Copper Fox Metals Inc (CUU:TSXV) - News Alert

Copper Fox Announces Warrant Extension

Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSXV: CUU) announces it has applied to the TSX Venture Exchange to extend the
terms of warrants to purchase common shares of the Company issued to an
insider and control person of the Company pursuant to a December 2011
unit private placement (the "December 2011 Private Placement") and a
January 2012 unit private placement (the "January 2012 Private
Placement"). The warrants to purchase 3,278,689 common shares issued
pursuant to the December 2011 Private Placement (which would have
otherwise expired on December 13, 2012) will be extended to expire on
December 13, 2013. The warrants to purchase 2,000,000 common shares
issued pursuant to the January 2013 Private Placement (which would have
otherwise expired on January 30, 2013) will be extended to expire on
January 30, 2014.

All other terms and conditions of the warrants issued pursuant to the
December 2011 Private Placement and the January 2012 Private Placement,
including the respective exercise prices of $1.35 and $1.25, remain
unchanged.

The warrant expiry amendments remain subject to final acceptance of the
TSX Venture Exchange.

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 .

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.