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Copper Fox loses $854,264 in Q2 fiscal 2015
Copper Fox Metals Inc (C:CUU)
Shares Issued 407,660,045
Last Close 6/16/2015 $0.20
Wednesday June 17 2015 - News Release
Mr. Elmer Stewart reports
COPPER FOX ANNOUNCES SECOND QUARTER RESULTS
Copper Fox Metals Inc. has provided its consolidated second quarter operating and financial results. Copper Fox had a net loss for the quarter of $350,360 ($0.00 income per share). The Company incurred $385,590 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 have been previously announced by way of news releases by the Company. All amounts are expressed in Canadian dollars unless otherwise stated.
Highlights
- The 2015 work plan for the Schaft Creek Joint Venture (SCJV) budgeted at $4.8 million to continue the optimization studies and to diamond drill test the copper-gold mineralization located in the LaCasse zone was approved. Mobilization for the 2015 Schaft Creek field program was completed in early June.
- Commenced a Preliminary Economic Assessment ("PEA") on the Van Dyke In- Situ Leach oxide copper deposit located in Arizona,
- Copper Fox increased its equity ownership in Carmax Mining Corp. ("Carmax") to 50.97% by way of a $550,000 private placement
- The 2015 exploration program for Carmax's Eaglehead project has commenced. The program consists of re-logging and re-sampling of previously sampled sections and sampling of previously un-sampled sections of the historical drill cores and approximately 1,200m of diamond drilling.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased with the overall scope and level of activities of the Company in 2015. This year, Copper Fox will be exposed to approximately $6.2 million in optimization and exploration work which includes the Schaft Creek joint venture and our equity ownership in Carmax while limiting our financial exposure to approximately $750,000 at the Van Dyke project."
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 the scientific and technical information disclosed in this news release.
Outlook
The Company's focus in the next quarter; working with our partners to implement the optimization and explorations activities outlined to date on three of its four copper projects. Major activities include working with Teck Resources Limited to advance the optimization studies and completing the field program at the SCJV, completion of the PEA at the Van Dyke ISL copper project and completing the work necessary to incorporate the legacy data into the project database as well as 1,200m of diamond drilling at the Eaglehead project with Carmax. The working capital position of the company is such that, the Company should not require additional working capital to continue as a going concern, for the next year.
Selected Financial Information Net (loss)/income per share - basic Net (loss)/income and diluted 2015 Second Quarter $ (854,264) $ 0.00 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 Liquidity and Capital Resources
At April 30, 2015, the Company had working capital of $4,983,118 and an accumulated deficit of $17,959,001 and had comprehensive loss of $339,570 for the six months ended April 30, 2015.
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 $157,000 CDN. Corporate and general costs have been approximately $1,200,000 in 2013 and 2014.
As at April 30, 2015, the Company's cash and cash equivalents were $3.6 million. The Company has access to sufficient funds to meet its current overhead and planned capital expenditures.
We seek Safe Harbor.
© 2015 Canjex Publishing Ltd. |
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