LATEST ASSAY RESULTS EXPANDS ZONE OF DEEP, HIGHER GRADE MINERALIZATION AT SCHAFT CREEK

VANCOUVER, Feb. 3, 2011 (Canada NewsWire via COMTEX News Network) --

Additional Assays Pending

Copper Fox Metals Inc. ("Copper For" or "the Company") (TSX-Venture: CUU) is very pleased to announce additional assay results from its 2010 diamond drilling program at the Schaft Creek "giant porphyry deposit" located in north western British Columbia. The objectives of the drilling program were to establish a higher grade starter pit to improve the economics of the feasibility study and to test the IP chargeability anomaly defined in July and September 2010. Highlights are as follows:

Highlights:

    --  The high grade mineralization intersected in DDH CF402 has
        significantly extended the high grade mineralization
        intersected in DDH CF398, a distance of 154m north and 175m to
        the east. The mineralization in this hole is open at depth, to
        the north and to the east. This hole intersected 0.31% copper,
        0.324 g/t gold and 0.033% molybdenum and 2.27 g/t silver (0.70%
        copper equivalent) from 4.57m at surface to 581.25m a core
        interval of 576.68m.
    --  Notably, DDH CF402 includes a higher grade interval that
        averaged 0.36% copper, 0.43 g/t gold and 0.05% molybdenum and
        2.64 g/t silver (0.89% copper equivalent) from 247.67m to
        475.17m a core interval of 227.5m,
    --  DDH CF403 is located 152m south and 78m west of DDH CF 399.
        This hole intersected 0.46% copper, 0.29g/t gold, 0.02%
        molybdenum and 3.31 g/t silver (0.76% copper equivalent) from
        38.42m to 89.00m a core interval of 50.58m,
    --  High grade mineralization has now been intersected over a
        distance of at least 600m and is open to the north and east,
        and
    --  DDH CF404 tested an IP anomaly located 1,456m south of DDH
        CF403 and intersected a zone of significant but low-grade
        copper-silver mineralization hosted in andesite before entering
        a series of post mineralization mafic dikes.

Mr. Stewart, President of Copper Fox stated, "Higher grade mineralization has been intersected over a distance of at least 600m long and to a vertical depth of 475m below surface. This zone is open along strike, at depth and to the east. The IP surveys completed in July and September 2010 suggest a potential depth of mineralization in this part of the deposit of at least 800m, being the limit of penetration of the Titan 24 DCIP system. The IP anomaly is interpreted to represent the full extent of the Schaft Creek deposit, which suggests that a considerable portion of the deposit remains to be tested by drilling."

Diamond Drilling Results: To view the locations of the 2010 diamond drill holes as shown on the 3D geophysical model of the Schaft Creek deposit, please click here: http://www.copperfoxmetals.com/s/Image.asp?i=maps/3D-GEOPHYSICAL-MODEL.jpg&id=428531

The weighted average grades (using a zero copper cutoff) for the mineralized intervals in DDH CF402, DDH CF403 and DDH CF404 are set out below.

 DDH                 From          Interval Copper Gold  Molybdenum Silver  Cu
 ID   Dip   Azimuth   (m)   To (m)   (m)     (%)   (g/t)    (%)     (g/t)  Eqv
                                                                           (%)

CF402 -55       90    4.57  581.25  576.68   0.31  0.32     0.033    2.27  0.70

          including  247.67 475.17  227.50   0.36  0.43     0.049    2.64  0.89

          including  421.42 475.17   53.75   0.45  0.53     0.061    3.74  1.12

CF403 -55       90   34.42  204.60  170.18   0.23  0.11     0.009    1.52  0.36

          including  38.42  89.00    50.25   0.46  0.29     0.020    3.31  0.76

CF404 -80      270    21.1  82.33    61.23   0.18  0.04     0.003    0.36  0.22

(Note: Mineralized intervals reported in the above
table are not true thickness)

DDH CF402 is located 154m north of DDH CF398. The mineralization is primarily hosted in potassic altered intrusive breccia overprinted by argillic and abundant vein controlled propylitic alteration. The mineralization is open to the north, at depth and to the east under Mount La Casse. This drill hole has deepened the mineralization on this section an additional 140m.

The mineralization in DDH CF403 is hosted in altered andesite overprinted by abundant vein controlled propylitic alteration. This hole is located 152m south and 78m west of DDH CF 399 and intersected the interpreted western edge of the higher grade zone of mineralization.

The upper 82m of DDH CF404 intersected andesite and thereafter was completed to a depth of 255m in a series of late, post mineralization porphyritic, dioritic to gabbroic intrusive dikes.

Assay results for DDH CF405 and DDH CF406 have not been received and will be released on receipt thereof.

The weighted average grades of DDH CF398, DDH CF399 and DDH CF401 (previously reported) are set out below for reference purposes:

 DDH                 From          Interval Copper Gold  Molybdenum Silver  Cu
 ID   Dip   Azimuth   (m)   To (m)   (m)     (%)   (g/t)    (%)     (g/t)  Eqv
                                                                           (%)

CF398 -55       90    7.10  539.20  532.10   0.42  0.27     0.020    2.00  0.67

          including   7.10  61.40    54.30   0.70  0.42     0.040    2.80  1.13

          including  325.50 539.20  213.70   0.47  0.37     0.020    3.00  0.78

CF399 -55       90    9.14  517.24  508.10   0.39  0.10     0.050    2.09  0.67

          including   9.14  159.70  150.56   0.53  0.05     0.040    2.87  0.77

          including  462.74 517.24   54.50   0.45  0.33     0.060    3.01  0.94

CF401 -55       90    5.66  495.90  489.53   0.43  0.25     0.028     2.4  0.75

          including  158.00 442.49  283.78   0.55  0.38     0.034    3.15  0.98

          including  345.40 429.20   83.80   0.66  0.50     0.036    3.10  1.17

(Note: Results for DDH CF398, CF399 and CF401 were            ( )     ( )  ( )
reported in previous news releases )

(Note: Mineralized intervals reported in the above
table are not true thickness)

Re-sampling Historical Drill Holes; Continued re-sampling of some of the historical diamond drill holes (drilled between 1960 and 1985) recommenced on January 11, 2011 and was completed by the end of January, 2011. The results of the re-sampling program will be released when the assays are available. These results will be included in the updated resource estimate.

Future Plans: Due to safety conditions related to unusually heavy snow conditions, the drilling program planned for January, 2011 has been re-scheduled until Quarter 2 2011. The additional drilling planned for 2011 will not delay completion of either the resource estimate or the feasibility study. The work required to update the resource estimate has been completed. The objectives of the Company (working with its main contractors) over the next few months will be to: i) complete an updated resource estimate that will include all the results from the 2010 drilling and re-sampling programs, ii) work toward completing the feasibility study by the end of the second quarter 2011, and iii) preparation of the environmental assessment application.

The geophysics and drilling completed in 2010 strongly suggests that a substantial portion of the Schaft Creek deposit, as represented by the chargeability anomaly, has not been yet tested by diamond drilling. The purpose of the 2011 drilling is to try and increase the size and grade of the Schaft Creek deposit by continuing to drill with the aid of the resource block model the strike extent and most importantly at depth; the zone of deep, higher grade mineralization intersected in the five drill holes reported to date from the 2010 drill program.

Airborne Survey: The Schaft Creek property comprises a contiguous block of land covering over 50,000 acres. The majority of the work completed on the Schaft Creek property over the past 60 years was concentrated in the vicinity of the Schaft Creek deposit which covers approximately 1,500 acres. The Company is considering the merits of completing a high sensitivity airborne geophysical survey consisting of magnetic, radiometrics and electromagnetics over the entire 50,000 acre Schaft Creek project prior to commencing its 2011 diamond drilling program.

Diamond Drilling and Sampling Procedures: The diamond drilling was completed using HQ, NQ and BQ core sizes. Core recovery was estimated to be greater than 97%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half is retained for future reference. Sample intervals were selected based on lithology changes/alteration intensity/estimated mineral content. Sample intervals ranged from 0.64 to 3.93 metres. Sample preparation was completed by ACME Analytical Laboratories Ltd ("ACME") located in Smithers, British Columbia and analyses were completed by ACME in Vancouver, British Columbia.

Base metals were assayed using the ACME's 7TD package which includes 4-acid digestion and ICP-ES finish. Lower detection limits are as follows: Cu >0.001%, Mo >0.001%, Ag >2 g/t. Gold is assayed by the G6 fire assay package - fusion of a 30-gram followed by ICP-ES finish; with a lower detection limit of 0.005 g/t. ACME has a 9001:2008 International Standard Organization rating.

Copper equivalent calculations are based on 100% of the copper content plus 81% of the gold content, 72% of the molybdenum content and 71% of the silver content. Metal prices used for the purposes of the equivalency calculations are copper $US2.50/pound, gold $US1,075.00/ounce, molybdenum $US17.00/pound and silver $US16.10/ounce.

Quality Control Copper Fox follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates into the sample stream submitted to the laboratory for analysis.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.

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.

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, a 30% carried interest held by Laird Copper and an earn back option held by Teck Resources Limited ("Teck"). Copper Fox is currently earning a 78% interest in Liard Copper from Teck. Teck's earn back option to acquire 20%, 40% or 75% of the Schaft Creek project is triggered upon completion of a positive 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