Copper Fox Announces 2019 Fourth Quarter Operating and Financial Results
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
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 is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements regarding: the 2019 work has advanced efforts to surface value at Schaft Creek and the potential of the Arizona projects; Mineral Mountain and Sombrero Butte have been advanced to the next state of exploration; an updated resource estimate for the Van Dyke project is expected in Q2 2020.
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: the 2019 work program for Schaft Creek may not produce the desired results or be completed in a timely basis, or at all; the updated resource estimate for the Van Dyke project may not produce the desired results or be completed in a timely basis, or at all; the two large porphyry copper-molybdenum targets at Mineral Mountain may not indicate a large porphyry system; additional exploration of Mineral Mountain may not occur or may not advance the project to the drilling stage; Sombrero Butte target testing 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 www.sedar.com. 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.
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