Copper Fox Metals Inc V.CUU

Alternate Symbol(s): CPFXF

Metals & Mining Industrial Metals & Minerals

Copper Fox Metals Inc. is a Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of the Company and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. Its other projects include the Eaglehead Project, the Sombrero Butte Project, and the Mineral Mountain project. Eaglehead is an advanced exploration stage polymetallic porphyry copper project located about 50 kilometers (km) east of Dease Lake in the Liard Mining District, British Columbia, within Tahltan territory. Sombrero Butte is a Laramide age, exploration stage, porphyry copper project located in the Bunker Hill Mining District.

TSXV:CUU - Post by User

Copper Fox Metals Inc

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Comment by Shaunsawon Sep 02, 2011 7:31pm

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Post# 19008808

RE: N Schaft - Ours

Table 4-2: Mineral Tenure Summary Table Claims Outside Option Agreement
Tenure
Number Claim Name Owner Issue Date
Good To
Date Status
Area
(ha)
577025 SC SOUTH 1 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 437.83
577026 SC SOUTH 2 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.04
577028 SC SOUTH 3 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.24
577031 SC SOUTH 4 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.49
577033 SC SOUTH 5 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.73
577034 SC SOUTH 6 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.94
577037 SC SOUTH 7 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 439.02
577039 SC SOUTH 8 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.88
577042 SC SOUTH 9 207046 (100%) 2008/feb/23 2012/feb/23 GOOD 438.9
517462 207046 (100%) 2005/jul/12 2011/sep/11 GOOD 17.44
521312 SCHAFT 1 207046 (100%) 2005/oct/18 2012/jul/11 GOOD 191.78
569460
GREATER
KOPPER 207046 (100%) 2007/nov/05 2011/aug/31 GOOD 2769.1
Note: Claims 217462 and 569460 are collectively the Greig/Kreft claims, claim 521312 is the Pembrook claim

4.2.2 Greig/Kreft (Schaft North) Claims
In March 2011, Copper Fox purchased two mineral claims (Claims 217462 and
569460 totalling 2,786.54 ha) from Charles James Greig and John Bernard Kreft
(Greig/Kreft) that are contiguous with the Schaft Creek Project claims. These claims
are indicated in Figure 4-2.
Consideration paid by Copper Fox was $250,000 cash, 1,250,000 common shares of
Copper Fox and a 2% net smelter return (NSR) royalty on the mineral claims subject to
a “Partial NSR Buyout Option”. The Partial NSR Buyout Option allows Copper Fox at
any time to purchase half of the NSR for a cash payment of $1.5 M such that the net
smelter royalty is reduced from 2% to 1%.
These mineral claims are located within the Area of Interest (essentially an “Area of
Mutual Interest”) set out in the Option Agreement, accordingly participation in these
claims will be offered and included in the joint venture should one be negotiated with
Teck.

So basically they are saying the claims are not subject to the back in agreement however, the claims will be offered and included in the joint venture. Sounds to me like if Teck wants to back in they are forced to buy these claims as well and they could be costly. This would corroborate with CUU drilling and exploring the northern zones before focusing on the southern portion of the Schaft Creek deposit. Heres to hoping we are too expensive for a 75% back in option.

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