Mr. Elmer Stewart reports

COPPER FOX COMMISSIONS PRELIMINARY ECONOMIC ASSESSMENT FOR SCHAFT CREEK PROJECT

Copper Fox Metals Inc. has engaged Tetra Tech Canada Inc. to prepare a preliminary economic assessment, National Instrument 43-101 technical report, for the Schaft Creek copper-gold-molybdenum project located in northwestern British Columbia. The Schaft Creek project is a joint venture between Teck Resources Ltd. (75 per cent and operator) and Copper Fox (25 per cent). The Schaft Creek joint venture (SCJV) was formed in July, 2013.

Copper Fox is commissioning the PEA to provide an update on technical and economic changes to the Schaft Creek project arising from completion of the 2018 sizing and infrastructure alternatives study, and a subsequent 2019 conceptual project design study. All of the input studies and the PEA are based on a 133-kilotonne-per-day ore mining and milling throughput case.

The PEA will incorporate a project configuration that includes updates to the resource estimation, mine plan, plant layout, and tailings and waste management facilities.

Elmer Stewart, president and chief executive officer, said: "The PEA will provide important technical and economic updates on the Schaft Creek project up to 2020. When compared to the Jan. 23, 2013, feasibility study, the PEA incorporates changes to the mine plan, operating and capital costs, design improvements, updated metal pricing, and USD:CAD currency exchange assumptions. The recent studies have identified a number of opportunities to lower capital and operating costs that enhances the value of the project. The PEA will provide Copper Fox an updated reference point from which to establish a strategy of maximizing the value of this asset to its shareholders."

Background to the PEA

In January, 2013, Copper Fox filed an NI 43-101 technical report on SEDAR titled "Feasibility Study on the Schaft Creek Project, BC, Canada," with an effective date of Jan. 23, 2013, H. Gaffari, PEng, et al. as qualified persons, resulting in the formation of the SCJV in July, 2013. While the feasibility study is considered historical in nature and should not be relied upon in its entirety, a significant amount of the technical data and information included in the feasibility study is still valid and has been utilized in the preparation of the studies supporting the PEA.

Since formation of the SCJV, approximately $19-million has been spent on the Schaft Creek project. Between 2013 and 2017, geological mapping of the deposit, relogging 43,000 metres of core, metallurgical sampling/testing, two diamond drilling programs, updating the 3-D geological model and collection of baseline environmental data was completed. In 2018, an updated resource estimation study was completed and, in 2019, a sizing and infrastructure alternatives study; these were used to evaluate four potential development scenarios, one of which was recommended for further investigation. The 2019 sizing and infrastructure alternatives study focused on lowering the capital and operating costs associated with key infrastructure and access options, mine development and sequencing alternatives, and tailings management facility options.

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

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and U.S. subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25-per-cent interest in the SCJV with Teck on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

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