Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Copper Fox Metals Inc. has closed its previously announced non-brokered private placement for a total of 4,615,384 shares at a price of 65 cents per share for aggregate gross proceeds of $2,999,999.60. There were no finders' fees paid in this private placement.

In accordance with applicable securities legislation, securities issued pursuant to the offering are subject to a hold period of four months plus one day from the date of the completion of the offering. The net proceeds raised from the offering will be used to continue exploration and development activities on Copper Fox's 100-per-cent-owned Van Dyke, Eaglehead, Mineral Mountain and Sombrero Butte projects, working capital, and general corporate and administrative purposes of the company.

The offering included subscriptions by four insiders of the company totalling 2,896,000 shares. Ernesto Echavarria, a director, insider and a control person of the company (as defined by the policies of the TSX Venture Exchange), purchased 2,769,231 shares.

Subscriptions completed by insiders in the offering, including the subscription by Mr. Echavarria, constituted a related-party transaction under Policy 5.9 of the TSX Venture Exchange, which adopts Multilateral Instrument 61-101 as a policy of the TSX Venture Exchange. In completing such transactions, Copper Fox relied on the applicable exemptions from the valuation requirement and minority securityholder approval requirements available under sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that the participation in the private placement by insiders did not exceed 25 per cent of the company's market capitalization. The company did not file a material change report at least 21 days prior to the completion of the offering as the details of the related party participation were not determined at that time, allowing the company to complete the offering, which it considers reasonable under the circumstances.

About Copper Fox Metals Inc.

Copper Fox is a Canadian resource company focused on copper development and exploration in the United States and Canada. Copper Fox and its subsidiaries own 100 per cent of the Van Dyke ISCR project, a development-stage, potential near-term, mid-size copper mine in Arizona, and a 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. (75-per-cent interest and operator), which hosts the Schaft Creek copper-gold-molybdenum-silver project in British Columbia's Golden Triangle. In addition, Copper Fox owns 100 per cent of the resource-stage Eaglehead polymetallic porphyry copper project in northwestern British Columbia and the Sombrero Butte and Mineral Mountain advanced-exploration-stage porphyry copper projects located in the prolific Laramide-age copper province in Arizona.

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