VANCOUVER, Jan. 13, 2012 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or "the Company") (TSX-V: CUU) announces that it has entered into an agreement with Mr. Ernesto Echavarria to settle $1,400,000 of debt by way of issuance of 1,272,727 common shares of Copper Fox to Mr. Echavarria at an issue price of $1.10. No warrants were issued in respect of the shares for debt transaction. Mr. Echavarria is a director, an insider, and a control person of Copper Fox, as defined by the regulations of the TSX Venture Exchange, and has from time to time made advances to Copper Fox, as required, interest free and with no set terms of repayment. Completion of the debt settlement with Mr. Echavarria is subject to the approval of the TSX Venture Exchange.