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http://seekingalpha.com/pr/16439104-copper-fox-announces-2016-first-quarter-financial-results
Copper Fox Announces 2016 First Quarter Financial Results
Thu March 31, 2016 2:00 PM|Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/31/16 -- Copper Fox Metals Inc. (CPFXF) ("Copper Fox" or the "Company") (TSX VENTURE: CUU)(OTC PINK: CPFXF) is pleased to deliver its first quarter condensed operating and financial results. All of the Company's material subsidiaries are wholly owned except for Carmax Mining Corp. ("Carmax") (TSX VENTURE: CXM), of which the Company owned 65.4% of the common shares outstanding as at January 31, 2016. These non-audited condensed financial statements include 100% of the assets and liabilities related to Carmax and include a non-ownership interest portion representing 34.6% of Carmax's assets and liabilities which are not owned by the Company.
For the three months ended January 31, 2016, Copper Fox had a comprehensive gain of $284,576 ($0.00 gain per share). For the period, the Company incurred $263,665 in expenditures toward furthering the development of its Van Dyke, Sombrero Butte and Mineral Mountain copper projects in Arizona. In addition, Carmax incurred $68,638 in exploration expenses during the period for its Eaglehead project. Copies of the financial statements, notes and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's website atwww.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases by the Company. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The primary focus of the 2016 program for the Schaft Creek project is focused on resource modelling, a critical aspect of project development. The successful completion of the Preliminary Economic Assessment ("PEA") on the Van Dyke project has moved this project from the exploration stage to the development stage, thus maintaining a proper balance in our property portfolio. To augment our property balance, Copper Fox has added the Mineral Mountain project, which we view as an economical, early stage entry into copper exploration in the Laramide copper province in Arizona. The increase in equity ownership in Carmax increases our metal holdings and provides a larger interest in a developing, potentially large porphyry copper-molybdenum-gold deposit located in a safe geopolitical jurisdiction. The Company will continue to focus on conserving cash, advancing its assets on a technical and value added basis and executing its corporate strategy."
Q1 2016 Highlights
-- The Schaft Creek Joint Venture ("SCJV") has approved a budget for 2016
of approximately $700,000 to complete resource modeling of the Schaft
Creek deposit with emphasis on the precious metal content, ongoing
environmental monitoring and continued relations with the Tahltan First
Nation,
-- The SCJV increased its equity ownership in Liard Copper Mines Ltd. from
78% to 85.5%,
-- The Company raised gross proceeds of $1,575,000 through a private
placement equity financing, of which $1,500,000 was flow through equity.
-- The PEA is the first National Instrument 43-101 Technical Report
prepared on the Van Dyke In-Situ Leach ("ISL") copper project. This
study suggests that the Van Dyke project has low cash costs, strong cash
flows and an after-tax Net Present Value of US $149.5 million and an
Internal Rate of Return of 27.9%,
-- The PEA on the Van Dyke project recommended completion of a pre-
feasibility study, including additional diamond drilling and an ISL test
program, at an estimated cost of US$16.6 million,
-- Copper Fox increased its equity ownership in Carmax, to 65.4% thereby
increasing its metal ownership from this project to 433 million lbs.
copper, 14.4 million lbs. molybdenum and 173,300 ozs gold. Carmax owns
the advanced stage Eaglehead porphyry copper-molybdenum-gold project
located in northwestern British Columbia, and
-- Generated the Mineral Mountain project which provides the Company with
an economical, early stage entry into the Laramide porphyry copper
province in Arizona, one of the most prolific copper districts in the
world.
Elmer B. Stewart, MSc. P.Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
Selected Financial Results
----------------------------------------------------------------------------
January 31, October 31, July 31, April 30,
2016 2015 2015 2015
3 month 3 month 3 month 3 month
ended ended ended ended
----------------------------------------------------------------------------
Loss before non-
operating items and
taxes $ 314,527 $ 358,917 $ 484,385 $ 350,360
Loss before income taxes 314,527 358,917 484,385 350,360
Loss per common share,
basic and diluted (0.00) (0.00) (0.00) (0.00)
Comprehensive loss
(income) (284,576) (14,846) (309,555) 854,264
----------------------------------------------------------------------------
----------------------------------------------------------------------------
January 31, October 31, July 31, April 30,
2015 2014 2014 2014
3 month 3 month 3 month 3 month
ended ended ended ended
----------------------------------------------------------------------------
Loss before non-
operating items and
taxes $ 716,690 $ 698,711 $ 951,334 $ 613,970
Loss (income) before
income taxes 716,690 698,711 951,334 613,970
Loss per common share,
basic and diluted (0.00) (0.00) (0.00) (0.00)
Comprehensive loss
(income) (509,648) (1,041,915) 1,004,128 768,651
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Liquidity
As at January 31, 2016, the Company had $2,131,672 in cash and cash equivalents (October 31, 2015 - $1,529,138).
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX-V: CUU) focused on copper exploration and development inCanada and the United States. Copper Fox and its wholly owned Canadian andUnited States subsidiaries, being Desert Fox Copper Inc. and Northern Fox Copper Inc., hold the assets listed below:
a. 25% interest in the Schaft Creek Joint Venture with Teck Resources
Limited on the Schaft Creek copper-gold-molybdenum-silver project
located in northwestern British Columbia.
b. 100% ownership of the Van Dyke oxide copper project located in Miami,
Arizona.
c. 65.4% of the shares of Carmax Mining Corp. who in turn own 100% of the
Eaglehead copper-molybdenum-gold project located in northern British
Columbia.
d. 100% ownership of the Sombrero Butte copper project located east of
Mammoth, Arizona.
e. 100% ownership of the Mineral Mountain copper project located east of
Florence, Arizona.
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Mineral Reserves Reserve Estimate Data
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Tonnes
Project Reserve Category (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t)
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Schaft Creek (1) Proven 135.40 0.31 0.018 0.25 1.81
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Probable 805.41 0.27 0.018 0.19 1.70
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P & P(i) 940.81 0.27 0.018 0.19 1.72
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Mineral Resources Resource Estimate Data
----------------------------------------------------------------------------
Tonnes
Project Resource Category (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t)
----------------------------------------------------------------------------
Schaft Creek (2) Measured 146.62 0.31 0.017 0.24 1.78
----------------------------------------------------------------------------
Indicated 1,081.94 0.26 0.017 0.18 1.68
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M & I(ii) 1,228.56 0.26 0.017 0.19 1.69
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Schaft Creek (2) Inferred 597.19 0.22 0.02 0.17 1.65
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Van Dyke (3) Inferred 261.68 0.25 0.00 0.00 0.00
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Eaglehead (4) Inferred 102.50 0.29 0.01 0.08 0.00
----------------------------------------------------------------------------
Total Inferred 961.37
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---------------------------------------------------------------------------
Mineral Reserves Copper Fox Share Metal Holdings
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Project Reserve Category Cu (Blb) Mo (Mlb) Au (Moz) Ag (Moz)
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Schaft Creek (1) Proven 0.23 13.43 0.27 1.97
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Probable 1.18 79.88 1.24 11.01
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P & P(i) 1.41 93.31 1.51 12.98
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Mineral Resources Copper Fox Share Metal Holdings
---------------------------------------------------------------------------
Project Resource Category Cu (Blb) Mo (Mlb) Au (Moz) Ag (Moz)
---------------------------------------------------------------------------
Schaft Creek (2) Measured 0.25 13.73 0.29 2.10
---------------------------------------------------------------------------
Indicated 1.53 101.35 1.56 14.58
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M & I(ii) 1.78 115.08 1.85 16.70
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Schaft Creek (2) Inferred 0.72 50.73 0.84 7.90
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Van Dyke (3) Inferred 1.44 0.00 0.00 0.00
---------------------------------------------------------------------------
Eaglehead (4) Inferred 0.43 14.77 0.17 0.00
---------------------------------------------------------------------------
Total Inferred 2.59 65.50 1.01 7.90
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(i)Proven & Probable
(ii)Measured & Indicated
Copper in billions of pounds, molybdenum in millions of pounds, gold and
silver in millions of ounces.
Numbers rounded to reflect best practise principles.
(1) & (2) Technical Report "Feasibility Study on the Schaft Creek Project,
BC, Canada", dated January 23, 2013, prepared by Tetra Tech, A. Farah, P.
Eng.; et al as Qualified Persons; at 0.15% CuEq cut-off. Reserves reported
at $6.60/tonne net smelter return (NSR) cut-off.
(3) "Technical Report and Resource Estimation for the Van Dyke Copper
Project", dated January 30, 2015 prepared by Moose Mountain Technical
Services, S. Bird, P.Eng and R. Lane, P. Geo as Qualified Persons; at 0.05%
TCu cut-off.
(4) "Technical Report on the Eaglehead Cu-Mo-Au Project, British Columbia,
Canada", dated June 29, 2012, prepared by Roscoe Postle Associates Inc., B.
Donough, P.Geo and D. Rennie, P.Eng as Qualified Persons; at 0.16% CuEq
cut-off.
Note: Above stated Proven and Probable reserves are included in the Measured
and Indicated resources reported for the Schaft Creek Project. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.
On behalf of the Board of Directors
Elmer B. Stewart, President and Chief Executive Officer
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 news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information in this news release include statements about meeting the anticipated future demand for copper, technically advancing and adding value to the Company's assets, and creating strong shareholder returns; completing a pre-feasibility study of the Van Dyke project for approximately $US16.6 million and the 2016 program for the Schaft Creek project.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. 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 be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, the 2016 program for the Schaft Creek project may not be completed within the time frame stated or at all; the funding and the completion of the pre-feasibility study on the Van Dyke project may not be completed as indicated or at all; among others: exploration of the projects may not find copper mineralization in significant quantities or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; and 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 any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Contacts:
Copper Fox Metals Inc.
Lynn Ball
1-844-464-2820
1-403-264-2820
Source: Copper Fox Metals Inc.
Nothing very exciting, new or even positive but here it is.....
'Copper Fox Metals (OTCPK:CPFXF) seems to have switched plans by reducing the focus on Schaft Creek and has delivered a first Preliminary Economic Assessment on its Van Dyke copper project in Arizona. At first sight, the economics look pretty good with an initial capex of $204M and an all-in sustaining cost of $1.44 per pound of copper. However, the base case scenario used a copper price of $3/lbs, which is almost 50% higher than the current spot price. If you would apply the current copper price to the project, the post-tax NPV would take a nosedive from $150M to less than $100M. Additionally, the recovery rate looks quite high (68%), so it will be very interesting to read the final technical report.'
Edit Sorry, forgot the full link
Thanks Underhill
I wasn't aware that you had to register to read the full article. Here is the bit that mentions SC.
'...aven't talked about NovaGold's other main asset, that being Galore Creek, as I feel that this project isn't that high in terms of importance or monetary value at the moment. Galore Creek is a massive copper-gold-silver deposit that is located in northwestern British Columbia, Canada. The project is 50% owned by NovaGold, with Teck Resources (NYSE:TCK) owning the remaining 50%.
On paper, Galore seems like a big winner, as the project is forecast to produce 6.2 billion pounds of copper, 4.0 million ounces of gold and 65.8 million ounces of silver over an approximate 18-year mine life. But there are many large scale copper-gold projects like Galore Creek. In fact, Teck Resources owns 75% of the adjacent Schaft Creek Project, with Copper Fox holding the remaining 25%.
Schaft Creek is also a large copper-gold project, Schaft though has many advantages. For starters, the cap-ex is much lower, coming in at $3.25 billion compared to $5.2 billion for Galore. Schaft Creek also does not require the construction of a tunnel like Galore does, and Schaft may have a lower amount of acid mine drainage.
Another big advantage is power. While the construction of the Northwest Transmission Line (a major power line project in British Columbia) is beneficial for both the Galore Creek and Schaft Creek Projects, Schaft Creek is closer to Highway 37 which the NTL runs parallel to....'
SA article on Nova Gold concentrating on the Donlin project. Some mention of Galore Creek and some comparisons to Schaft Creek.
http://seekingalpha.com/article/2782045-novagold-resources-and-its-elephant-sized-gold-deposit?ifp=0
Good luck to all and a Happy New Year
bbay