The facts re the warrants are (per Cuu July 31, 2012 FS, Note 7):

As at July 31, 2012, a total of 10,468,324 warrants are outstanding. Out of these, only 1,635,000 has now expired based on the expiry date, and 8,833,324 has not expired. The "expired" warrants have exercise price from $0.78 to $0.97; i.e. they are all in the money. The holder can exercise them and sell them immediately, if they can and if they want to, and pocket the difference. (in theory anyway, the large sell may of course depress the sp). This indicates that the extended Blackout is not designed to benefit the holders.

Out of the 8,833,324, 7,158,324 has an exercise price of $0.10 - $1.05; in other words, these are all in the money too. only 1,675,000 has an exercise price of $1.69 and these expires in Mar 2016; of course these are out of money right now.

For the expired 1,635,000 warrants, there is a footnote stating that "The term of these options have been extended to 10 days after a blackout period which is defined as... participants may not rrade any securities of the Company. The Company was in the Blackout period at July 31, 2012."

To conclude, the extended blackout period was not designed to extend the expiry period to benefit the holder, becasue these expired warrants are all in the money. The Blackout period shows the Company wants to strictly follow the securities laws because the holders may have access to info not yet made public. JMO

Here's the link to the Q3 FS:

http://www.copperfoxmetals.com/i/pdf/2012FSQ3.pdf