|By Marketwired .||
|June 18, 2014 04:31 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/18/14 -- Copper Fox Metals Inc. ('Copper Fox' or the 'Company') (TSX VENTURE:CUU) is pleased to announce its second quarter operating and financial results as well as a summary of activities completed during the quarter. Copper Fox had a net loss for the quarter of $768,651 ($0.00 income per share). The Company also incurred $795,304 in expenditures toward furthering the exploration of its Van Dyke copper project in Arizona. Copies of the financial statements, notes and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company web site at www.copperfoxmetals.com or by contacting the Company directly. The technical information provided in this news release has been previously disclosed and are available on SEDAR. All amounts are in Canadian dollars unless otherwise stated.
Schaft Creek Project
During the quarter, the results for the 2013 Schaft Creek Joint Venture exploration and geotechnical program were released. The objectives of the program were achieved in that mineralization was intersected approximately 300 metres ('m') east of the 2012 resource block model in the Paramount zone and also to the west. Results of the geotechnical studies to provide updated data on slope stability were positive.
The Schaft Creek Joint Venture approved a 2014 program consisting of a comprehensive series of studies to review all aspects (including metallurgical, pit slope design, geological modelling and environmental) of the Schaft Creek project and to update and optimize various parameters with a goal to improving the economics of the Schaft Creek deposit. In addition to the ongoing optimization work; a field program of mapping and core re-logging is planned to collect additional structural information for pit slope design purposes and to update the geological model for the Schaft Creek deposit. The geological modelling on Schaft Creek could have implications on the potential size of this deposit as well as provide indicators that would aid future exploration on the other targets identified within the Schaft Creek property. Environmental monitoring studies will also continue through 2014. The 2014 Schaft Creek program is estimated to cost approximately $2.5 million.
Van Dyke Copper Project
During the quarter, the diamond drilling program (6-8 holes approximately 5,000m) to verify the historical estimate completed by Occidental in the 1970's commenced. Contracts were also executed with various contactors to review the historical data and provide input on the geotechnical, metallurgical, hydrogeological, environmental and resource aspects of the oxide portion of the Van Dyke copper deposit.
The first drill hole (DDH VD2014-01) of the verification drilling program was completed to a depth of 639.3metres (2,097 feet) and intersected a 167m metre thick zone with visible oxide copper minerals in the Pinal Schist and a lower interval of sulphide mineralization (from 338.8m to end of hole at 639.3m) consisting of vein and fracture controlled chalcopyrite-molybdenite mineralization hosted in the Pinal Schist and a granodiorite/quartz monzonite porphyry. This hole was terminated in weak chalcopyrite-molybdenite mineralization. A second diamond drill has been added to the Van Dyke drilling program to reduce the time required to complete the verification drilling program and lower costs associated with the drilling.
In line with the Corporate strategy to acquire equity or working interest in copper projects in North America, subsequent to the quarter, Copper Fox through its wholly owned subsidiary Northern Fox Copper Inc. ('Northern Fox'), on May 29, 2014, closed a non-brokered private placement, for 20,000,000 units of Carmax Mining Corp. ('Carmax') (TSX VENTURE:CXM) for an aggregate subscription price of $1,000,000. Units (each a "Unit") were subscribed for a price of $0.05 per Unit and consist of one previously unissued common share of Carmax and one common share purchase warrant ('Warrant'). Northern Fox owns approximately 38.9% of the shares of Carmax. Each Warrant is exercisable until May 29, 2016 and entitles Northern Fox, on exercise, to purchase one additional common share of Carmax at a price of $0.075 per share.
In connection with the private placement, Carmax has granted Northern Fox certain rights, including, but not limited to:
-- The right to nominate two members to the Board of Carmax at each annual meeting of Carmax's shareholders; -- The pre-emptive right to participate in any equity financing of Carmax, so as to maintain its pro rata percentage shareholding in Carmax; and -- The right to make top-up investments in Carmax, by way of future private placements, so as to maintain its pro rata percentage shareholding in Carmax.
The aforementioned rights are, however, subject to Copper Fox and its affiliates maintaining ownership of 20% of Carmax's issued and outstanding common shares.
Sombrero Butte Copper Project
During the quarter, an archeological survey was completed and approval was received from regulatory agencies to complete a geophysical survey over a portion of the project. The proposed survey would cover that areas of the project that host multiple mineralized breccia pipes as well as altered, mineralized intrusive rocks (see news release dated March 19, 2014).
In addition to the above work, efforts commenced to acquire the historical exploration data collected by various exploration/production companies that may have explored this area for porphyry copper style mineralization in the late 1960's and early 1970's.
Selected Financial Results
----------------------------------------------------------------------------- Net (loss)/income per share - basic and Net Loss diluted ----------------------------------------------------------------------------- 2014 --------------------------------------------- Second Quarter $ (768,651) $ 0.00 First Quarter $ (182,095) $ 0.00 2013 --------------------------------------------- Fourth Quarter $ (636,715) $ 0.00 Third Quarter $ 3,117,445 $ 0.01 Second Quarter $ (697,664) $ 0.00 First Quarter $ (525,595) $ 0.00 2012 --------------------------------------------- Fourth Quarter $ (812,324) $ 0.00 Third Quarter $ (1,328,328) $ 0.00 -----------------------------------------------------------------------------
Liquidity and Capital Resources
At April 30, 2014, the Company had working capital of $10,428,020 and a deficit of $16,916,533 and had a net loss and comprehensive loss of $948,089 for the six months ended April 30, 2014.
About Copper Fox
Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (TSX VENTURE:CUU) with offices in Calgary, Alberta and Miami, Arizona. Copper Fox holds a 25% interest in a joint venture (the 'Schaft Creek Joint Venture') with Teck Resources Limited ('Teck') on the Schaft Creek copper/gold/molybdenum/silver project located in northwestern British Columbia. On January 23, 2013, a National Instrument 43-101 Technical Report was prepared by Tetra Tech under the direction of Copper Fox comprising a feasibility study of a 130,000 tonne per day-open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0,018% molybdenum and 1.72 g/t silver; (recoverable CuEq 0.40 over a 21 year mine life with contained metal of 5,611.7 million pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver.
The Schaft Creek deposit host a Measured and Indicated Resource of 1,228.6 tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold and 1.65 g/t silver. The above stated Proven and Probable Reserves for the Schaft Creek project are included within the stated Measured, Indicated and Inferred Resources for this project.
In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture, Copper Fox holds through Desert Fox Copper Inc. (a wholly owned subsidiary of Copper Fox) and its wholly-owned subsidiaries, 100% interest in the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona and the Van Dyke oxide copper project in the Globe-Miami Mining District, Arizona. Desert Fox Copper Inc. has opened an operations office in Miami, Arizona to complete the work required with the objective of completing a Preliminary Economic Assessment on the Van Dyke copper project. Copper Fox holds through Northern Copper (a wholly owned subsidiary of Copper Fox) a 40% equity interest in Carmax Mining Corp. who in turn, owns 100% of the Eaglehead copper/gold/molybdenum project located in northwestern British Columbia. For further information on these projects, please refer to the Company's website at www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this MD&A includes statements about
Desert Fox's future exploration/development activities as well as any equity or working interest acquired in other significant copper projects in North America; the utilization of unallocated cash to advance Arizona copper assets (with the majority of effort on the Van Dyke oxide copper deposit); historical data on the Van Dyke deposit; the efficacy of in-situ recovery method (with respect to the environment, lower capital costs and low operating costs); Desert Fox's objective (including timing) to complete the work required to prepare a Preliminary Economic Assessment technical report on the Van Dyke project to estimate a preliminary valuation; timing of the finalization of the 2014 plans for the Schaft Creek project; the recommendation of a program of optimization studies as well as a field program to update the geological model and better define certain parameters of the Schaft Creek project; the program to verify the historical results from the Van Dyke oxide copper deposit and the completion of a NI 43-101 compliant resource estimation for the Van Dyke copper deposit; collection of hydro geological, metallurgical and geotechnical data required for a Preliminary Economic Assessment on the Van Dyke project; a follow-up 25 hole drilling program for the Van Dyke deposit; timing of the expected drilling program on the Van Dyke project; the upgrade of the Van Dyke historical estimate as a current mineral resource; objective on the Sombrero Butte project to assess its potential to host a large porphyry copper-molybdenum deposit; plans for a deep penetrating geophysical survey (Induced Polarization) to identify chargeability/resistivity anomalies indicative of porphyry copper systems at the Sombrero Butte project; expected capital requirements to continue planned activities; expected capital requirements to continue planned activities; expected sources and the adequacy of required capital resources; geological interpretations and potential mineral recovery processes.
In connection with the forward-looking information contained in this News Release, Copper Fox has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards; and the continued financing of Copper Fox and Desert Fox's operations. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include: the Schaft Creek Joint Venture may not result in a Production Decision being made, or the construction of a mine; further exploration and development of the Schaft Creek property may not occur as expected; cash payments to Copper Fox may not be paid by Teck in the quantum or timing expected, or at all; financing commitments may not be sufficient to advance the Schaft Creek project as expected, or at all; proven and probable reserves at Schaft Creek may not be in the quantum as currently expected, or result in economic mining thereof; the possibility that future obligations with respect to the Sombrero Butte property may not be met on a timely basis, or at all; planned activities for the Van Dyke and Sombrero Butte properties many not commence as currently planned, or at all; a current (43-101 compliant) resource estimate, and a Preliminary Economic Assessment may never be obtained by the Company for the Van Dyke property; fluctuations in metal prices and currency exchange rates; conditions in the financial markets and overall economy may continue to deteriorate; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of the metallurgical testwork; the uncertainty of the estimates of capital and operating costs, recovery rates, and estimated economic return; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs; and uncertainty of meeting anticipated program milestones.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Copper Fox Metals Inc.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 29, 2017 09:30 AM EDT Reads: 454
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 29, 2017 09:15 AM EDT Reads: 514
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
Mar. 29, 2017 09:00 AM EDT Reads: 535
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 29, 2017 08:45 AM EDT Reads: 884
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Mar. 29, 2017 08:00 AM EDT Reads: 7,433
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Mar. 29, 2017 06:30 AM EDT Reads: 6,257
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Mar. 29, 2017 06:00 AM EDT Reads: 2,837
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Mar. 29, 2017 06:00 AM EDT Reads: 9,047
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 29, 2017 05:00 AM EDT Reads: 6,422
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Mar. 29, 2017 04:00 AM EDT Reads: 15,090
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Mar. 29, 2017 04:00 AM EDT Reads: 3,199
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 29, 2017 03:45 AM EDT Reads: 2,147
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 29, 2017 03:30 AM EDT Reads: 3,368
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 29, 2017 03:30 AM EDT Reads: 3,222
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Mar. 29, 2017 03:30 AM EDT Reads: 11,768