Copper Fox Announces April 30, 2017 Second Quarter Operating and Financial Results
June 29 2017 - 3:30PM
Copper Fox Metals Inc.
(“Copper Fox” or the
“Company”) (TSX-V:CUU) (OTC-Pink:CPFXF) is pleased to
announce that its unaudited interim consolidated April 30, 2017
financial statements have been filed on SEDAR.
All of the Company’s material subsidiaries are
wholly owned, except for Carmax Mining Corp.
(“Carmax”) (TSX-V:CXM), of which the Company owns
65.4% of the outstanding common shares. These unaudited
interim consolidated financial statements include 100% of the
assets and liabilities related to Carmax and include a
non-controlling interest portion, representing 34.6% of Carmax’s
assets and liabilities that are not owned by the Company.
For the six months ended April 30, 2017, Copper
Fox had a comprehensive loss of $419,365 (April 30, 2016 –
$1,503,524) which equated to $0.00 loss per share (April 30, 2016 -
$0.00 loss per share).
During the six months ended April 30, 2017, the
Company incurred $127,651 in expenditures toward furthering the
development of its Van Dyke, 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, “Copper Fox’s primary focus is on advancing the Schaft
Creek and Van Dyke projects. The remodeling work at Schaft
Creek is continuing to determine if an updated resource estimation
is required. The permitting process on the Van Dyke project has
commenced with collection of the historical data and preliminary
discussions with the Arizona Department of Environmental
Quality. The court decision on the Judicial Review related to
Carmax Mining Corp’s Eaglehead project has been further delayed
until July 17, 2017. Despite the increasing signs of investor
sentiment and a new commodity cycle, Copper Fox is continuing its
strategy of conserving cash, advancing its assets and executing its
corporate strategy.”
Q2 2017 Highlights:
- The Schaft Creek Joint Venture (“SCJV”) has approved the
balance of the input parameters including; pit slope, metal
recoveries, mining and processing costs, TC/RC’s for the
remodelling work.
- The approved input parameters allows completion of the
remaining phases of the remodelling and determination if an updated
resource estimation is required for the Schaft Creek deposit.
- A review of the technical information related to the 57 mineral
claims located on the Mineral Mountain project during the first
quarter 2017 indicated that these claims did not warrant payment of
the recording fees. Accordingly, these claims were allowed to
lapse.
- The decision of the Supreme Court for the Province of British
Columbia regarding the Judicial Review related to Carmax Mining
Corp’s Eaglehead project has been delayed until July 17, 2017.
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
|
|
April 30,
2017 |
January 31,
2017 |
October 31,
2016 |
July 31,
2016 |
|
|
3 months ended |
3 months ended |
3 months ended |
3 months ended |
Loss before
non-operating items and taxes |
|
$ |
453,045 |
|
|
$ |
207,056 |
|
$ |
633,383 |
|
$ |
305,814 |
|
Net loss |
|
|
453,045 |
|
|
|
207,056 |
|
|
37,171 |
|
|
305,814 |
|
Comprehensive
(gain)/loss |
|
|
(220,645 |
) |
|
|
640,010 |
|
|
(724,814 |
) |
|
(201,748 |
) |
Comprehensive
(gain)/loss per share, basic and diluted |
|
|
(0.00 |
) |
|
|
0.00 |
|
|
(0.00 |
) |
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2016 |
January 31, 2016 |
October 31, 2015 |
July 31, 2015 |
|
|
3 months ended |
3 months ended |
3 months ended |
3 months ended |
Loss before
non-operating items and taxes |
|
$ |
413,437 |
|
|
$ |
314,440 |
|
$ |
358,917 |
|
$ |
484,385 |
|
Net loss |
|
|
413,437 |
|
|
|
314,440 |
|
|
358,917 |
|
|
484,385 |
|
Comprehensive
(gain)/loss |
|
|
1,995,501 |
|
|
|
(491,977 |
) |
|
(14,846 |
) |
|
(309,555 |
) |
Comprehensive (gain)/loss per share, basic and diluted |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
Liquidity
As at April 30, 2017, the Company had $113,882
in cash (October 31, 2016 - $847,505).
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. StewartPresident 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 in this news
release include statements about focusing on advancing the
Company’s projects; completion of the resource remodeling;
obtaining permits for the Van Dyke project; continuing the
corporate strategy.
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: exploration of the projects may not
find copper mineralization in significant quantities or at all, or
at the expected cost; 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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