Copper Fox Announces Update on Schaft Creek Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 23, 2014) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) is pleased to announce an update of the 2014 Season for Joint Venture activities at the Schaft Creek project located in northwestern British Columbia.

Highlights:

• Work on the optimization of the Schaft Creek project focused on the Liard zone of the Schaft Creek deposit,
• Studies undertaken include metallurgical, pit slope design, geological modelling and environmental of the Schaft Creek project,
• A mapping and core re-logging program (16,867 metres ('m')) was completed to gain a better understanding of the geotechnical and geometallurgical aspects, focusing on the first 10-15 years of potential mine life,
• Field work located a potential new zone of copper-gold mineralization north of the Discovery zone. This zone covers an area that is 1,300m long by 800m wide,
• A review of the metallurgical testwork on the Schaft Creek project indicates that additional variability testing is required. Geometallurgical modelling of the deposit is underway. Collection of additional metallurgical samples will be required,
• Resource modelling and a review of the precious metal content is underway,
• Efforts to reduce the capital expenditure at Schaft Creek include a review of the location and size of the milling facility, tailing storage facility and camp facilities.
• These activities all comprise a high level review.

Mr. Stewart, President of Copper Fox stated, "We are pleased with the progress of the Joint Venture at Schaft Creek. Some of the work currently underway is time consuming and detailed in nature. More time is required to complete this work which may result in the need to collect additional information to finalize the optimization work. The advanced stage of the project and the decisions to be made require that the Joint Venture address key risks related to the Schaft Creek project. The location of a new zone of mineralization is encouraging and supports our interpretation of the potential to locate additional zones of mineralization north of the Discovery zone."

Schaft Creek Project:

A significant aspect of the 2014 activities undertaken by the Joint Venture is to identify opportunities to reduce capital expenditure. This initiative is related to a high level review on three aspects of the project where capital cost reductions may be achieved. These are: i) the location and construction of the containment dams for the tailing storage facility, ii) the re-location of the mill closer to the pit to reduce transportation distances and iii) camp facilities.