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Gold/Mining/Energy : Copper Fox -- Ignore unavailable to you. Want to Upgrade?

To: brundall who wrote (9747)	12/11/2015 12:41:56 PM
From: xwolf	2 Recommendations Recommended By biggerbob68 Slushie Read Replies (1) \| Respond to of 10654

a few gorry details Copper Fox's Schaft Creek JV to acquire Liard shares Copper Fox Metals Inc (C:CUU) Shares Issued 407,660,045 Last Close 12/10/2015 $0.12 Friday December 11 2015 - News Release Mr. Elmer Stewart reports COPPER FOX ANNOUNCES SCHAFT CREEK JOINT VENTURE TO ACQUIRE ADDITIONAL SHARES IN LIARD COPPER MINES LIMITED Copper Fox Metals Inc.'s Schaft Creek joint venture (SCJV) has entered into agreements to acquire an additional 140,100 common shares of Liard Copper Mines Ltd. The principal asset of Liard Copper Mines is a 30-per-cent net-proceeds royalty in the Schaft Creek copper-gold-molybdenum-silver deposit, one of British Columbia's largest known porphyry copper deposits. In 2002, Teck Resources Ltd. entered into an option agreement whereby Copper Fox could earn 100 per cent of Teck's interest in the Schaft Creek property and 100-per-cent interest in Teck's (78.05 per cent) shareholdings of Liard Copper Mines, subject to a back-in right in the Schaft Creek property by meeting the obligation set out in the option agreement. In July, 2013, Teck and Copper Fox entered into an agreement for the formation of the Schaft Creek joint venture whereby Teck holds a 75-per-cent interest and Copper Fox holds a 25-per-cent interest in the Schaft Creek property and Liard shares (see news release dated July 16, 2013). Teck is the operator of the SCJV. Highlights are: Teck has entered into a share purchase agreement to purchase the Liard shares. Pursuant to Section 24.2 of the Schaft Creek joint venture agreement, dated July 15, 2013, Teck has offered to Copper Fox the right to have the Liard shares contributed to SCJV provided that Copper Fox pays its proportionate share of the purchase price. Copper Fox has accepted its right to have the Liard shares contributed to SCJV, and Copper Fox's share of the purchase price will be deemed to be included in the preproduction costs as that term is defined in the Schaft Creek joint venture agreement. The 140,100 common shares of Liard represent 7.41 per cent of the issued and outstanding shares of Liard. Upon completion of the arrangements set out above, the SCJV will own approximately 85.5 per cent of the issued and outstanding shares of Liard. Schaft Creek project The SCJV approved a $4.9-million budget for 2015. Work completed during the year included a drilling program on the LaCasse zone which intersected numerous intervals of low-grade copper mineralization, as well as surface mapping and geophysical surveying outside the Schaft Creek deposit. Work on the Schaft Creek deposit included geometallurgical sampling and 11,800 metres of core relogging. Work is continuing on a number of studies undertaken by the SCJV in 2014 to enhance project economics. Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "We are very pleased that the Schaft Creek joint venture was able to acquire the additional shares of Liard. This acquisition further consolidates the joint venture's interest in this project." Elmer B. Stewart, MSc, PGeol, president of Copper Fox, is the company's nominated qualified person pursuant to National Instrument 43-101, and has approved the scientific and technical disclosure in this news release. We seek Safe Harbor. © 2015 Canjex Publishing Ltd.