Copper Fox announces private placement financing

Copper Fox Metals Inc. announce that it has entered into an arrangement to complete a non-brokered private placement with a related party to issue up to 25,000,000 units at a price of $0.12 per share for gross proceeds of $3,000,000. Each unit will consist of 1 (one) common share and one-half (1/2) of a non-transferable common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at a price of $0.16 expiring 18 (eighteen months) from the date of closing. The terms of the offering were reviewed and approved by the company’s board of directors, independent of the related party. The company is relying upon exemptions from TSX Venture Exchange related party transaction requirements. The use of the proceeds will be for general corporate purposes.

About Copper Fox

Copper Fox is a Canadian-based mining company listed on the TSX-Venture Exchange (CUU). The Company’s activities are focused exclusively on the Schaft Creek mineral property, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox holds the Schaft Creek property pursuant to an option agreement with Teck Cominco Limited (Teck) and has earned a direct 70%. The Company may acquire up to a 93.4% direct and indirect interest in the property, subject to certain back-in rights to Teck.

Schaft Creek comprises 20,932 hectares situated in northwest British Columbia, Canada at 57degrees 21′ N latitude and 130degrees 59′ W longitude on the eastern slopes of the Coastal Mountain ranges. Schaft Creek is situated between the highway and the glaciers in the area, and benefits from a significantly lower average rain and snowfall compared to the Pacific (west) side of these same ranges.

The Company released the results of its preliminary feasibility study (PFS) on September 15, 2008. The PFS was based on a 100,000 tonne per day open pit mine with a minable reserve of 812 million tonnes. The report indicated Schaft Creek could produce 4.762 billion pounds of copper, 255.1 million pounds of molybdenum, 4.493 million ounces of gold and 32.480 million ounces of silver over a 22.6 year mine life with a pretax Net Present Value of $2.764 billion discounted at 8%. The Company plans to proceed with the completion of a full feasibility study on this project.