VANCOUVER, Dec. 14, 2011 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or "the Company") (TSXV: CUU) is pleased to announce the closing of a financing by an insider for net proceeds of $4,000,000 (the "Financing").

The Financing consisted of the issuance of 3,278,689 units at a purchase price of $1.22per unit, for aggregate net proceeds of $4,000,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN $1.35 prior to 5.00 PM December 13, 2012.

Monies raised from the Financing will be used to fund costs associated with completing the Feasibility Study and 2011 exploration expenses at Schaft Creek.

In accordance with applicable securities legislation, securities issued pursuant to the Financing are subject to a hold period of four months plus one day from the date of completion of the Financing.

No fees or commissions were paid as part of this transaction.

About Copper Fox

The Company is working on completing a feasibility study on the Schaft Creek deposit, one of the largest undeveloped copper, gold, silver and molybdenum deposits in North America. The feasibility study is being led by Tetra Tech WEI Inc. on a minimum 120,000 tpd open pit mine and is expected to be completed during the first quarter of 2012.

Copper Fox holds title and a 100% working interest in a contiguous 21,024.96 hectare (51,954 acre) property which includes the Schaft Creek deposit subject to a 3.5% net profits interest held by Royal Gold, Inc., a 30% carried interest held by Liard Copper and an earn back option held by Teck Resources Limited ("Teck"). Copper Fox is currently earning a 78% interest in Liard Copper from Teck. Teck's earn back option to acquire 20%, 40% or 75% of the Copper Fox interest in the Schaft Creek project is triggered upon completion of a positive feasibility study. Should Teck elect to exercise its option for 75% they are required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($70.8 million as of October 31, 2011) and arrange for project financing, including the Copper Fox portion. For full details of the option please refer to the Company's website www.copperfoxmetals.com.

In March 2011, the Company acquired mineral claims located adjacent to the Schaft Creek property totalling 2,978.32 hectares (7,360 acres) (the "March 2011 Mineral Claims") which are subject to a 2% Net Smelter Return ("NSR"). Copper Fox has the option to repurchase, at any time, one-half of the NSR on the March 2011 Mineral Claims for a total purchase price of $3 million. In September 2011, the Company acquired mineral claims located adjacent to the Schaft Creek property totalling 6,115.11 hectares (15,111 acres) (the "September 2011 Mineral Claims") which are subject to a 2% NSR. Copper Fox has the option to repurchase, at any time, one-half of the NSR on theSeptember 2011 Mineral Claims for a purchase price of $1 million. The March 2011Mineral Claims and the September 2011 Mineral Claims are subject to inclusion with theSchaft Creek project under the terms of the Area of Interest provisions of the Teck Option Agreement.

Additionally Copper Fox holds mineral claims totaling 3,947.06 hectares (9,753 acres) in the Liard Mining District of BC not subject to the Teck earn-back.

On behalf of the Board of Directors

Elmer B. Stewart
President & 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.

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