Copper Fox Metals is a Canadian-based resource company listed on the Toronto Stock Exchange -- Venture (CUU) focused on developing the Giant Porphyry copper-gold-molybdenum-silver Schaft Creek mineral deposit located in northwestern British Columbia. In early 2010, Copper Fox retained Tetra Tech WEI, Inc. to complete a feasibility study on the Schaft Creek deposit. The feasibility study is expected to be completed by mid-late summer of 2012. The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating costs estimates and other technical, socio-economic and financial aspects related to the feasibility study. Pursuant to a 2002 Option Agreement with Teck Resources Limited ("Teck") Copper Fox has acquired a 100% working interest in the Schaft Creek Project subject to a 3.5% net profits interest held by Royal Gold, Inc., a 30% carried interest held by Liard Copper Mines Limited ("Liard") and an earn back option held by Teck. Copper Fox is currently earning a 78% interest in Liard from Teck. For further details see Teck Option Agreement below. In July 2011, AMEC Americas Limited ("AMEC") completed a National Instrument 43-101 compliant Resource Estimate (click here to view) which was disseminated in a news release dated July 11, 2011. Highlights of the new resource estimate using a 0.20% copper equivalent cut-off (Base Case) are as follows: The Measured mineral resource for the Schaft Creek deposit (at a 0.20% copper equivalent cut-off) is estimated to be 40.3 million tonnes grading 0.36% copper, 0.023% molybdenum and 0.25g/t gold (copper equivalent of 0.61%) containing 319.6 million pounds copper, 20.5 million pounds molybdenum and 0.32 million ounces gold, The Indicated mineral resource for the Schaft Creek deposit (at a 0.20% copper equivalent cut-off) total 971.2 million tonnes grading 0.27% copper, 0.017% molybdenum and 0.18g/t gold (copper equivalent 0.45%) containing 5.8 billion pounds copper, 363 million pounds molybdenum and 5.5 million ounces gold, The Measured and Indicated mineral resource for the Schaft Creek deposit (at a 0.20% copper equivalent cut-off) total 1.01 billion tonnes grading 0.27% copper, 0.017% molybdenum and 0.18g/t gold (copper equivalent 0.46%) containing 6.1 billion pounds copper, 383 million pounds molybdenum and 5.8 million ounces gold, The Inferred mineral resource for the Schaft Creek deposit (at a 0.20% copper equivalent cut-off) total 283.6 million tonnes grading 0.24% copper, 0.011% molybdenum and 0.15 g/t gold (copper equivalent 0.39%) containing 1.5 billion pounds copper, 69 million pounds molybdenum and 1.3 million ounces gold, The silver grade of the Schaft Creek deposit is estimated to range between 1 and 2 g/t. The silver content of the deposit has not been included in the resource estimate due to legacy data issues as previously disclosed. Teck Option Agreement: Teck may at any time elect to exercise the earn-back terms and conditions of the Option Agreement. On receipt of a Positive Bankable Feasibility Study, a defined term in the Option Agreement, Teck has 120 days in which to elect to either: i) exercise one of its earn-back options, or ii) retain a 1% net smelter return royalty, or iii) receive common shares of Copper Fox to a value of $1,000,000. If Teck elects to exercise its earn-back option pursuant to the Option Agreement, then Teck has the right to elect to acquire either a 20%, a 40% or a 75% working interest in the Schaft Creek Project from Copper Fox by solely funding subsequent expenditures equal to either 100%, 300% or 400% of Copper Fox's prior expenditures pursuant to the Option Agreement. In the event Teck elects to earn-back a 75% working interest in the Schaft Creek Project, Teck will be responsible for arranging Copper Fox's share of project financing and will recover the project financing funds from Copper Fox's share of metal sales until payout is reached.