Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES ANNUAL RESULTS

Copper Fox Metals Inc. has released its consolidated annual 2014 operating and financial results, as well as a summary of activities completed during the year. Copper Fox had a comprehensive loss for the year of $912,959 (nil income per share). The company also incurred $4,421,802 in expenditures toward furthering the exploration of its Van Dyke copper project in Arizona and obtained a 42-per-cent equity interest in Carmax Mining Corp. by investing $1,237,025. Copies of the financial statements, notes, and related management's discussion and analysis may be obtained on SEDAR, the company website or by contacting the company directly. The technical information provided in this news release has been previously disclosed and is available on SEDAR. (All amounts are in Canadian dollars unless otherwise stated.)

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Over the past year, the company added 1.71 billion pounds of copper, as well as significant quantities of molybdenum and gold contained in the inferred resource category, to our balance sheet at minimal cost. These resources are in addition to the resources and reserves established on the Schaft Creek project. Going forward, the company will continue to focus on conserving cash while at the same time advancing its assets on a technical and value-added basis."

Highlights for 2014:

Schaft Creek project:

• Optimization studies, based on the potential first 12 years of a mine plan focused on the Liard zone, commenced.
• Fieldwork focused on the geotechnical and geometallurgical aspects of the deposit.
• Additional geometallurgy testwork has been recommended and, when completed, is expected to play a significant role in determining the mill size, daily mill throughput and metal recoveries, as well as power consumption.
• The company located the LaCasse zone (approximately 1,300 metres long by 900 metres wide) with metal values from outcrop samples of up to 1.56 per cent copper and 1.3 grams per tonne gold.
• Resource modelling and a high-level review of various ways to reduce the capital expenditure at Schaft Creek are currently under way.
• The optimization studies that commenced in 2014 are expected to continue into 2015.

Van Dyke project:

• Diamond drilling, preliminary metallurgical testwork, and geotechnical, environmental and hydrogeological studies, as well as recovery of historical data, completed;
• A current inferred resource of 261.7 million tonnes at an average grade of 0.25 per cent total copper, containing approximately 1.44 billion pounds of copper, established;
• The in situ copper leaching simulation study indicating that approximately 89 per cent of the copper in these samples is soluble with an average of 63 per cent of the copper recovered over a 120-day leach cycle;
• Preliminary economic assessment of the Van Dyke project and additional drilling to expand the size of the Van Dyke oxide copper deposit recommended by independent geological engineering group.

Eaglehead project:

• Copper Fox's subsidiary, Northern Fox Copper Inc., acquired 42.09 per cent of the equity in Carmax.
• Carmax owns 100 per cent of the Eaglehead porphyry copper-molybdenum-gold project located in northwestern British Columbia that hosts a current inferred resource of 102.5 million tonnes grading 0.29 per cent copper, 0.01 per cent molybdenum and 0.08 g/t gold, containing 662 million pounds of copper, 22 million pounds of molybdenum and 265,000 ounces gold;
• Relogging of historical diamond drill core, ground and airborne geophysical surveys, sampling for preliminary metallurgical testing, and diamond drilling completed;
• A positive correlation between the open-ended 6,000-metre-long-by-900-metre-wide chargeability signature defined in 2014 and copper mineralization established;
• The 2014 diamond drilling program intersecting large intervals of copper-molybdenum-gold-silver mineralization on both the north and south edges of the chargeability anomaly;
• Compilation of exploration results combined with the presence of mineralized drill holes over approximately 5,000-metre interval of the chargeability anomaly suggesting a single porphyry system;
• Preliminary metallurgical testwork currently in progress.

Mr. Stewart, MSc, PGeol, president of Copper Fox, the company's nominated qualified person pursuant to National Instrument 43-101 (standards for disclosure for mineral projects), has reviewed the technical information disclosed in the preceding paragraphs.

                     SELECTED FINANCIAL RESULTS

                                  Net (loss)   Net (loss)/income per share --
                                                            basic and diluted
2014
Fourth quarter                $     696,685   $                          0.00
Third quarter                 $    (951,334)  $                          0.00
Second quarter                $    (613,970)  $                          0.00
First quarter                 $    (469,429)  $                          0.00
2013
Fourth quarter                $    (439,695)  $                          0.00
Third quarter                 $   3,117,445   $                          0.01
Second quarter                $    (697,664)  $                          0.00
First quarter                 $    (525,595)  $                          0.00

All of the company's material subsidiaries are wholly owned except for Carmax, of which the company owns 42.09 per cent of the outstanding common shares. The consolidated financial statements include 100 per cent of the assets and liabilities related to Carmax and include a non-controlling interest representing 57.91 per cent of Carmax's assets and liabilities not owned by the company.

Liquidity and capital resources

At Oct. 31, 2014, the company had working capital of $6,302,000 and a deficit of $17,028,782 and had a comprehensive loss of $912,959 for the year ended Oct. 31, 2014.

Fixed costs to maintain operations and pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum. This includes an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000. Corporate and general costs have been approximately $1.2-million in 2013 and 2014.

As at Oct. 31, 2014, the company's cash and cash equivalents were $1.6-million. The balance of the working capital includes the BCMETC due in the amount of $4.4-million. Of the $4.4-million, $3.5-million is expected to be received soon. The company has access to sufficient funds to meet its current overhead requirements.

We seek Safe Harbor.