financials are out
March 31, 2015
Copper Fox Annnounces First Quarter Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2015) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to provide its first quarter operating and financial results. Copper Fox had a net gain for the quarter of $509,648 ($0.00 income per share). The Company also incurred $204,572 in expenditures toward furthering the development of its Van Dyke copper project in Arizona. 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. All references to planned activities and technical information contained in this news release has been previously announced by way of news releases by the Company. All amounts are expressed in Canadian dollars unless otherwise stated.
Highlights
Schaft Creek Project
During and subsequent to the quarter, the Schaft Creek Joint Venture ('SCJV') 2015 work program was developed and announced. The objectives of the 2015 work program are to continue the optimization studies that were commenced in 2014 and to test the copper-gold mineralization located in the LaCasse zone of the Schaft Creek project. Total budget for the SCJV in 2015 to complete these objectives has been set at $4.8 million.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased with the scope and scale of the 2015 program for the Schaft Creek Joint Venture. The continuation of the Optimization studies, commenced in 2014, as well as drilling of the LaCasse zone are expected to deliver the results required to advance the Schaft Creek project."
Van Dyke Project
Desert Fox and its technical consultants are working to verify that the information collected in 2014 is sufficient to support the preparation of a Preliminary Economic Assessment ('PEA'). The completion of a NI 43-101 resource estimate and the in-situ pressure leach tests combined with the information collected in 2014 as well as the available historical information are expected to be sufficient to proceed to the preparation of a technical report outlining the results of a PEA level study on the Van Dyke oxide copper deposit.
The completion of a PEA on the Van Dyke oxide copper deposit would provide a conceptual study that includes an independent preliminary engineering assessment of the project, an estimate of potential value, operating costs, capital and sustaining costs and a conceptual plan on development and operations of the Van Dyke oxide copper deposit.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.
Selected Financial Information
| | Net (loss)/income | | Net (loss)/income per share - basic and diluted | | 2015 | | | | | | | First Quarter | $ | 509,648 | | $ | 0.00 | | 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 | Liquidity and Capital Resources
The Company had working capital of $5,578,680, an accumulated deficit of $17,680,805 and comprehensive income of $509,648 for the three months ended January 31, 2015.
As at January 31, 2015, the Company's cash and cash equivalents totaled $1.3 million. The balance of working capital included funds owing from the BCMETC (Federal Government) in the amount of $4.4 million, of this total 3.5 million was received on March 12, 2015.
Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum; including an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000 CDN. Total corporate and general costs were approximately $1,200,000 in 2013 and 2014.
The Company has access to sufficient working capital to meet its current and projected overhead requirements. |
