Copper Fox Metals (TSX-V: CUU) announced Thursday that it has completed its non-brokered private placement financing of C$4.0 million to advance its Schaft Creek deposit in British Columbia. The offering was completed in two tranches, each consisting of 2.25 million Flow-Through shares at a purchase price of $0.90 per share. The first tranche was completed in late November with the MineralFields Group, while the second was done yesterday with Toronto-based Burgeonvest-Bick Securities. The company paid commission and finder's fees totaling $234,300 and issued 260,333 non-transferable warrants. Each non-transferable warrant entitles the holder to purchase one non Flow-Through common share at a purchase price of $0.75, exercisable at any time for a period of two years. The new funds will be used to advance the feasibility study on the the Schaft Creek Giant Porphyry Deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. This will include the financing of drilling programs, metallurgical testing and engineering studies. The feasibility study on a minimum 120,000 tpd open pit mine is expected to be completed in early 2011, Copper Fox said. Categorized as a "giant porphyry deposit", the Schaft project is at an advanced stage, having undergone a Preliminary Feasibility Study by Samuel Engineering in September 2008. The results of the PFS reported a net present value @ 8%, before tax, of $2.8 billion over a 23 year mine life. Mineral resources, using a 0.2% copper equivalent cutoff, were estimated at Measured Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and 1.55 g/t silver, and Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver. The PFS projected a recovery of 4.8 billion pounds of copper, 255 million pounds of molybdenum, 4.5 million ounces of gold and 32.5 million ounces of silver. Teck Resources has an option to acquire up to 75% of the Schaft Creek deposit.

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