Business
Copper Fox provides update on corporate activities
VANCOUVER , Aug. 12, 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, Aug. 12, 2013 /CNW/ - Copper Fox Metals Inc. (\"Copper Fox\" or the \"Company\") (TSX-V: CUU) is pleased to provide an update on corporate activities. The corporate\n activities are intended to reflect the operations and requirements of\n Copper Fox on a going forward basis.\n\n\nOn formation of the Schaft Creek Joint Venture with Teck Resources\n Limited (\"Teck\"), Teck assumed operatorship of the Schaft Creek project\n resulting in a reduced level of activity at Schaft Creek for Copper\n Fox.  The reduced level of activity at Schaft Creek combined with other\n corporate activities has resulted in the following highlights:\n\n\n\n\n\n \n\n\n \n\n\n \n\n\na)     \n\n\nA tax free cash distribution of $0.0275/share as a return of capital has\n been declared to shareholders of record on Tuesday, August 20, 2013\n (the \"Record Date\").  In general terms, a return of capital is not\n included in income by shareholders but does reduce the cost of a share\n for income tax purposes.   The ex distribution date for this\n distribution is Friday, August 16, 2013.  The distribution is expected\n to be paid to shareholders on or before Thursday August 29, 2013,\n\n\n \n\n\n \n\n\n \n\n\nb)     \n\n\nThe Company's wholly-owned subsidiary to be named \"Desert Fox Copper\n Inc.\"‎ has been established as the primary operating vehicle\n responsible for acquisitions, and exploration and development\n activities on the Van Dyke copper deposit and the Sombrero Butte copper\n project;\n\n\n \n\n\n \n\n\n \n\n\nc)     \n\n\nCopper Fox management and personnel have now been assigned to Desert Fox\n to support Desert Fox's new role as the primary operating vehicle for\n the Company, re-aligning overhead and providing savings and cost\n efficiencies;\n\n\n \n\n\n \n\n\n \n\n\nd)     \n\n\nDesert Fox plans to immediately commence activities on its Van Dyke and\n Sombrero Butte copper projects (see news release dated Tuesday, July 9,\n 2012) located in Arizona.  Activities include compilation and review of\n over 6,000 boxes of core and samples from 72 drill holes, diamond\n drilling, environmental and geotechnical studies on the Van Dyke copp...