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Copper Fox says updated resource estimate for Schaft Creek due this month

Copper Fox Minerals (CVE:CUU) said Thursday that its delayed updated resource estimate for its Schaft Creek project in northwestern British Columbia is now expected later this month, as is the start of the company's diamond drilling campaign on the site.

The company's high resolution airborne survey of the property, designed to identify additional targets, has begun, and is due to be completed within ten days, subject to weather conditions.

Following this, Copper Fox will begin its 2011 8,000 metre diamond drill program on the property, which is one of the largest undeveloped copper-gold deposits in Canada.

"The objectives of the 2011 program are to expand the limits of the mineralization in the Paramount zone of the Schaft Creek deposit and to try and locate another deposit of copper-gold-molybdenum-silver mineralization," said president and CEO Elmer B. Stewart.

In addition to the Schaft Creek deposit, two prospective large zones of copper-gold mineralization have already been identified on the property, as well as a large chargeability anomaly, none of which have ever been tested by diamond drilling.

"The potential for any one of these zones to host a large copper-gold-molybdenum-silver deposit is considered to be high," added Stewart.

In 2008, the Schaft Creek project was estimated to have a before tax net present value of $2.8 billion over a 23-year mine life, at an 8% discount rate.