Copper Fox Announces 2015 Year End Operating and Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/29/16 -- Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE: CUU)(OTC PINK: CPFXF) is pleased to deliver its consolidated 2015 year-ended October 31, 20158 operating and financial results. All of the Company's material subsidiaries are wholly owned except for Carmax Mining Corp. ("Carmax") (TSX VENTURE: CXM), of which the Company owned 50.97% of the common shares outstanding as at October 31, 2015. These audited consolidated financial statements include 100% of the assets and liabilities related to Carmax and include a non-controlling interest portion representing 49.03% of Carmax's assets and liabilities which are not owned by the Company.
For the year ended October 31, 2015, Copper Fox had a comprehensive loss for of $20,215 ($0.00 loss per share). For the year, the Company incurred $1,249,493 in expenditures toward furthering the development of its Van Dyke and Sombrero Butte copper projects in Arizona. Copies of the financial statements, notes and related management discussion and analysis may be obtained on SEDAR at , the Company's website at 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 by the Company. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The successful completion of the Preliminary Economic Assessment ('PEA') on the Van Dyke project has moved this project from the exploration stage to the development stage, thus maintaining a proper balance in our property portfolio. To augment our property balance, Copper Fox has added the Mineral Mountain project, which we view as an economical, early stage entry into copper exploration in the Laramide copper province in Arizona. The increase in equity ownership in Carmax Mining Corp. increases our metal holdings and provides a larger interest in a developing, potentially large copper deposit located in a safe geopolitical jurisdiction. Going forward, the Company will continue to focus on conserving cash, advancing its assets on a technical and value added basis and executing its corporate strategy."
2015 Highlights
Pursuant to the SCJV agreement, Teck as operator of the SCJV, has delivered a draft 2016 proposed program for the Schaft Creek project. The proposed program is under review and will be announced when approved by the Management Committee of the SCJV.
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
Liquidity
As at October 31, 2015, the Company had $1,529,138 in cash and cash equivalents (October 31, 2014 - $1,654,521).
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX VENTURE: CUU) focused on copper exploration and development in Canada and the United States. Copper Fox and its wholly owned Canadian and United States subsidiaries, being Desert Fox Copper Inc. and Northern Fox Copper Inc., hold the assets listed below:
Copper Fox has five primary assets with associated resources and reserves as noted below:
On behalf of the Board of Directors
Elmer B. Stewart, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information in this news release include statements about meeting the anticipated future demand for copper, technically advancing and adding value to the Company's assets, and creating strong shareholder returns; completing a pre-feasibility study of the Van Dyke project for approximately $US16.6 million.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: exploration of the projects may not find copper mineralization in significant quantities or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at . All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Contacts:
Copper Fox Metals Inc.
Lynn Ball
1-844-464-2820 or 1-403-264-2820
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Datum: 29.02.2016 - 23:04 Uhr
Sprache: Deutsch
News-ID 454108
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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