Business
Copper Fox Metals and Teck Resources form Schaft Creek Joint Venture
Teck 75% / Copper Fox 25% of Schaft Creek Joint Venture Copper Fox will host an inve...
About this update from Copper Fox Metals Inc.
[{"type":"text","content":"\n\n\nTeck 75% / Copper Fox 25% of Schaft Creek Joint Venture\n\n\nCopper Fox will host an investor and analyst conference call at10:00 am (PDT), Wednesday, July 17, 2013Dial-in at 1-888-231-8191\n\n\nVANCOUVER, July 16, 2013 /CNW/ - Copper Fox Metals Inc. (\"Copper Fox\") (TSX-V: CUU)  today announced the\n formation of a joint venture (the \"Schaft Creek Joint Venture\") with\n Teck Resources Limited (\"Teck\") to further explore and develop the\n Schaft Creek project located in northwestern British Columbia, Canada.\n\n\n\"This partnership is a key milestone for Copper Fox Metals and reflects\n the spirit of the 2002 Option Agreement with Teck,\" says Elmer Stewart,\n President and CEO of Copper Fox.  \"We are pleased to have Teck as our\n partner and look forward to the next phase of our relationship. The\n terms of the Schaft Creek Joint Venture Agreement reflect the advanced\n stage of the project, and with Teck's expertise in the development and\n operation of large mining projects and strong commitment to responsible\n mining we are confident the Schaft Creek project will continue to\n benefit the Tahltan people, local communities and shareholders.\n\n\nThis agreement gives Copper Fox immediate access to funds and a viable\n partner to continue the work we have done on the Schaft Creek property\n without diluting Copper Fox's 25% interest in the Schaft Creek Joint\n Venture.  With Teck's agreement to fund future costs, we have reduced\n the uncertainty around Copper Fox's future expenditures for the\n project.\"\n\n\nDale Andres, Senior Vice President, Copper for Teck, commented \"This\n agreement represents an important milestone for our relationship with\n Copper Fox.  We are pleased with the progress they have made and\n believe they will continue to be a valuable partner going forward.\"\n\n\nTerms of the Agreement\n\n\nThe agreement replaces and supersedes the 2002 option and joint venture\n agreement between Teck and Copper Fox in connection with Schaft Creek.\n\n\nTeck will hold a 75% interest and Copper Fox will hold 25% in the Schaft\n Creek Joint Venture.\n\n\nTeck will be the operator of the Schaft Creek Joint Venture.\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...