Mr. Stewart, President of Copper Fox stated, "DDH CF415 was drilled at the north end of the proposed open pit for essentially condemnation purposes. The results for this hole are a significant development in understanding the potential and size of the Paramount zone. The thickness of the mineralization and assays from this hole demonstrate that mineralization could extend a considerable distance to the north past this hole location. Most importantly, the results of DDH CF415 and DDH CF413 have extended the mineralization a considerable distance beyond that outlined in the current resource estimate which is being used to design the proposed open pit mine plan contemplated in the feasibility study. The Company has commissioned Tetra Tech WEI Inc. (formerly Wardrop) to prepare an updated resource estimate incorporating the significant new data provided by the results of the 2011 drilling campaign which extended the zones of mineralization and reported higher average grades than those currently reported for the Paramount Zone."

The assay results received from the 2011 drilling program have extended in three directions the limits of the mineralization in the Paramount zone. In addition, assay results for five additional drill holes completed in the Paramount zone are yet to be received.

The remaining five drill holes for the Paramount zone are DDH 416 - 417 - 418B - 420 - 425