Mr. Elmer Stewart reports

COPPER FOX'S OCTOBER 31, 2016 YEAR END OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s audited consolidated Oct. 31, 2016, financial statements have been filed on SEDAR.

All of the company's material subsidiaries are wholly owned, except for Carmax Mining Corp., of which the company owns 65.4 per cent of the outstanding common shares. These audited consolidated financial statements include 100 per cent of the assets and liabilities related to Carmax and include a non-controlling interest portion, representing 34.6 per cent of Carmax's assets and liabilities that are not owned by the company.

For the year ended Oct. 31, 2016, Copper Fox had a comprehensive loss of $784,363 (Oct. 31, 2015 -- $20,215), which equated to a nil loss per share (Oct. 31, 2015 -- nil). During the fiscal year, the company incurred $477,945 in expenditures toward furthering the development of its Van Dyke, Sombrero Butte and Mineral Mountain copper projects in Arizona. Copies of the financial statements, notes and related management's 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.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "In 2016, Copper Fox achieved positive technical results on all five of its projects, while considerably reducing its general and administrative expenses. At Schaft Creek, the joint venture completed a geological model and commenced updating the Schaft Creek deposit resource model, in addition to other project related activities. The preliminary economic assessment (PEA) of the Van Dyke project indicated that the anticipated costs to produce a pound of copper is in the first quartile for global copper costs, identified a number of economic enhancements and recommended the completion of a prefeasibility study. The Mineral Mountain, Sombrero Butte and Eaglehead (Carmax) projects were all advanced technically during the fiscal year ended 2016, and all yielded positive results. One potential issue that arose during the fiscal year ended 2016 was Carmax's ownership of its Eaglehead mineral tenures. This issue has been heard by the courts, and the company is now awaiting a decision. Until said decision is rendered, Carmax's ownership of the Eaglehead mineral claim tenures remains in doubt. Going into 2017, Copper Fox will continue its strategy adopted in 2016, which is to focus on advancing its projects through exploration and development."

2016 fiscal year highlights:

• The Schaft Creek joint venture completed updating the geological model of the Schaft Creek deposit, which incorporated the results from the last three years of fieldwork and determined that an updated resource remodel of the Schaft Creek deposit is required. The resource remodelling commenced in 2016 and has continued into 2017.
• The Schaft Creek joint venture approved a $900,000 budget for the 2017 program, which includes: completion of the resource remodelling, desktop engineering and trade-off studies, collection of baseline environmental data, and an application for a multiyear area-based permit (MYAB). The main activities covered pursuant to the MYAB permit include: the approval for up to 50 diamond drill holes, five kilometres of a new drill road and 20 kilometres of line cutting, none of which are planned for at this time.
• The PEA on the Van Dyke in situ leach (ISL) copper project suggests that the project has low cash costs (first quartile) per pound of copper produced, strong cash flows and a pretax net present value of $213.1-million (U.S.), coupled with an internal rate of return of 35.5 per cent.
• A time/cost analysis related to obtaining the main permits for the ISL test on the Van Dyke project indicated that the cost would be approximately $425,000 (U.S.), which is significantly less than the amount indicated in the PEA.
• During the fiscal year 2016, Copper Fox invested an additional $1.5-million in Carmax, thereby increasing its equity ownership to 65.4 per cent. Carmax used these proceeds to complete relogging of historical diamond drill cores, reanalysis of pulps, resampling of historical drill cores and additional metallurgical testwork.
• Two drill-ready targets have been identified on the Sombrero Butte project, based on the correlation of the historical drilling and the 2015 geophysical survey.
• A large area of porphyry style copper-molybdenum-gold mineralization was outlined on the Mineral Mountain project.

Elmer B. Stewart, MSc, PGeol, president of Copper Fox, is the company's non-independent, nominated qualified person pursuant to National Instrument 43-101, standards for disclosure for mineral projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

                                       SELECTED ANNUAL RESULTS

                                                        Year ended       Year ended       Year ended  
                                                     Oct. 31, 2016    Oct. 31, 2015    Oct. 31, 2014

(Loss) before non-operating items and taxes            $(1,667,161)     $(1,910,352)     $(2,733,444)
Net (loss)                                              (1,070,949)      (1,546,398)      (1,350,909)
Comprehensive (loss)                                      (784,363)         (20,215)        (912,959)
Comprehensive (loss) per share, basic and diluted            (0.00)           (0.00)           (0.00)

Liquidity

As at Oct. 31, 2016, the company had $847,505 in cash (Oct. 31, 2015 -- $1,529,138).

About Copper Fox Metals Inc.

Copper Fox is a Canadian resource company focused on copper exploration and development in Canada and the United States. Copper Fox and its wholly owned Canadian and U.S. subsidiaries, being Desert Fox Copper Inc. and Northern Fox Copper Inc., hold the following five primary assets:

• A 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia;
• A 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.;
• 65.4 per cent of the shares of Carmax Mining, which in turn owns 100 per cent of the Eaglehead copper-molybdenum-gold project located in Northern British Columbia;
• A 100-per-cent ownership of the Sombrero Butte copper project located east of Mammoth, Ariz.;
• A 100-per-cent ownership of the Mineral Mountain copper project located east of Florence, Ariz.

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