Copper Fox's October 31, 2016 Year End Operating and Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2017) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to announce that its audited consolidated October 31, 2016 financial statements have been filed on SEDAR.

All of the Company's material subsidiaries are wholly owned, except for Carmax Mining Corp. ("Carmax") (TSX VENTURE:CXM), of which the Company owns 65.4% of the outstanding common shares. These audited consolidated financial statements include 100% of the assets and liabilities related to Carmax and include a non-controlling interest portion, representing 34.6% of Carmax's assets and liabilities that are not owned by the Company.

For the year ended October 31, 2016, Copper Fox had a comprehensive loss of $784,363 (October 31, 2015 - $20,215) which equated to $0.00 loss per share (October 31, 2015 - $0.00). During the fiscal year ended, the Company incurred $477,945 in expenditures toward furthering the development of its Van Dyke, Sombrero Butte, and Mineral Mountain copper projects 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's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, President and CEO of Copper Fox stated, "In 2016, Copper Fox achieved positive technical results on all five of its projects, while considerably reducing its general and administrative expenses. At Schaft Creek, the joint venture completed a geological model and commenced updating the Schaft Creek deposit resource model, in addition to other project related activities. The Preliminary Economic Assessment ("PEA") of the Van Dyke project indicated that the anticipated costs to produce a pound of copper is in the first quartile for global copper costs, identified a number of economic enhancements, and recommended the completion of a pre-feasibility study. The Mineral Mountain, Sombrero Butte, and Eaglehead (Carmax) projects were all advanced technically during the fiscal year ended 2016, and all yielded positive results. One potential issue that arose during the fiscal year ended 2016 was Carmax's ownership of its Eaglehead mineral tenures. This issue has been heard by the courts and the Company is now awaiting a decision. Until said decision is rendered, Carmax's ownership of the Eaglehead mineral claim tenures remains in doubt. Going into 2017, Copper Fox will continue its strategy adopted in 2016, which is to focus on advancing its projects through exploration and development."