Copper Fox to complete Schaft Creek feasibility study
2012-10-24 20:03 ET - News Release
Mr. Elmer Stewart reports
COPPER FOX ANNOUNCES THE CLOSING OF A $2,500,000 FINANCING BY AN INSIDER
Copper Fox Metals Inc. is working on completing a feasibility study on the Schaft Creek mineral deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The feasibility study is being led by Tetra Tech Wardrop on a minimum 120,000-tonne-per-day open-pit mine.
Copper Fox holds title and a 100-per-cent working interest in the Schaft Creek project, consisting of 55,779.56 hectares (137,834 acres). Included in this total are the Schedule A mineral tenures, originally conveyed to Copper Fox pursuant to the option agreement dated Jan. 1, 2002, between Teck Resources Ltd. and Copper Fox, which consist of 8,334.34 hectares (20,594 acres). The Schedule A mineral tenures are subject to a 3.5-per-cent net-profit interest held by Royal Gold Inc., a 30-per-cent carried-net-proceed interest held by Liard Copper Mines Ltd. and, together with the additional mineral tenures obtained by Copper Fox within the area of interest provided for in the Teck option agreement, an earnback option held by Teck. On completion of the feasibility study, Copper Fox will earn Teck's 78-per-cent interest in Liard. Teck's earnback option to acquire either 20 per cent, 40 per cent or 75 per cent of Copper Fox's interest in the Schaft Creek property is triggered upon delivery of a positive feasibility study to Teck. Should Teck elect to exercise its option for 75 per cent, Teck is required to finance subsequent property expenditures up to a total of 400 per cent of those incurred by Copper Fox ($84.9-million to July 31, 2012) and arrange for project financing, including the Copper Fox portion. For full details of the Teck earnback option, please refer to the company's website.
The rest of Copper Fox's registered interests in mineral tenures in British Columbia total 47,445.22 hectares (117,240 acres). These interests have been acquired by Copper Fox through mineral tenure acquisitions and mineral tenure purchase agreements subsequent to Copper Fox entering into the Teck option agreement. Certain portions of these registered mineral tenures are subject to inclusion within the Schaft Creek project pursuant to the terms of the area-of-interest provisions of the Teck option agreement.
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