Copper Fox Metals Inc.

COPPER FOX REPORTS THIRD QUARTER FINANCIAL RESULTS AND OPERATING ACTIVITIES

	    VANCOUVER, Sept. 23 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the
"Company") (TSX-V: CUU) is pleased to provide an overview of the work
completed during the quarter on the feasibility study of the Schaft Creek
deposit and its 2010 third quarter financial results. During the quarter the
Company has spent an additional $3,898,986 towards completion of the
feasibility study. The loss for the third quarter is $436,792.  Technical
information contained in this News Release has previously been disseminated by
way of news releases and is posted on SEDAR at www.sedar.com and on the
Company's website at www.copperfoxmetals.com.
	    Elmer Stewart, President & CEO, stated, "We are very pleased with the
results and progress to date on completing the feasibility study for the
Schaft Creek deposit. Although completion of some aspects of the feasibility
study are behind schedule we are hopeful these aspects can be caught up over
the next few months.  The recently completed diamond drill hole has yielded
two very important aspects that suggest potential to located additional
mineralization at depth and along strike in the Schaft Creek deposit. The
chargeability anomaly identified in July 2010 in this portion of the Schaft
Creek deposit contains variable concentrations of visible copper-molybdenum
mineralization and that the mineralization on the section drilled extends to
at least 450 metres vertically being twice the depth of the previous drilling
and remains open at depth".
	    <span>Quarterly Highlights</span>
	    During the quarter, Copper Fox's activities focused primarily on
completing the feasibility study on the Schaft Creek deposit.  In addition to
the work on the feasibility study, field work completed in the quarter
included prospecting, mapping, compilation of historical data, a geophysical
survey and diamond drilling.
	    Financial:
	    During the quarter, Copper Fox raised an additional $5.8 million in cash
by way of shareholders exercising outstanding warrants. 
	    <span>Field work:</span>
<<

	    --  diamond drill hole (DDH) 2010CF398 intersected visible
	        bornite-chalcopyrite mineralization over approximately 90% of its core
	        length.  The mineralization remains open at depth,
	    --  DDH 2010CF398 confirmed the mineralized nature of the chargeability
	        anomaly identified in July 2010.  This anomaly and the mineralization
	        remains open at depth,
	    --  the Induced Polarization/Resistivity (chargeability) anomalies outlined
	        by the geophysical survey strongly suggest that the Schaft Creek mineral
	        deposit extends a significant distance to the north, the east and at
	        depth beyond the limits of the current diamond drilling;
	    --  the chargeability anomalies show a strong correlation to the
	        mineralization which is open to the north and south;
	    --  studies show that the watershed areas around the Schaft Creek deposit
	        are non fish bearing; and
	    --  Future plans include completion of an additional geophysical survey,
	        continuation of the diamond drilling program and additional sampling of
	        existing historical diamond drill core
>>
	    <span>The reader is cautioned that visible copper and molybdenite
mineralization does not necessarily equate to significant concentrations of
either copper or molybdenum and there is no assurance that the assay results
of the samples from this drill hole will yield significant copper or
molybdenum grades.</span>
	    Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the
Corporation's nominated Qualified Person pursuant to National Instrument
43-101, Standards for Disclosure for Mineral Projects, and has reviewed the
technical information disclosed in this MD&A.
	    <span>Feasibility Study:</span>
	    Wardrop, a Tetra Tech Company, the main contractor for the feasibility
study worked on the<span> </span>Mining and Bulk Explosives Plan, Dilution
Studies, Process Mass Balance and the Piping and Electrical aspects of the
feasibility study.  During the quarter, cost estimating was also undertaken.
	    Knight Piésold Ltd.<span> </span>worked on the Open Pit Geotechnical and
Hydrogeological Study, Tailings Disposal Options and completed the plant site
geotechnical drilling during the quarter.  Work on the Hydrometeorology Study
and Mine Site Water Balance was also completed during the quarter.  Site Wide
Water Management Plan, including watershed model and impacts assessment for
the site including water quality estimations were undertaken.  The preliminary
alignment for the Transmission Line to supply electrical power to site was
completed.  The Tailing Storage Facility Design and the location of the
tailings pipeline and reclaim water designs for the mill commenced during the
quarter.
	    BGC Engineering<span> </span>is working on assessing the potential<span>
</span>geo-hazards along the access road to Schaft Creek as well as providing
comment to McElhanney Consulting Services Ltd., (another contractor working on
the feasibility study), regarding road design and adjustments in areas where
potential geo-hazards have been identified.
	    AMEC Americas Limited is working toward completion of a National
Instrument 43-101 compliant resource estimation for the Schaft Creek deposit
which is expected to be received in October 2010.   The updated resource
estimate with an effective date of December 31, 2009 will not include any of
the analytical results from the current 2010 diamond drilling program.  The
data base used in the resource estimate covers the analytical data collected
from the Schaft Creek deposit from 1957 to 2008.
	    Copper Fox has engaged Stantec Consulting Ltd. (Stantec) to assemble the
environmental data collected to date and prepare the EA Application for Schaft
Creek as it continues to advance the Schaft Creek Project through the British
Columbia (BC) and federal environmental assessment (EA) process. 
	    <span>Operating Activities:</span>
	    To the end of July 2010, Copper Fox incurred $50.1 million that qualify
as applicable expenditures pursuant to the Option Agreement with Teck
Resources Limited on the Schaft Creek Project.  Selected financial information
for the quarter is set out below.
	    Selected Financial Information
<<

 ______________________________________________________________________________
|       |Net Loss                      |Net (loss)/income per share - basic and|
|       |                              |                                diluted|
|_______|______________________________|_______________________________________|
|2010   |                              |                                       |
|_______|______________________________|_______________________________________|
|Third  |$                             |$                                      |
|Quarter|(436,792)                     |                                   0.00|
|_______|______________________________|_______________________________________|
|Second |$                             |$                                      |
|Quarter|(309,067)                     |                                   0.00|
|_______|______________________________|_______________________________________|
|First  |$                             |$                                      |
|Quarter|(446,822)                     |                                   0.00|
|_______|______________________________|_______________________________________|
|2009   |                              |                                       |
|_______|______________________________|_______________________________________|
|Fourth |$                             |$                                      |
|Quarter|1,533,575                     |                                   0.01|
|_______|______________________________|_______________________________________|
|Third  |$                             |$                                      |
|Quarter|(491,057)                     |                                   0.00|
|_______|______________________________|_______________________________________|
|Second |$                             |$                                      |
|Quarter|(431,763)                     |                                   0.00|
|_______|______________________________|_______________________________________|
|First  |$                             |  $                                    |
|Quarter|(29,135,359)                  |                                 (0.28)|
|_______|______________________________|_______________________________________|
|2008   |                              |                                       |
|_______|______________________________|_______________________________________|
|Fourth |$                             |$                                      |
|Quarter|1,890,230                     |                                   0.02|
|_______|______________________________|_______________________________________|

>>
	    <span>Liquidity and Capital Resources:  </span>
	    The Company's working capital, defined as current assets less current
liabilities, was $2,722,280 at July 31, 2010, an increase of $1,565,889 from
working capital of $1,156,391 the previous quarter.  The July 31, 2010 working
capital position reflects the exercise of warrants issued in 2009.  The
Company has sufficient funds available to meet its current obligations. 
	    During the quarter, 77,136,100 warrants were exercised at a strike price
of $0.075 and 670,382 warrants were exercised at a strike price of $0.115 for
total proceeds of $5,862,301. 
	    There are currently 9,872,161 outstanding warrants at a strike price of
$0.115.  These warrants expire on October 21, 2010 and if all warrants are
exercised, a total of $1,135,299 would be received by Copper Fox.  
	    At the end of this quarter the Company has spent $50.1 million of
qualifying expenditures toward this study.  The Company will require
additional capital to complete this study and to provide for the
administration of its Vancouver and Calgary offices.  The Company believes
that it will be able to raise the capital required to complete the Feasibility
Study through the continued exercise of its outstanding options and warrants
or through the public market if required.  Circumstances that could affect
liquidity are early positive or negative results from the feasibility study,
the general state of the equity markets for junior exploration companies and
the overall state of the economy.
	    Copies of the financial statements and notes and related management
discussion and analysis may be obtained on SEDAR at www.sedar.com, our Company
web site at www.copperfoxmetals.com or by contacting the Company directly. 
All amounts are in Canadian dollars unless otherwise stated.
	    <span>About Copper Fox</span>
	    Copper Fox is a Canadian-based resource company listed on the TSX-Venture
Exchange (CUU) involved in the exploration and development of porphyry
copper-molybdenum-gold mineral properties.  Copper Fox's activities are
focused exclusively on completion of a feasibility study in the advanced stage
on Schaft Creek, a "Giant Porphyry Deposit" and one of the largest undeveloped
porphyry copper-gold-molybdenum-silver deposits in Canada.
	    The Schaft Creek deposit is located within a contiguous group of mineral
claims that cover 21,025 hectares. Copper Fox holds a 100% working interest in
the Schaft Creek project, subject to 30% net proceeds interest, the "indirect
interest", held by Liard Copper Mines Limited ("Liard"), a private company 78%
owned by Teck Resources Limited ("Teck"), and a 3.5% net profits interest held
by Royal Gold, Inc.  Copper Fox will earn Teck's indirect interest by
completing a positive "bankable" feasibility study as defined in the 2002
option agreement with Teck.
	    Teck may elect at any time to exercise one of its "earn-back" options,
however completion of a bankable feasibility study will trigger for Teck a 120
day period to elect to either: i) exercise one of its earn-back options; ii)
retain 1% net smelter return royalty; or iii) receive shares of Copper Fox to
a value of $1,000,000.
	    If Teck exercises its earn-back option, then Teck can elect to acquire
either 20%, 40% or 75% of Copper Fox's interest in the Schaft Creek project by
solely funding subsequent expenditures equal to either 100%, 300% or 400% of
Copper Fox's prior qualifying expenditures.
	    If Teck elects to earn back a 75% working interest Teck would also be
responsible for arranging Copper Fox's share of project financing to be repaid
from Copper Fox's share of future metal sales, until payout is reached.
	    In addition, Copper Fox owns a 100% working interest in another
contiguous group of mineral claims covering 3,947 hectares that is not subject
to the Option Agreement.
	    On behalf of the Board of Directors
	    Elmer B. Stewart P. Geol. MSc.President and CEO
	    Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
	    Cautionary Note Regarding Forward-Looking Information
	    This press release contains "forward-looking information" within the
meaning of the Canadian securities laws.  Forward-looking information is
generally identifiable by use of the words "believes", "may", "plans", "will",
"anticipates", "intends", "budgets", "could", "estimates", "expects",
"forecasts", "projects" and similar expressions, and the negative of such
expressions.  Forward-looking information in this press release includes
statements about anticipated timing and results of feasibility studies,
geophysical surveys and drilling programs; visible copper and molybdenite
mineralization in diamond drill holes; the size and depth of the Schaft Creek
mineral deposit suggested by the IP anomalies outlined by the geophysical
survey; the correlation to mineralization suggested by the IP anomalies;
geotechnical testing of the proposed mill site to better define a possible
higher grade starter pit on the West Breccia zone; testing of the 2010 IP
anomalies; environmental implications of studies on the watershed areas around
the Schaft Creek deposit; geological interpretations and potential mineral
recovery processes; the continued financing of the Feasibility Study;
estimated timing and amounts of future expenditures and "payback" periods; and
anticipated availability and terms of future financings; Copper Fox's future
production, operating and capital costs; operating or financial performance. 
Information concerning mineral reserve and resource estimates also may be
deemed to be forward-looking information in that it reflects a prediction of
the mineralization that would be encountered if a mineral deposit were
developed and mined.
	    With respect to the forward-looking information contained in this press
release, Copper Fox has made numerous assumptions regarding, among other
things, the geological, metallurgical, engineering, financial and economic
advice that Copper Fox has received is reliable, and is based upon practices
and methodologies which are consistent with industry standards; the positive
environmental impact that studies on the watershed areas around the Schaft
Creek deposit will have; the impact on the project economics as a result of
the potential higher grade "starter pit" in the West Breccia zone; and the
continued financing of the Feasibility Study and operations of Copper Fox,
including the continued ability to raise cash through the issuance of shares
and the exercise of options and warrants.  While Copper Fox considers these
assumptions to be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies.
	    Additionally, there are known and unknown risk factors which could cause
Copper Fox's actual results, performance or achievements to materially differ
from future results, performance or achievements expressed or implied by the
forward-looking information contained herein.  Known risk factors include
among others: the Feasibility Study and Geophysical Survey may not be
completed within the contemplated timeframe or at all; the risk that visible
copper and molybdenite mineralization will not equate to concentrations of
either copper or molybdenum nor yield significant copper or molybdenum grades;
the possibility of negative environmental impact of continued activities; the
possibility that an Environmental Assessment Certificate may not be obtained
on a timely basis, or at all; fluctuations in copper and other commodity
prices and currency exchange rates; uncertainties relating to interpretation
of drill results and the geology continuity and grade of mineral deposits;
uncertainty of estimates of capital and operating costs, recovery rates,
production estimates and estimated economic return; the need for co-operation
of government agencies and affected First Nations in the exploration and
development of properties and the issuance of required permits; the need to
obtain additional financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of delay in
exploration or development programs or in construction projects and
uncertainty of meeting anticipated program milestones; uncertainty as to
timely availability of permits and other governmental approvals.
	    A more complete discussion of the risks and uncertainties facing Copper
Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian
securities regulatory authorities at www.sedar.com.  All forward-looking
information herein is qualified in its entirety by this cautionary statement
and Copper Fox disclaims an obligation to revise or update any such
forward-looking information or to publicly announce the result of any
revisions to any forward-looking information contained herein to reflect
future results, events or developments, except as required by law.





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	    /For further information:
	    J Michael Smith telephone 604 689 5080 or Investor line 1 866 913 1910
	    /