Copper Fox Metals Inc. (TSXV: CUU) says it has a joint venture partnership with Teck Resources Ltd. involving the Schaft Creek project, located in northwestern British Columbia, Canada. Copper Fox says the agreement replaces and supersedes the 2002 option and joint venture agreement between Teck and Copper Fox in connection with Schaft Creek. Copper Fox says Teck will divide a $60 million payment in three equal parts upon signing the Schaft Creek joint venture, upon a production decision and completion of the mine facility. “This agreement gives Copper Fox immediate access to funds and a viable partner to continue the work we have done on the Schaft Creek property without diluting Copper Fox’s 25% interest in the Schaft Creek joint venture, “ says Elmer Stewart, president and chief executive officer of Copper Fox. “With Teck’s agreement to fund future costs, we have reduced the uncertainty around Copper Fox’s future expenditures for the project.” A 10,000 meter drill program will begin before the end of July 2013, the company says.
By Alex Létourneau of Kitco News aletourneau@kitco.com
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