Business
Copper Fox announces third quarter results
VANCOUVER , Sept. 27, 2013 /CNW/ - Copper Fox Metals Inc. ('Copper Fox' or the 'Company')...
About this update from Copper Fox Metals Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, Sept. 27, 2013 /CNW/ - Copper Fox Metals Inc. ('Copper Fox' or the 'Company') (TSX-V: CUU) is pleased to announce its third quarter 2013 operating and financial\n results.  Copper Fox had net income for the third quarter of $3,117,445\n after reversal of a deferred tax liability of $3,887,762 and expenses\n of $770,317 ($0.01 income per share). The Company also incurred\n $853,074 in expenditures toward furthering the development of the\n Schaft Creek project, which is capitalized to mineral properties. \n Copies of the financial statements, notes and related management\n 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 amounts are in Canadian\n dollars unless otherwise stated.\n\n\nHighlights:\nSchaft Creek Joint Venture\nDuring the quarter ended July 31, 2013, the Company reached a\n significant milestone in the advancement of the Schaft Creek project\n when it announced the formation of the Schaft Creek Joint Venture with\n Teck Resources Limited ('Teck').  The Schaft Creek Joint Venture is\n held 75% by Teck and 25% by Copper Fox with Teck as the operator\n effective July 15, 2013. The Schaft Creek project is a large,\n undeveloped copper-molybdenum-gold-silver porphyry deposit located in\n northwestern British Columbia, Canada.\n\n\nThe terms and conditions of the Schaft Creek Joint Venture Agreement are\n set out in a News Release dated July 15, 2013.  The Schaft Creek Joint\n Venture agreement replaces and supersedes the 2002 option and property\n acquisition agreement between Teck and Copper Fox in connection with\n the Schaft Creek project.  The salient points of the Schaft Creek Joint\n Venture are:\n\n\n\nTeck will pay a total of $60 million in three direct cash payments to\n Copper Fox: $20 million upon signing the Schaft Creek Joint Venture\n Agreement, $20 million upon a Production Decision, $20 million upon the\n completion of the mine facility as well as reimburse Copper Fox $3.93\n million which is equal to 75% of the expenses it incurred related to\n land acquisition and the Port of Stewart facility;\n\n\n\n\nTeck will fund 100% of the first $60 million in costs related to the\n Schaft Creek project incurred subsequent to formation of the Schaft\n Creek Joi...