Copper Fox Metals (CVE:CUU) late Thursday issued fiscal second-quarter earnings and said it plans to raise $4.48 million in a private placement.
company is involved in the exploration and development of the Schaft
Creek copper-gold-molybdenum-silver deposit located in northwest British
Schaft Creek consists of a large undeveloped
porphyry copper-gold-molybdenum-silver deposit and is located within a
contiguous group of mineral claims that cover 21,025 hectares. It is
situated 45 kilometers west of the Stewart-Cassiar Highway and
approximately 80 kilometres south of Telegraph Creek in north western
Copper Fox is working on completing a
Feasibility Study on the Schaft Creek mineral deposit, one of the
largest undeveloped copper, gold, molybdenum and silver deposits in
The feasibility study is being led by Tetra Tech Wardrop on a minimum 120,000 tonne pe day open pit mine and is expected to be completed mid-late summer 2012.
The company's working capital was $44,631 at April 30, 2012.
the period ended April 30 net loss narrowed to $514,292 from $2.4
million a year earlier. Since the company is in the exploration and
development stage, it has no income-producing assets from which to
After the end of the second quarter, Copper Fox
unveiled an updated resource estimate for the Schaft Creek deposit
including the Paramount and Liard zones in May.
Measured and Indicated Resource was 1.23 billion tonnes grading 0.26%
copper, 0.017% molybdenum, 0.19 grams per tonne (g/t) gold and 1.69 g/t
silver containing 7.11 billion pounds copper, 455.3 million pounds
molybdenum, 7.37 million ounces gold and 66.74 million ounces silver.
Inferred Resource was 597.2 million tonnes grading 0.22% copper, 0.016%
molybdenum, 0.17 g/t gold and 1.65 g/t silver containing 2.87 billion
pounds copper, 206.3 million pounds molybdenum, 3.36 million ounces gold
and 31.60 million ounces silver.
During and after the second
quarter, the company also acquired several groups of mineral tenures
which comprise 18,534.7 hectares (71 mineral tenures) that are
contiguous to the Schaft Creek project.
These acquisitions were completed to acquire land along strike of the Schaft Creek deposit.
the company said it intends to complete a non-brokered private
placement to raise up to $4.48 million consisting of 4 million units at a
purchase price of $1.12 per unit.
The proceeds will be used to
fund costs associated with completing the feasibility study of the
Schaft Creek Deposit and general operating expenses.
consists of one common share of Copper Fox and one common share purchase
warrant of Copper Fox. Each warrant entitles the holder to acquire one
common share of Copper Fox at an exercise price of $1.25 on the one year
anniversary of the closing date of the offering.
Ernesto Echavarria, a director, has committed to participating in 100 percent of the offering.
proceeds will be used to fund costs associated with completing the
feasibility study of the Schaft Creek Deposit and general operating