SOURCE: Copper Fox Metals Inc.

October 11, 2007 09:00 ET

Copper Fox Announces It Has Earned a 70% Direct Interest in the World Class Mineral Deposit at Schaft Creek

CALGARY, AB--(Marketwire - October 11, 2007) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce that it has delivered notice to Teck Cominco Limited ("Teck Cominco") that it has surpassed the $15,000,000 threshold of qualifying expenditures in the world class mineral deposit located at Schaft Creek, British Columbia. Under the terms of the Option Agreement of the Schaft Creek Mineral Deposit ("the Option") dated January 1, 2002 between Teck Cominco and the Company, upon incurring $15 million in qualifying expenditures Copper Fox shall earn a 70% direct interest in the project from Teck Cominco. "This is the most significant milestone to date for Copper Fox," says Guillermo Salazar President and CEO of Copper Fox. Mr. Salazar goes on to say, "The Company expects to release a scoping study in October which will represent its first economic analysis on the Schaft Creek deposit. The company is fast tracking the mine plan development processes and remains on target to achieve its primary goal of completing a bankable economic feasibility report."

About the Option

The Option allows Copper Fox to acquire 100% of Teck Cominco's "Direct Holding," defined as a 70% direct participating interest in the Schaft Creek, British Columbia property, by incurring $5,000,000 in qualifying expenditures on or before December 31, 2006 (completed) and aggregate qualifying expenditures of $15,000,000 on or before December 31, 2011. As noted above, the Company has delivered notice of surpassing such expenditures to Teck Cominco.

Furthermore, the Option allows Copper Fox to acquire Teck Cominco's "Indirect Holding," defined as an indirect 23.4% carried interest through their 78% shareholding in Liard Copper Mines Ltd. who in turn holds a 30% carried interest in the Schaft Creek property. To acquire the "Indirect Interest" Copper Fox must first have fulfilled the conditions of acquiring the "Direct Interest" (see above) and deliver to Teck Cominco a notice of completion of a positive bankable feasibility study as defined in the Option.

The Option has a time-limited back-in-right, exercisable by Teck Cominco up to 120 days of the delivery to them by Copper Fox of a positive feasibility study. If Teck Cominco wishes to exercise its back-in-right, it may earn a 20%, 40%, or 75% interest by respectively matching one, three, or four times prior expenditures of Copper Fox on the property and in the case of a 75% back-in Teck Cominco will also be responsible for arranging production financing.

If the back-in right is not exercised, and at Teck Cominco's option, Copper Fox shall grant Teck Cominco either a 1% net smelter royalty or grant shares of Copper Fox having a value of $1,000,000.

About Copper Fox

Copper Fox is a Canadian based Junior Mining Company listed on the Toronto Stock Exchange - Venture (CUU). The Company has focused its activities exclusively to the mineral property at Schaft Creek. The Schaft Creek mineral deposit is one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Based on a NI 43-101 compliant resource estimate prepared June 22, 2007 by Associated Geosciences Ltd, the Measured and Indicated resource at Schaft Creek is 1.393 billion tonnes averaging 0.25% copper (7.7 billion pounds), 0.18 gpt gold (8.1 million ounces), 0.019% molybdenum (584 million pounds) and 1.55 gpt silver (69.4 million ounces) at a 0.20% copper equivalent ("CuEq") cutoff. The company is evaluating the feasibility of developing an open pit mine with a capacity of up to 65, 000 tonnes per day with a mine life of 35 years. Should the availability of power for this area increase, the project team believe, based on metallurgy and drilling results a 150,000 tonne per day open pit mining operation could be considered. Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited whereby Copper Fox may acquire up to a 93.4% direct and indirect interest in the property. Title to the property is in good standing before the BC Government until 2015.

Schaft Creek is located in north western British Columbia, Canada, which is considered to have a stable socio-political environment. This area is often referred to as the "Gold / Copper Belt" and includes deposits such as Galore Creek, and Red Chris. Copper Fox is in the Environmental Assessment Process required by the British Columbia and Canadian Governments for project permitting and is in continuous consultation with the Tahltan Nation. To date the Company has completed approximately 6,000 meters of its 2007 season drilling program designed in part to provide geotechnical data to prepare the mine plan and also to explore additional areas of interest.

For further information please contact Jason Shepherd, Investor Relations toll free at 1-866-913-1910, Email or contact Guillermo Salazar at 403-264-2820. Please visit the Copper Fox web site at: The full resource calculation report can be viewed on SEDAR.

On behalf of the Board of Directors

Guillermo Salazar S,
President & CEO

The TSX Venture Exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or the accuracy thereof.

This news release includes "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation: anticipated timing and content of upcoming work programs, geological interpretations, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, scoping and feasibility studies and other analyses; future production, operating and capital costs; and 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. For any forward-looking information given, management has assumed that the assay results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from management's expectations include: fluctuations in 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 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; and other risks and uncertainties disclosed in the Company's other filings with Canadian securities regulatory authorities at The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.

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