Name and Location
Schaft Creek copper project, British Columbia, Canada.

Client
Copper Fox.

Project Description
Copper Fox has announced a positive feasibility study on the Schaft Creek project, located in north-western British Columbia, Canada.

The project has proven and probable mineral reserves totalling 940.8-million tons, containing 5.6-billion pounds of copper, 5.7-million ounces of gold, 363.5-million pounds of molybdenum and 51.7-million ounces of silver on the basis of drill data up to May 23, 2012.

The pit shell contains 171.16-million tons of inferred resource, grading 0.25% copper, 0.018% molybdenum, 0.164 g/t gold and 1.58 g/t silver, which, for purposes of the feasibility study, were treated as waste rock.

Mining of the Schaft Creek deposit is planned as a conventional truck-shovel openpit mining operation with a nominal 130 000 t/d copper mining operation, feeding a concentrator with two semiautogenous grinding mills.

The feasibility study provides for the expansion of the project, based on the current mineral resource and exploration potential of the Schaft Creek mineral trend. The potential to significantly expand the tailings storage facility, the current concentrate storage and shipping agreement with Stewart Bulk Terminals and, most importantly, access to electrical power are positive features that support possible future expansion of the Schaft Creek project.

Value
The initial capital cost of the project is estimated at $3.256-billion and includes contingencies of $374-million.

Duration
The project entails a five-year preproduction period, followed by a productive mine life of 21 years.
Permitting is expected to be completed by June 30, 2014, engineering by February 2016, the access road construction by March 2016 and the construction of Phase 1 by July 2019 and Phase 2 by March 2020. Phase 1 commercial production is expected to start by December 2019 and Phase 2 by August 2020.

Latest Developments
Copper Fox is preparing the environmental assessment (EA) application and a federal environmental-impact statement (EIS), both of which are required to obtain a British Columbia EA certificate and federal approval. The company expects to submit the EA application and EIS as early as the third quarter of 2013.

Copper Fox is also developing the permit applications required to construct the access road to the mine site. Access road permits have been prioritised based on the construction schedule presented in the feasibility study. Other permit applications required for mine site construction will follow completion of the EA application and the EIS.

Key Contracts and Suppliers
Tetra Tech (feasibility study).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Copper Fox, tel +1 403 264 2820, fax +1 403 264 2920 or email info@copperfoxmetals.com.
Tetra Tech, tel +1 626 351 4664, fax +1 626 351 5291 or emailinfo@tetratech.com.