VANCOUVER, Sept. 10, 2012 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce the closing of a financing by an insider for proceeds of $4,025,000 (the "Financing").

The Financing consisted of the issuance of 3,500,000 units at a purchase price of $1.15 per unit, for aggregate net proceeds of $4,025,000. 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 $1.25 prior to 5:00 PM September 10, 2013.

Monies raised from the Financing will be used to fund costs associated with completing the feasibility study on the Schaft Creek deposit and general operating expenses.

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 completing the Financing.

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

Copper Fox is also pleased to announce that subject to the approval of the TSX-Venture Exchange, the Company intends to complete a non-brokered private placement to raise up to CDN $4,000,000 (the "Offering". The Offering is expected to consist of 3,478,261 units at a purchase price of $1.15 per unit, for aggregate gross proceeds of $4,000,000. Each unit consists of one common share 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$1.25 prior to 5:00 pm on the one year anniversary of the closing date of the Offering.

Mr. Ernesto Echavarria, a Director, insider and control person of Copper Fox as defined by the regulators of the TSX-Venture Exchange, has committed to participating in 100% of the Offering.

Monies raised from the Offering will be used to fund costs associated with the recently announced purchase of the Van Dyke and Sombrero Butte Copper projects in Arizona, the Schaft Creek Feasibility Study and general operating expenses.

About Copper Fox
Copper Fox is a Canadian-based resource development company listed on the TSX Venture Exchange (TSX-V:CUU) with a corporate office in Calgary and an operations office in Vancouver and is involved in the exploration and development of the Schaft Creek copper-gold-molybdenum-silver deposit located in northwest British Columbia, Canada.

The Company is working on completing a Feasibility Study on the Schaft Creek mineral deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The Feasibility Study is being led by Tetra Tech Wardrop on a minimum 120,000 tpd open pit mine and is expected to be completed mid-late summer, 2012.

Copper Fox holds title and a 100% working interest in the Schaft Creek project consisting of 55,779.56 hectares (137,834 acres). Included in this total are the "Schedule A" mineral tenures originally conveyed to Copper Fox pursuant to the option agreement dated January 1, 2002 between Teck Resources Limited ("Teck") and Copper Fox (the "Teck Option Agreement"), which consist of 8,334.34 hectares (20,594 acres). The "Schedule A" mineral tenures are subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a 30% carried Net Proceeds Interest held by Liard Copper Mines Limited ("Liard") and, together with the additional mineral tenures obtained by Copper Fox within the "Area of Interest" provided for in the Teck Option Agreement, an earn back option held by Teck. On completion of the Feasibility Study, Copper Fox will earn Teck's 78% interest in Liard. Teck's earn back option to acquire either, 20%, 40% or 75%, of Copper Fox's interest in the Schaft Creek property is triggered upon delivery of a positive Feasibility Study to Teck. Should Teck elect to exercise its option for 75%, Teck is required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($84.9 million to July 31, 2012) and arrange for project financing, including the Copper Fox portion. For full details of the Teck earn back option please refer to the Company's website www.copperfoxmetals.com.

The remainder of Copper Fox's registered interests in mineral tenures in British Columbia total 47,445.22 hectares (117,240 acres). These interests have been acquired by Copper Fox through mineral tenure acquisitions and mineral tenure purchase agreements subsequent to Copper Fox entering into the Teck Option Agreement. Certain portions of these registered mineral tenures are subject to inclusion within the Schaft Creek project pursuant to the terms of the "Area of Interest" provisions of the Teck Option Agreement.

*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice principles".

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer