Copper Fox Metals Inc.

"At January 31, 2013, the Company had working capital of $5,042,203 and a deficit of $17,748,130 and had incurred a net loss of $525,595 for the three months ended January 31, 2013. During the quarter ended January 31, 2013 the Company received $1,665,000 in proceeds on private placements and the exercise of options.

Current value on the books, $90 million. Cash on hand $5 million. Proper drilling expense $20-$30 million.

Deficit should end up somewhere around $40 million."

It's a number's game, but FWIW, the drilling costs would not add to the deficit of $18 M, they will go on the balance sheet as assets under "Investments in Exploration" or something similar; only the "overhead expenses" such as salaries, rent etc. which is about $500 K a quarter would add to the deficit. So CUU would add $2 M or so a year to the deficit of the current $18 M; the drilling expense would simply go on the balance sheet to increase the asset and the shareholders equities or book value.