Copper Fox announces the withdrawal of a private placement financingadmin
Copper Fox Metals Inc. announces that a non-brokered private placement with a related party to issue up to 25,000,000 units at a price of $0.12 per share for gross proceeds of $3,000,000 originally disclosed on November 7, 2008 has been cancelled and the “offering” withdrawn. The Company is investigating the situation with its legal counsel. Concurrently management is pursuing alternative sources to obtain additional working capital.
Copper Fox is a Canadian-based mining company listed on the TSX-Venture Exchange (CUU). The Company’s activities are focused exclusively on the Schaft Creek mineral property, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox holds the Schaft Creek property pursuant to an option agreement with Teck Cominco Limited (Teck) and has earned a direct 70%. The Company may acquire up to a 93.4% direct and indirect interest in the property, subject to certain back-in rights to Teck.
Schaft Creek comprises 20,932 hectares situated in northwest British Columbia, Canada at 57 degrees 21′ N latitude and 130 degrees 59′ W longitude on the eastern slopes of the Coastal Mountain ranges. Schaft Creek is situated between the highway and the glaciers in the area, and benefits from a significantly lower average rain and snowfall compared to the Pacific (west) side of these same ranges.
The Company released the results of its preliminary feasibility study (PFS) on September 15, 2008. The PFS was based on a 100,000 tonne per day open pit mine with a minable reserve of 812 million tonnes. The report indicated Schaft Creek could produce 4.762 billion pounds of copper, 255.1 million pounds of molybdenum, 4.493 million ounces of gold and 32.480 million ounces of silver over a 22.6 year mine life with a pretax Net Present Value of $2.764 billion discounted at 8%. The Company plans to proceed with the completion of a full feasibility study on this project.
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