COPPER FOX ANNOUNCES THE CLOSING OF A $4,005,000 NON BROKERED PRIVATE PLACEMENT FLOW-THROUGH OFFERING

VANCOUVER, Dec. 16, 2010 (Canada NewsWire via COMTEX News Network) --

Mr. Elmer Stewart, President and CEO of Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-Venture: CUU) announced today that the Company has completed a non-brokered private placement financing of $4,005,000 CDN in funds (the "Offering").

Details of the Offering

The Offering was completed in two tranches, each consisting of 2,250,000 Flow-Through shares at a purchase price of $0.90 per share totaling $2,005,000. The total Offering raised gross proceeds of $4,005.000 from the issuance of 4,450,000 Flow-Through shares. The company paid commission/finder's fees totaling $234,300.00 and issued 260,333 non-transferable warrants. Each non-transferable warrant entitles the holder to purchase one non Flow-Through common share at a purchase price of $0.75, exercisable at any time until the close of business on the expiry of 24 months.

The first tranche was completed on November 26, 2010 with the MineralFields Group (a division of Pathway Asset Management) based in Toronto, Vancouver, Montreal and Calgary. The second tranche was completed on December 15, 2010 with Burgeonvest-Bick Securities Limited, a financial services group headquartered in Toronto. In accordance with applicable securities legislation, securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of completion of each respective tranche of the Offering.

Funds generated from this financing will be used to advance the feasibility study and include drilling programs, metallurgical testing and engineering studies associated with the development of the Schaft Creek Giant Porphyry Deposit.

About Copper Fox Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (CUU) focused on completing a Feasibility Study on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. Categorized as a "giant porphyry deposit" this project is at the advanced development stage with a Preliminary Feasibility Study ("PFS") prepared by Samuel Engineering, Inc. of Denver, Colorado, in September 2008. The results of the PFS were extremely "robust" reporting a NPV @ 8% (before tax) of $2.8 billion dollars over a 23 year mine life. They contemplated processing 100,000 tonne per day ("tpd") from an open pit mine using a standard flotation recovery process. The PFS estimated the current Mineral Resources (using a 0.2% copper equivalent cutoff) at Schaft Creek includes; Measured Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and 1.55 g/t silver, Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver. The PFS projected a recovery of 4.8 billion pounds of copper, 255 million pounds of molybdenum, 4.5 million ounces of gold and 32.5 million ounces of silver.

A Feasibility Study on a minimum 120,000 tpd open pit mine is expected to be completed in early 2011.

Copper Fox holds title and a 100% working interest in a contiguous 21,025 hectares (51,954 acres) property which includes the Schaft Creek deposit subject to certain royalty agreements and an earn back option. Teck Resources Limited ("Teck") has an option to acquire 20%, 40% or 75% of the Schaft Creek project which is triggered upon completion of the Feasibility Study. Should Teck elect to exercise its option for 75% they are required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($55 million to date) and arrange for project financing, including the Copper Fox portion. For full details of the option please refer to the Company's website www.copperfoxmetals.com.

*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice principals".

On behalf of the Board of Directors

Elmer B. Stewart President & Chief Executive Officer