VANCOUVER, Sept. 17 /CNW/ -- Copper Fox Metals (TSX-CUU) applauds the Federal Government's decision to invest up to C$130 million in the construction of the Northwest Power Transmission Line along the Highway 37 corridor in northwest British Columbia.
"This is encouraging news for Copper Fox Metals. The construction of the power line provides critical infrastructure important for the development of the Shaft Creek project and is integral in realizing Shaft Creek's full potential," says Elmer Stewart, president and CEO of Copper Fox Metals.
Prime Minister Stephen Harper announced the Federal commitment while meeting with U.S. President Barack Obama in Washington today. The transmission line will deliver greener power to Northwest British Columbia and has the potential to attract $15 billion in investment and create 10,500 new jobs, generating $300 million in annual revenues to governments.
Copper Fox also thanks the British Columbia government for their leadership in pursuing the federal government support. In September 2009, Premier Gordon Campbell and the Province of British Columbia invested $10 million to restart the environmental assessment process - the first step towards building the Northwest Transmission Line - and in the recent Throne Speech's committed to build the new transmission line along Highway 37. The new 287-kilovolt line will extend 335 km from Terrace to Meziadin Junction and north to Bob Quinn Lake, providing access to the electricity grid for customers while supporting the economic development of the area.
About Copper Fox:
Copper Fox's activities are focused exclusively on Schaft Creek, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox has earned a direct 70% interest in Schaft Creek and pursuant to the option agreement with Teck Resources Limited. may acquire an additional 23.4% interest (totaling 93.4% direct and indirect interest in the property) subject to certain back-in rights to Teck. Copper Fox has invested in excess of $40,000,000 into the Schaft Creek project.
Schaft Creek is located within a contiguous land package that comprises 20,932 hectares situated in northwest British Columbia, Canada. On September 15, 2008, Copper Fox released the results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit which contemplated processing 100,000 tonne of ore per day from an open pit. The PFS estimated that minable reserves at Schaft Creek to be 812 million tonnes and that this deposit could produce 4.8 billion pounds of copper, 255.1 million pounds of molybdenum, 4.5 million ounces of gold and 32.5 million ounces of silver over a 23 year mine life.
ON BEHALF OF THE BOARD OF DIRECTORS
Elmer Stewart, P.Geol, MSc
President and CEO
The TSX Venture exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or the accuracy thereof. This news release includes "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation: anticipated timing and content of upcoming work programs, geological interpretations, receipt of property titles, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; future production, operating and capital costs; and operating or financial performance. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. For any forward looking information given, management has assumed that the assay results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from management's expectations include: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for co-operation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the company's other filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law. Additional information, about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its most recent annual and quarterly filings, filed with the securities regulatory authorities in Canada available at www.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law. Additional information, about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its most recent annual and quarterly filings, filed with the securities regulatory authorities in Canada available at www.sedar.com.