Copper Fox Metals Inc. Significantly Increases Resources at Schaft Creek by 24hgold

Re: News Releases - Tuesday, July 03, 2007
Title: Copper Fox Significantly Increases Resources at Schaft Creek

July 3, 2007, Calgary, Alberta---Copper Fox Metals (CUU: TSX.V) is pleased to announce the results of the independent National Instrument 43-101 compliant report prepared by Associated Geosciences Ltd. ("AGL") dated June 22, 2007 on the resources for the Schaft Creek deposit located in northwestern British Columbia. The effective date of the AGL report is June 22, 2007.

Resource Estimates:
The Measured and Indicated resource at Schaft Creek has increased to 1.393 billion tonnes averaging 0.25% copper (7.7 billion pounds), 0.18 gpt gold (8.1 million ounces), 0.019% molybdenum (584 million pounds) and 1.55 gpt silver (69.4 million ounces) at a 0.20% copper equivalent ("CuEq") cutoff. This represents a 41% increase (402.2 million tonnes) in Measured and Indicated resources and increases of 27% copper, 33% gold, 48% molybdenum and 23% silver in contained metals over that reported in the Giroux and Ostensoe report of 2004. Table 1 shows a 0.2 % CuEq cutoff and a 0.55% CuEq cutoff. The 0.2% CuEq is the base case and the 0.55% CuEq indicates that a significant volume of higher-grade mineralization occurs in the deposit.

The resource estimates have been re-stated from those previously announced in our News Release dated May 9, 2007 following the identification of a material error in the CuEq formula used for the resource estimate. (See http://www.copperfoxmetals.com/news/news_070509.htm and http://www.copperfoxmetals.com/news/news_070611.htm ). "The overall tonnes and grades for all mineral resource categories have not changed. However, based on the amended CuEq formula above a 0.20% CuEq, there has been significant change in the tonnes and grades based on CuEq. This has resulted in a material increase in the tonnage at any particular CuEq cut-off and positively affected the CuEq grades", says Mr. Salazar.

Table 1: Re-Stated Resource Estimate Details

	Cut Off		Average Grade
Resource	Cu Eq	Tonnes	Copper	Molyb-	Gold	Silver
Classes	%			denum			Cu Eq
(1)	(2)	millions	%	%	Gpt	Gpt	%
Measured	0.20	463.5	0.30	0.019	0.23	1.55	0.46
Indicated	0.20	929.7	0.23	0.019	0.15	1.56	0.36
Total M&I	0.20	1,393.3	0.25	0.019	0.18	1.55	0.39
Inferred	0.20	186.8	0.14	0.018	0.09	1.61	0.25
Giroux M&I	0.20	991	0.28	0.018	0.19	1.77	N.A.
Measured	0.55	100.7	0.43	0.028	0.32	1.85	0.65
Indicated	0.55	108.3	0.40	0.034	0.36	1.19	0.66
Total M&I	0.55	209.0	0.41	0.031	0.34	1.51	0.66
Inferred	0.55	2.4	0.53	0.035	0.15	2.11	0.71

Notes: (1): ("M and I") stands for Measured and Indicated. "Giroux" refers to the resource report by Giroux & Ostensoe dated June 30, 2003 and amended May 20, 2004 (2) For purposes of copper equivalent calculations, the company has used metal prices of US$1.50/lb copper, US$550 ounce for gold, US$10.00 for molybdenum and US$10.00 for silver and mine and mill recoveries of 91% for Copper, 63% for Molybdenum, 76% for gold and 80% for silver

The mineral resource estimates completed by AGL conforms to the Canadian Institute of Mining and Metallurgy ("CIM") Mineral Resource definitions referred to in National Instrument 43-101 and the Standards of Disclosure for Mineral Projects.

"This is an exciting achievement for the company," says Guillermo Salazar, President and CEO of Copper Fox Metals. "Schaft Creek's substantial resources have the potential to provide significant levels of copper, gold, molybdenum and silver supply to meet growing global demand and will bring long-term benefits to local communities and the province of British Columbia".

Resources were estimated by Associated Geosciences Ltd. using GEMCOM- Surpac 3-D block modeling software. Block grades were interpolated using ordinary Kriging. Classification was based on both Kriging variance values and mean distances to drill-hole composites; relative to strike and dip drill-hole spacing. The Copper Equivalent was calculated using the formula as outlined below:

CuEq% = (Estimated Value per tonne of all recoverable metals at the gate out of the mine-mill complex) / copper price per pound / 2,204.6 x 100

The above formula incorporates the four principal elements of economic interest at Schaft Creek: copper, molybdenum, gold and silver. Metal price data used in the formula is conservative pricing relative to current metal prices. The conversion factors used were: 1 kilogram (kg) = 2.2046 pounds (lb) and 1 troy ounce = 31.103 grams (g).

The technical Report dated June 22, 2007 titled "Updated Resource Estimate for the Schaft Creek Deposit, Northwest British Columbia, Canada, Technical Report on a Mineral Property" is filed on SEDAR and may also be accessed at www.copperfoxmetals.com.

The resource estimate was completed by Riaan Herman under the supervision of Keith McCandlish, a Qualified Persons under NI 43-101. Dr. Gilles Arsenau, P. Geo., of Wardrop Engineering, Inc., also a Qualified Person as defined in NI 43-101, reviewed the copper equivalent formula, the mineral resource classification and block modeling methodologies. The Geological Model is the work of Walter Hanych, Dr. Peter Fischer and Sheena Ewanchuk under the supervision of Guillermo Salazar, M.A., P.Geol.

Scoping Study:

Table 2 sets out a summary of the Resources at various CuEq cutoff grades. The results are expected to have a positive impact in the size of the operation being considered in the Scoping Study, which is currently in progress under the supervision of Samuel Engineering Inc. The Scoping Study will define the preliminary economic parameters related to the development of the Schaft Creek deposit.

Table 2: Resource Summary - Selected cutoffs

	Cut Off	Average Grades
Resource	Cu Eq	Tonnes	Copper	Molyb-	Gold	Silver
Classes	%			denum			Cu Eq
(1)	(2)	Millions	%	%	gpt	gpt	%
Measured	0.20	463.5	0.30	0.019	0.23	1.55	0.46
Indicated	0.20	929.7	0.23	0.019	0.15	1.56	0.36
Total M&I	0.20	1,393.3	0.25	0.019	0.18	1.55	0.39
Inferred	0.20	186.8	0.14	0.018	0.09	1.61	0.25
Measured	0.25	427.2	0.32	0.019	0.23	1.48	0.48
Indicated	0.25	619.9	0.27	0.023	0.18	1.44	0.43
Total M&I	0.25	1,047.1	0.29	0.026	0.20	1.46	0.45
Inferred	0.25	75.8	0.17	0.026	0.09	1.56	0.30
Measured	0.30	406.1	0.33	0.020	0.24	1.48	0.49
Indicated	0.30	508.8	0.30	0.024	0.20	1.41	0.46
Total M&I	0.30	914.9	0.31	0.022	0.22	1.44	0.48
Inferred	0.30	19.3	0.22	0.034	0.10	1.55	0.39
Measured	0.35	366.5	0.34	0.021	0.24	1.50	0.51
Indicated	0.35	416.6	0.32	0.026	0.22	1.38	0.50
Total M&I	0.35	783.1	0.33	0.023	0.23	1.44	0.51
Inferred	0.35	8.3	0.29	0.040	0.11	1.49	0.49
Measured	0.45	237.8	0.37	0.024	0.27	1.59	0.56
Indicated	0.45	234.4	0.35	0.030	0.29	1.28	0.57
Total M&I	0.45	472.3	0.36	0.027	0.28	1.44	0.57
Inferred	0.45	3.1	0.49	0.032	0.16	1.91	0.66
Measured	0.55	100.7	0.43	0.028	0.32	1.85	0.65
Indicated	0.55	108.3	0.40	0.034	0.36	1.19	0.66
Total M&I	0.55	209.0	0.41	0.031	0.34	1.51	0.66
Inferred	0.55	2.4	0.53	0.035	0.15	2.11	0.71
Measured	0.65	36.5	0.51	0.031	0.38	2.38	0.76
Indicated	0.65	51.1	0.44	0.036	0.39	1.21	0.73
Total M&I	0.65	87.6	0.47	0.034	0.39	1.69	0.74
Inferred	0.65	1.4	0.58	0.040	0.16	1.99	0.77

Notes: Notes: (1): ("M and I") stands for measured and indicated. "Giroux" refers to the resource report by Giroux & Ostensoe dated June 30, 2003 and amended May 20, 2004 (2) For purposes of copper equivalent calculations, the company has used metal prices of US$1.50/lb copper, US$550 ounce for gold, US$10.00 for Molybdenum and US$10.00 for silver and mine and mill recoveries of 91% for Copper, 63% for Molybdenum, 76% for gold and 80% for silver.

In addition to the current resource estimation, the Scoping Study requires among other things completion of the following studies: i) Geotechnical (pit and tailings), ii) Bench and Bulk Flotation Tests, iii) Continue developing Copper Fox's relationship with the Tahltan Nation, iv) Environmental Assessment Process (Provincial, Federal, all stakeholders), v) Pit Optimization Plan and vi) Road and Power Access. The Company is working toward the completion of the Scoping Study later this year.

About Copper Fox

The Schaft Creek mineral deposit is one of the largest copper deposits undeveloped in Canada. Copper Fox is currently preparing a Scoping Study to evaluate on a preliminary basis the feasibility of developing an open pit mine with a minimum capacity of 65,000 tonnes per day over a mine life of 30 years. Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited whereby Copper Fox may acquire up to 93.4% direct and indirect interest in the property. Title to the property is in good standing before the BC Government until 2015.

The Schaft Creek mineral deposit is located in northern British Columbia, a stable socio-political environment. This area of northern British Columbia is often referred to as a gold-copper belt and includes deposits like Galore Creek, and Red Chris. Copper Fox has started the Environmental Assessment Process required by the British Columbia and Canadian Governments for project permitting and is in consultation with the Tahltan Nation.

For further information please contact Jason Shepherd, Investor Relations toll free at 1-866-913-1910, Email www.investor@copperfoxmetals.com or contact Guillermo Salazar at 403-264-2820. Please visit the Copper Fox web site at: www.copperfoxmetals.com. The full resource calculation report can be viewed on SEDAR.

On behalf of the Board of Directors

Guillermo Salazar S, President & CEO

The TSX Venture Exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or the accuracy thereof.

This news release includes "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation: anticipated timing and content of upcoming work programs, geological interpretations, receipt of property titles, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; future production, operating and capital costs; and operating or financial performance. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. For any forward looking information given, management has assumed that the assay results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from management's expectations include: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for co-operation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Company's other filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.

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