Business
Copper Fox provides update on discussions regarding Schaft Creek
VANCOUVER , June 5, 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, June 5, 2013 /CNW/ - Copper Fox Metals Inc. (\"Copper Fox\" or the \"Company\") (TSX-V: CUU) today provides an update on the Schaft Creek project and reports that\n discussions are continuing between the Company and Teck Resources\n Limited (\"Teck\") regarding Teck's back-in to the Schaft Creek\n property.  Discussions with Teck commenced following the Company's\n completion of a National Instrument 43-101 technical report pertaining\n to a feasibility study on the Schaft Creek Mineral Deposit.  As\n disclosed in the Company's news release dated February 4, 2013, the\n feasibility study has been filed and is available on SEDAR (www.sedar.com).  There can be no assurance that the discussions with Teck will lead\n to Teck exercising any of its earn back options nor that the Company\n and Teck will enter into a definitive joint venture agreement as\n contemplated under the Teck Option Agreement.\n\n\nAbout Copper Fox\nCopper Fox is a Canadian based resource development company listed on\n the TSX-Venture Exchange (CUU-TSX-V) with a corporate office in Calgary\n and an operations office in Vancouver.\n\n\nThe Company announced the results of a feasibility study on the Schaft\n Creek Mineral Deposit, on December 21, 2012.  Schaft Creek is one of\n the largest undeveloped copper, gold, molybdenum and silver deposits in\n North America.  The feasibility study was completed by Tetra Tech\n Wardrop at a nominal 130,000 tonne per day open pit mine.\n\n\nThe Schaft Creek project consists of 56,701.44 hectares (140,112\n acres).  Included in this total are the \"Schedule A\" mineral tenures\n originally conveyed to Copper Fox pursuant to the Teck Option\n Agreement, which consist of 8,334.34 hectares (20,594 acres).  The\n \"Schedule A\" mineral tenures are subject to a 3.5% Net Profits Interest\n held by Royal Gold, Inc., a 30% carried Net Proceeds Interest held by\n Liard and, together with the additional mineral tenures obtained by\n Copper Fox within the \"Area of Interest\" provided for in the Teck\n Option Agreement, an earn back option held by Teck.  On completion of a\n \"Positive Bankable Feasibility Study\" (as defined), Copper Fox earns\n Teck's 78% interest in Liard.  Teck's earn back option to acquire\n either, 20%, 40% or 75%, of Copper Fox's interest in the Schaft...