Mr. Elmer Stewart reports

COPPER FOX ANNNOUNCES FIRST QUARTER RESULTS

Copper Fox Metals Inc. has released its first quarter operating and financial results. Copper Fox had a net gain for the quarter of $509,648 (nil per share). The company also incurred $204,572 in expenditures toward furthering the development of its Van Dyke copper project in Arizona. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR, the company's website or by contacting the company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases by the company. All amounts are expressed in Canadian dollars unless otherwise stated.

Highlights

Schaft Creek project

During and subsequent to the quarter, the Schaft Creek joint venture 2015 work program was developed and announced. The objectives of the 2015 work program are to continue the optimization studies that were commenced in 2014 and to test the copper-gold mineralization located in the LaCasse zone of the Schaft Creek project. The total budget for the Schaft Creek joint venture in 2015 to complete these objectives has been set at $4.8-million.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "We are very pleased with the scope and scale of the 2015 program for the Schaft Creek joint venture. The continuation of the optimization studies, commenced in 2014, as well as drilling of the LaCasse zone, are expected to deliver the results required to advance the Schaft Creek project."

Van Dyke project

Desert Fox and its technical consultants are working to verify that the information collected in 2014 is sufficient to support the preparation of a preliminary economic assessment (PEA). The completion of a National Instrument 43-101 resource estimate and the in situ pressure leach tests, combined with the information collected in 2014, as well as the available historical information, are expected to be sufficient to proceed to the preparation of a technical report outlining the results of a preliminary-economic-assessment-level study on the Van Dyke oxide copper deposit.

The completion of a PEA on the Van Dyke oxide copper deposit would provide a conceptual study that includes an independent preliminary engineering assessment of the project, an estimate of potential value, operating costs, capital and sustaining costs, and a conceptual plan on development and operations of the Van Dyke oxide copper deposit.

Elmer B. Stewart, MSc. PGeol, president of Copper Fox, the company's nominated qualified person, pursuant to NI 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.

              SELECTED FINANCIAL INFORMATION

                                        Net (loss) income
                                       per share -- basic
                   Net (loss) income          and diluted
2015
First quarter       $        509,648     $           0.00
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

Liquidity and capital resources

The company had working capital of $5,578,680, an accumulated deficit of $17,680,805 and comprehensive income of $509,648 for the three months ended Jan. 31, 2015.

As at Jan. 31, 2015, the company's cash and cash equivalents totalled $1.3-million. The balance of working capital included funds owing from the British Columbia mining exploration tax credit (federal government) in the amount of $4.4-million; of this total, $3.5-million was received on March 12, 2015.

Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per year, including an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000. Total corporate and general costs were approximately $1.2-million in 2013 and 2014.

The company has access to sufficient working capital to meet its current and projected overhead requirements.

We seek Safe Harbor.