It was my thought/opinion that the $2,000,000 loan this spring was for the Arizona properties. The timing and the amounts involved seem to match up much better. The loan was independant of any of the PPs this year. Disclaimer: Opinion

http://www.newswire.ca/en/story/993213/copper-fox-announces-second-quarter-results

Subsequent Event

Subsequent to the quarter ended April 30, 2012, the Company acquired two groups of mineral tenures totalling 13,092.6 hectares (45 mineral tenures). In addition, a company controlled by a Director loaned the Company $2,000,000. The loan bears no interest and has no fixed terms of repayment. These transactions were recorded at the exchange amount agreed to by the related parties.