Hello all, I have been lurking in the shadows for over five years now reading on a dialy basis, but never contributing. I decided today I would email Elmer with some questions for my own knowledge of where we are at this point, and I decided i'd come forward and share his response with the board. There's really nothing that we don't already know, but I figure the more information out there there better.

Dear Mr. Stewart

I have been a shareholder for quite some time now, and have always heard how approachable you are so I figured that I would get some information on the short term plans of our assets straight from the horse’s mouth. Now I have zero geological back ground, so you may have to take it easy on the technical stuff.

-How involved is Copper Fox in the optimization study? Are we working side by side with Teck, or are they feeding us what they want when they want? (Copper Fox has a joint venture with Teck. The management committee of the Joint Venture meets each quarter of the year to discuss progress and results of work completed during the Quarter. Teck is the operator of the Joint Venture and is required to complete the work agreed to by the Joint Venture. The Joint Venture agreement requires that Teck provide the information to Copper Fox for review and comment. If we agree with what the Operator provides, great. If we have questions, then they are either asked at the management committee meeting held by the Joint Venture each quarter. If we disagree with what the Operator provides, then we ask questions and have the right to have the data independently checked by third party independent engineering group.)

-What do you feel would be the next step for the project with the current optimization results? (finalize the optimization work commenced in 2014. The industry is currently in the low part of the metal cycle. I do not think it will stay here forever. That is why when we forecast, metal prices we take consensus pricing into the future when we completed economic analysis (like the recently completed PEA on the Van Dyke project) Have we proven everything we hoped to? (so far we have shown that the work completed in 2012 on the geotechnical, communintion on and electrical aspect of the Schaft Creek project are essentially the same as what was stated in 2012. The Joint Venture will need to complete the balance of the work, with the key points being metal pricing in the future, FOREX between the Canadian and United States dollar, Operating costs and initial capital costs, project scope)

-Have you approached any potential companies to explore the markets interest in Schaft Creek? (Copper Fox has been approached, no serious expressions of interest from third parties, most likely due to the position in the metal cycle. Until the optimization work is completed, I would not want to entertain any offers. We need to be able to establish the value of the project before we would be prepared to entertain any possible offer)

-Now that the PEA has been completed for the Van Dyke project what is the next move? (The first move is to get the technical report completed and filed on SEDAR to comply with regulatory requirements. Then present the project to the Town Council for Miami Arizona.) Does Copper Fox have interest in completing more geological work to potentially add more value to the project (the PEA has achieved its objective. The study recommend additional testing to enhance the project economics) or is it at a place now where your objective is to sell it and bring some money back to the company? (There are four copper producing companies with operations in the Miami Arizona area all of whom have the surface facilities that is required for the Van Dyke project. If a deal could be arranged with one of these companies, it would reduce the capital costs (enhance project economics) and provide the operating expertise to move the project to the next stage. This would allow Copper Fox more time to pursue its strategy on project acquisition)

-What can we expect to happen in the coming year with the Sombrero Butte and Carmax projects? (These are exploration and advanced exploration projects. My preference would be to find a partner on Sombrero Butte and focus our efforts on the Carmax project, subject to having the available funds to pursue additional work)

-Is there any concern about our current cash flow situation? (I am always concerned about our cash position) Is this effecting our future exploration plans? (Yes to the point where Copper Fox would only spend funds where necessary to maintain or meet commitments)

-Are we actively perusing any other acquisitions with the current depressed market? (Not at this time. I will look at a project if it comes our way, but to make an acquisition, one also needs the cash to be able to advance the project. As you know Copper Fox does not have a cash flow from operations)

I appreciate any answers you can provide me on these matters.

Thanks a lot