Copper Fox's October 31, 2016 Year End Operating and Financial Results - Seite 2

2016 Fiscal Year Ended Highlights

• The Schaft Creek Joint Venture completed updating the geological model of the Schaft Creek deposit, which incorporated the results from the last three years of field work and determined that an updated resource remodel of the Schaft Creek deposit is required. The resource remodeling commenced in 2016 and has continued into 2017.

• The Schaft Creek Joint Venture approved a $0.9 million budget for the 2017 program which includes: completion of the resource remodeling, desktop engineering and trade-off studies, collection of baseline environmental data, and an application for a Multi-Year Area Based Permit ("MYAB"). The main activities covered pursuant to the MYAB permit include: the approval for up to 50 diamond drill holes, 5 kilometers of a new drill road, and 20 kilometers of line cutting; none of which are planned for at this time.

• The PEA on the Van Dyke In-Situ Leach ("ISL") copper project suggests that the project has low cash costs (first quartile) per pound of copper produced, strong cash flows and a pre-tax Net Present Value ("NPV") of US $213.1 million, coupled with an Internal Rate of Return ("IRR") of 35.5%.

• A time/cost analysis related to obtaining the main permits for the ISL test on the Van Dyke project indicated that the cost would be approximately US $425,000, which is significantly less than the amount indicated in the PEA.

• During the fiscal year 2016, Copper Fox invested an additional $1.5 million in Carmax, thereby increasing its equity ownership to 65.4%. Carmax used these funds to complete re-logging of historical diamond drill cores, re-analysis of pulps, re-sampling of historical drill cores, and additional metallurgical testwork.

• Two drill-ready targets have been identified on the Sombrero Butte project, based on the correlation of the historical drilling and the 2015 geophysical survey.

• A large area of porphyry style copper-molybdenum-gold mineralization was outlined on the Mineral Mountain project.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.