Only thing I can think of now (I'll be calling tomorrow) is this:

If you read the NR and who received options, you will notice Employees, Officers, Consultants, and Directors.

So Maybe some consultants or contractors (that CUU is still using today) have info and they can't exercise their options......

Can CUU black out outside contractors or consultants..I don't know....

http://www.newswire.ca/fr/story/167005/copper-fox-metals-inc-grants-incentive-stock-options-to-employees-officers-contractors-and-directors

CALGARY, Feb. 26 /CNW/ - Guillermo Salazar S, President and CEO of Copper
Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-Venture CUU) is pleased
to announce that the Board of Directors of the Company has approved an
incentive stock option plan to Employees, Officers, Consultants and Directors
of the Company. The option grants are comprised of two components. The first
component is a grant to Contractors for a total purchase of 1,050,000 shares
at an exercise price of $0.78 per share,(which represents a 20% discount to
the market price on February 23, 2007 of $0.97 and is the maximum allowed
pursuant to the rules of the TSX-Venture Exchange) expiring February 25, 2012.
The second component is a grant to Officers, Employees and Directors for a
total purchase of 1,535,000 shares at an exercise price of $0.97 per share
(market price as at February 23, 2007) expiring February 25, 2012. These
grants will vest in accordance with the provisions of the Company's Option
Plan.