018 Sizing and Infrastructure Alternatives study. The technical portion of the work program has been completed and preparation of the 2019 Schaft Creek report is underway.
•At Van Dyke, the 2020 resource estimate established for the first time an Indicated resource category, an increase in overall tonnage, an overall increase in recoverable copper grade and a substantial increase in recoverable copper metal.
•The Company’s wholly owned subsidiary, Northern Fox Copper Inc., entered into a property sales agreement (subject to regulatory approval) with District Copper, where District Copper has agreed to sell all of its right, title and interest in and to the Eaglehead copper project (covering 15,956 hectares) located in the Liard Mining Division of northern British Columbia.
•The Mineral Mountain and Sombrero Butte porphyry copper projects have been advanced to the geophysical exploration stage to test the depth extension of the large zones of copper mineralization outlined in outcrop.
•District Copper announced compilation results of the 2019 program on its Stony Lake gold project located in Central Newfoundland. The compilation suggests that the Cape Ray/Valentine Lake structural trend occurs in a 2-3 kms wide corridor along the western side of the project area and has identified several potential targets in the central and southern portions of the property.
•The Company closed the first tranche ($1,481,940) of the $1.8 million private placement to shareholders, with the final closing of the private placement scheduled for April 24, 2020.

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, 2020 October 31, 2019 July 31, 2019 April 30, 2019
3 months ended 3 months ended 3 months ended 3 months ended

Loss before taxes $ 195,607 $ 256,899 $ 620,441 $ 541,914
Net (gain)/loss 195,607 (8,001 ) 620,441 541,914
Comprehensive (gain)/loss 197,607 226,205 456,739 (47,768 )
Comprehensive (gain)/loss per share,
basic and diluted 0.00 0.00 0.00 (0.00 )

Liquidity
As at January 31, 2020, the Company had $189,565 in cash (October 31, 2019 - $374,507).



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