Copper Fox loses $912,959 in 2014
Copper Fox Metals Inc (C:CUU)
Shares Issued 407,660,045
Last Close 2/26/2015 $0.135
Friday February 27 2015 - News Release
Mr. Elmer Stewart reports
COPPER FOX ANNOUNCES ANNUAL RESULTS
Copper Fox Metals Inc. has released its consolidated annual 2014 operating and financial results, as well as a summary of activities completed during the year. Copper Fox had a comprehensive loss for the year of $912,959 ($0.00 income per share). The Company also incurred $4,421,802 in expenditures toward furthering the exploration of its Van Dyke copper project in Arizona and obtained a 42% equity interest in Carmax Mining Corp. ('Carmax') by investing $1,237,025. Copies of the financial statements, notes and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company web site at www.copperfoxmetals.com or by contacting the Company directly. The technical information provided in this news release has been previously disclosed and are available on SEDAR. All amounts are in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox stated, "Over the past year the Company added 1.71 billion pounds of copper as well as significant quantities of molybdenum and gold contained in the Inferred Resource category to our balance sheet at minimal cost. These resources are in addition to the resources and reserves established on the Schaft Creek project. Going forward, the Company will continue to focus on conserving cash while at the same time advancing its assets on a technical and value added basis."
2014 Highlights
Schaft Creek Project
Optimization studies, based on the potential first 12 years of a mine plan focused on the Liard zone commenced;
Field work focused on the geotechnical and geo-metallurgical aspects of the deposit;
Additional geometallurgy testwork has been recommended and when completed, is expected to play a significant role in determining the mill size, daily mill throughput, metal recoveries as well as power consumption;
Located the LaCasse zone, (approximately 1,300m long by 900m wide) with metal values from outcrop samples up to 1.56% copper and 1.3 g/t gold;
Resource modelling and a high level review of various ways to reduce the capital expenditure at Schaft Creek are currently underway;
The Optimization studies that commenced in 2014 are expected to continue into 2015.
Van Dyke Project
Diamond drilling, preliminary metallurgical test work, geotechnical, environmental and hydrogeological studies as well as recovery of historical data completed;
A current Inferred Resource of 261.7 million tonnes at an average grade of 0.25% total copper containing approximately 1.44 billion pounds of copper established;
The In-Situ Copper Leaching Simulation Study indicates that approximately 89% of the copper in these samples is soluble with an average of 63% of the copper recovered over a 120 day leach cycle;
Preliminary Economic Assessment of the Van Dyke project and additional drilling to expand the size of the Van Dyke oxide copper deposit recommended by independent geological engineering group.
Eaglehead Project
Copper Fox's subsidiary, Northern Fox Copper Inc. acquired 42.09% of the equity in Carmax;
Carmax owns 100% of the Eaglehead porphyry copper-molybdenum-gold project located in northwestern British Columbia that hosts a current Inferred Resource of 102.5 million tonnes grading 0.29% copper, 0.01% molybdenum and 0.08 g/t gold containing 662 million pounds of copper, 22 million pounds of molybdenum and 265,000 ounces gold;
Re-logging of historical diamond drill core, ground and airborne geophysical surveys, sampling for preliminary metallurgical testing and diamond drilling completed;
A positive correlation between the open-ended 6,000m long by 900m wide chargeability signature defined in 2014 and copper mineralization has been established;
The 2014 diamond drilling program intersected large intervals of copper- molybdenum-gold-silver mineralization on both the north and south edges of the chargeability anomaly;
Compilation of exploration results combined with the presence of mineralized drill holes over approximately 5,000m interval of the chargeability anomaly suggest a single porphyry system;
Preliminary metallurgical testwork currently in progress.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in the preceding paragraphs.
Selected Financial Results
Net Loss Net (loss)/income per share -
basic and diluted
2014
Fourth Quarter $ 696,685 $ 0.00
Third Quarter $ (951,334) $ 0.00
Second Quarter $ (613,970) $ 0.00
First Quarter $ (469,429) $ 0.00
2013
Fourth Quarter $ (439,695) $ 0.00
Third Quarter $ 3,117,445 $ 0.01
Second Quarter $ (697,664) $ 0.00
First Quarter $ (525,595) $ 0.00
All of the Company's material subsidiaries are wholly owned except for Carmax of which the Company owns 42.09% of the outstanding common shares. The consolidated financial statements include 100% of the assets and liabilities related to Carmax and include a non-controlling interest representing 57.91% of Carmax's assets and liabilities not owned by the Company.
Liquidity and Capital Resources
At October 31, 2014, the Company had working capital of $6,302,000 and a deficit of $17,028,782 and had a comprehensive loss of $912,959 for the year ended October 31, 2014.
Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum, this includes an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000 CDN. Corporate and general costs have been approximately $1,200,000 in 2013 and 2014.
As at October 31, 2014, the Company's cash and cash equivalents were $1.6 million. The balance of the working capital includes the BCMETC due in the amount of $4.4 million. Of the $4.4 million, 3.5 million is expected to be received soon. The Company has access to sufficient funds to meet its current overhead requirements.
We seek Safe Harbor.
© 2015 Canjex Publishing Ltd.
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