Expenditures now $74.2 million

Copper Fox holds title and a 100% working interest in a contiguous 21,024.96 hectare (51,954 acre) property which includes the Schaft Creek deposit subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a 30% carried Net Proceed Interest held by Liard and an earn back option held by Teck Resources Limited ("Teck"). Copper Fox is currently earning a 78% interest in Liard from Teck. Teck's earn back option to acquire 20%, 40% or 75% of the Copper Fox interest in 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 ($74.2 million as of December 1, 2011) and arrange for project financing, including the Copper Fox portion. For full details of the option please refer to the Company's websitewww.copperfoxmetals.com.