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

Copper Fox announces closing of a $2,653,000 financing


Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce the closing of a previously announced
non-brokered private placement financing for proceeds of $2,653,000
(the "Financing").


The Financing consisted of the issuance of 3,358,228 units at a purchase
price of $0.79 per unit, for aggregate net proceeds of $2,653,000. 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 $1.00 prior to 5:00 PM April 8, 2014.


Monies raised from the Offering will be used to fund costs associated
with Copper Fox's Environmental Assessment Application, development
expenses of Copper Fox's Schaft Creek and Arizona projects, 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.


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, AB and an operations office in Vancouver, BC. Its major asset
is the Schaft Creek copper, gold, molybdenum and silver deposit located
in northwestern British Columbia, Canada for which a positive
Feasibility Study was recently completed.


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 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 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
earns 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
Project is triggered upon delivery of a "Positive Bankable Feasibility
Study" (as defined) to Teck after which they have 120 days to make a
decision. 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 ($84.3 million to July 31, 2012) and
use its best efforts to 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"
provision of the Teck Option Agreement.


Additionally the Company holds, through wholly-owned subsidiaries,
mineral tenures located in Pinal County, Arizona (the 'Sombrero Butte
Copper Project') and in Miami, Arizona (the 'Van Dyke BLM Claims'). For
further information on these mining projects please refer to the
Company's web site at www.copperfoxmetals.com .


On behalf of the Board of Directors


Elmer B. Stewart
President and Chief Executive Officer