Business
Copper Fox Enters Into Facilities Study Agreement with BC Hydro for Schaft Creek Project
VANCOUVER, March 25, 2013 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (...
About this update from Copper Fox Metals Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, March 25, 2013 /CNW/ - Copper Fox Metals Inc. (\"Copper Fox\" or the \"Company\") (TSX-V: CUU) is pleased to announce that it has entered into a facilities study\n agreement (the \"Facilities Study Agreement\") with the British Columbia Hydro and Power Authority (\"BC Hydro\") in connection with the proposed power supply to the Company's Schaft\n Creek project.  The Facilities Study Agreement sets forth the terms and\n conditions for BC Hydro to perform a facilities study to assess the\n requirements to connect the Schaft Creek project to the forthcoming BC\n Hydro Bob Quinn substation and the associated system reinforcements.\n\n\nPursuant to the Facilities Study Agreement, Copper Fox has requested\n transmission voltage service (69,000 kV and above) at the Schaft Creek\n project and BC Hydro will conduct a facilities study (the \"Study\") consisting of: (i) conducting preliminary engineering design to\n develop equipment specifications; (ii) developing a project plan that\n describes the Schaft Creek interconnection project and includes a\n schedule for implementation of detailed engineering, procurement,\n construction, testing and commissioning; (iii) developing a +/-30% cost\n estimate for implementation of the Schaft Creek interconnection\n project, and (iv) developing internal (BC Hydro) documentation for\n financial approvals to proceed with the Schaft Creek interconnection\n project. In order to conduct the Study, Copper Fox will pay a required\n deposit to BC Hydro.  Copper Fox previously submitted a system impact\n study request to BC Hydro; an interconnection queue position was\n assigned to the Schaft Creek project and the system impact study was\n conducted.  The queue position is used to prioritize study work and\n allocate interconnection costs.  The Study is expected to be completed\n on or before May 31, 2014 and is estimated to cost in excess of $1\n million to complete.\n\n\nUpon completion of the Study and following presentation, review and\n acceptance of the Study, Copper Fox expects to sign a facilities\n agreement whereby BC Hydro would then implement interconnection work,\n including detailed design and engineering, procurement for major\n equipment and construction and commissioning of the facilities.  Upon\n entering a facilities agreement, Copper Fox wo...