Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES THE CLOSING OF $4,000,000 FINANCING BY AN INSIDER

Copper Fox Metals Inc. has closed a financing by an insider for net proceeds of $4-million.

The financing consisted of the issuance of 3,278,689 units at a purchase price of $1.22 per unit, for aggregate net proceeds of $4-million. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of $1.35 prior to 5 p.m. on Dec. 13, 2012.

Moneys raised from the financing will be used to finance costs associated with completing the feasibility study and 2011 exploration expenses at Schaft Creek.

In accordance with applicable securities legislation, securities issued pursuant to the financing are subject to a hold period of four months plus one day from the date of completion of the financing.

No fees or commissions were paid as part of this transaction.