Mr. Elmer Stewart reports

COPPER FOX REPORTS 2011 THIRD QUARTER FINANCIAL RESULTS AND A CORPORATE UPDATE

Copper Fox Metals Inc. is providing an overview of the work completed during the quarter, including exploration, progress with advancing the feasibility study of the Schaft Creek deposit, other activities and its third quarter 2011 financial results (all amounts are in Canadian dollars unless otherwise stated). Technical information contained in this news release was previously disseminated by way of news releases and posted on SEDAR and on the company's website.

Elmer Stewart, president and chief executive officer, stated: "The 2011 drilling program continues to expand the higher-grade copper-gold-molybdenum-silver mineralization in the Paramount zone to the east, along strike and at depth. Based on the geophysical signature, it appears that a considerable portion of the higher-grade zone remains to be tested by diamond drilling. Work on the feasibility study, including pit optimization and pit slope design, is progressing well. The receipt of the updated resource estimate was a major milestone that allowed our contractors to start the next phase of the feasibility study on the Schaft Creek project. The recently acquired land covers the extensions of the Schaft Creek mineral trend and, at the same time, provides extra land for use in the proposed operations at Schaft Creek."

Quarterly highlights

During the quarter, Copper Fox was active on a number of activities, including the receipt of the updated resource estimation for the Schaft Creek deposit, land acquisitions, the acquisition of shares in Liard Copper Mining and the 2011 Schaft Creek field program.

Resource estimation

Amec Americas Ltd. completed the National Instrument 43-101-compliant report updating the current mineral resource estimate for the Schaft Creek deposit. Copper Fox adopted a strategy of maximizing the value of the resource by excluding low-grade (potentially uneconomic) material from the resource estimate.

       MINERAL RESOURCE ESTIMATE -- SCHAFT CREEK DEPOSIT -- DAVID THOMAS,
                       PGEO, EFFECTIVE DATE: MAY 1, 2011

Resource                   Tonnage     Copper Molybdenum   Gold Cu eq.     Contained metal      
category                       (mt)        (%)        (%)   g/t    (%)  Cu (Mlb) Mo (Mlb) Au (Moz)

Measured                     40.30       0.36      0.023   0.25  0.61    319.60     20.5     0.32
Indicated                   971.20       0.27      0.017   0.18  0.45  5,795.70    363.2     5.50
Measured and indicated    1,011.50       0.27      0.017   0.18  0.46  6,113.70    383.6     5.81
Inferred                    283.60       0.24      0.011   0.15  0.39  1,517.20     68.8     1.34

Mlb equals pounds expressed in millions.
Moz equals ounces expressed in millions.
Cu eq. equals copper equivalent grade.

The copper equivalent cut-off calculation is based on metal prices of $1,200 (U.S.) per ounce gold, $2.90 (U.S.) per pound of copper and $15.95 (U.S.) per pound of molybdenum, a mining cost of $1.35 per tonne mined, and a processing cost of $5.12 (U.S.) per tonne milled. The mineral resource is reported at a cut-off grade of 0.20 per cent copper equivalent contained within a Lerchs-Grossman resource pit shell optimized on copper, gold and molybdenum grades. All figures have been rounded to reflect accuracy and to comply with securities regulatory requirements following best-practice principles. Amec undertook quality assurance and quality control studies on the mineral resource data and concludes that the collar, survey, assay and lithology data are adequate to support resource estimation.

The silver content (estimated to range between one and two grams per tonne) of the deposit has not been included in the resource estimate due to legacy data issues due to the number of exploration companies (including Teck and Hecla) that explored the Schaft Creek deposit over the past 50 years.

Airborne magnetic survey

This high-resolution survey identified a number of significant structural features typical of a porphyry copper district within the Schaft Creek property. The Schaft Creek deposit, the ES and GK zones of copper mineralization, the Mike chargeability anomaly, and the recently identified Schaft Creek mineral trend are located within the area.

Year 2011 diamond drilling program

Three diamond drills are currently working on the Paramount zone of the Schaft Creek deposit and have extended the higher-grade mineralization to the east past the limits of the 2008 proposed open pit into an area that was previously considered to be waste rock. This area measures 1,200 metres long by 800 metres wide and is identified by a large chargeability anomaly identified in 2010. The weighted average grades for the mineralized intervals (at zero cut-off) and the estimated recoverable copper equivalent grades are set out in the attached year 2011 diamond drilling program table.

                            YEAR 2011 DIAMOND DRILLING PROGRAM

DDH ID       From (m)   To (m) Interval (m) Copper (%) Gold (g/t) Silver (g/t) Molybdenum (%) Cu eq. (%)

CF407-2011       5.3   524,47       519.17        0.4       0.24         1.98          0.025       0.69
              264.26   424,62       160.36       0.65       0.53          3.8          0.034       1.18
CF408-2011     11.05   350.57       339.52       0.36       0.07         1.90           0.03       0.57
              114.78   191.48        76.70       0.42       0.07         2.45           0.05       0.74
CF409-2011    116.00   473.66       357.31       0.36       0.26         1.83           0.03       0.71
              319.13   473.66       154.33       0.43       0.27         1.70           0.04       0.81
CF401B-2011   262.08   514.85       250.75       0.30       0.10         1.23           0.02       0.52
               544.6   569.28        24.68       0.51       0.18         1.42           0.03       0.78

The intervals are not true widths. The recoverable copper equivalent calculations are based on 88 per cent of the copper content plus 81 per cent of the gold content, 72 per cent of the molybdenum content and 71 per cent of the silver content. Metal prices are copper $2.50 (U.S.) per pound, gold $1,075 (U.S.) per ounce, molybdenum $17 (U.S.) per pound and silver $16.10 (U.S.) per ounce.

Titan-24 DCIP and MT survey

The Titan-24 survey over the Mike zone and the recently acquired ES and GK zones (all within a six-kilometre strike length) located north of the Schaft Creek deposit has been completed. Results are pending.

Feasibility study

During the quarter, Wardrop, a Tetra Tech company, commenced work on selecting the optimal pit based on a number of scenarios using various input limits and metal prices. Knight Piesold is currently working on the geotechnical aspect of the proposed open pit, concentrating on the pit slope design and overall pit slope angle. This work would result in the design of the proposed production pit used as the basis for completion of the feasibility study, as well as a mineral reserve, mine plan and overall strip ratio.

Environmental studies

During the quarter, progress was made on the environmental assessment application and the environmental impact statement through the advancement of a transportation study for both operations and construction of the mine. Work has also progressed on the Tahltan traditional use and knowledge studies, which will be finalized in 2011. Finally, Copper Fox continues to work closely with representatives from the Tahltan Nation on the economic, social and cultural impact assessment.

                               SELECTED FINANCIAL INFORMATION
                                                                                                           
                                              Net loss     Net (loss)/income per share -- basic and diluted
2011                                                                                                       
Third quarter           $                     (502,944)    $                                           0.00
Second quarter          $                   (2,378,650)    $                                          (0.01)
First quarter           $                     (358,211)    $                                           0.00
2010                                                                                                       
Fourth quarter          $                     (421,346)    $                                           0.00
Third quarter           $                     (436,792)    $                                           0.00
Second quarter          $                     (309,067)    $                                           0.00
First quarter           $                     (446,822)    $                                           0.00
2009                                                                                                       
Fourth quarter          $                    1,533,575     $                                           0.01

Liquidity and capital resources

The company's working capital deficit, defined as current assets less current liabilities, was $878,689 at July 31, 2011.

During the nine-month period, the company raised a total of $12,902,625 due to the completion of private placements totalling $7,755,000, 2,235,000 options exercised for total proceeds of $1,053,750, 1,828,500 warrants exercised for total proceeds of $2,593,875 and a director loan of $1.5-million to the company. The loan is unsecured and bears no interest, and there are no fixed terms of repayment.

To July 31, 2011, the company spent approximately $63.6-million of qualifying expenditures toward the feasibility study. The company will require additional capital to complete this study and to provide for the administration of its Vancouver and Calgary offices. The company believes that it will be able to raise the capital required to complete the feasibility study through the continued exercise of its outstanding options or through the public market as required. Circumstances that could affect liquidity are early positive or negative results from the feasibility study, the general state of the equity markets for junior exploration companies, and the overall state of the economy.

Copies of the financial statements and notes and related management's discussion and analysis may be obtained on SEDAR or the company website or by contacting the company directly.

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