Mr. Salazar prefers to just deliver a notice.
Calgary Alberta - October 11, 2007 - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V-CUU) is pleased to announce that it has delivered notice to Teck Cominco Limited ("Teck Cominco") that it has surpassed the $15,000,000 threshold of qualifying expenditures in the world class mineral deposit located at Schaft Creek, British Columbia.
Under the terms of the Option Agreement of the Schaft Creek Mineral Deposit ("the Option") dated January 1, 2002 between Teck Cominco and the Company, upon incurring $15 million in qualifying expenditures Copper Fox shall earn a 70% direct interest in the project from Teck Cominco.
"This is the most significant milestone to date for Copper Fox," says Guillermo Salazar President and CEO of Copper Fox. Mr. Salazar goes on to say "the Company expects to release a scoping study in October which will represent its first economic analysis on the Schaft Creek deposit. The Company is fast tracking the mine plan development processes and remains on target to achieve its primary goal of completing a bankable economic feasibility report."
About the Option
The Option allows Copper Fox to acquire 100% of Teck Cominco's "Direct Holding", defined as a 70% direct participating interest in the Schaft Creek, British Columbia property, by incurring $5,000,000 in qualifying expenditures on or before December 31, 2006 (completed) and aggregate qualifying expenditures of $15,000,000 on or before December 31, 2011. As noted above, the Company has delivered notice of surpassing such expenditures to Teck Cominco.
Furthermore, the Option allows Copper Fox to acquire Teck Cominco's "Indirect Holding", defined as an indirect 23.4% carried interest through their 78% shareholding in Liard Copper Mines Ltd. who in turn holds a 30% carried interest in the Schaft Creek property. To acquire the "Indirect Interest" Copper Fox must first have fulfilled the conditions of acquiring the "Direct Interest" (see above) and deliver to Teck Cominco a notice of completion of a positive bankable feasibility study as defined in the Option.
