Copper Fox Metals, Inc., based in Calgary, Alberta, Canada, has just released its financial results for fiscal year 2017. Stockholders were told the company had a comprehensive loss of $1,643,630 for the year that ended Oct. 31, 2017. During the previous year, the company suffered a loss of $784,363.
Elmer B. Stewart, president and chief executive officer for Copper Fox, said during 2017 the firm incurred $378,888 in expenditures towards furthering the development of its Van Dyke copper deposit at Miami, Arizona and two other Arizona projects at Sombrero Butte and Mineral Mountain.
Stockholders were told the company has shifted focus on its projects in the U.S. to its mineral properties in Canada due to the current unfavorable U.S. to Canadian exchange rates.
“With the expected return to a positive commodity cycle, Copper Fox’s objective in 2018 will be to advance its exploration stage projects located in proven mineral districts in politically stable mining jurisdictions,” he said.
Work done at the Van Dyke project for the year included modelling the pollution management area, discharge impact area, cone of depression and point of compliance work were all completed
However, suspension of work at Miami has been underway pending the outcome of discussions with a third party to gain access to the proposed site needed for the insitu leach test program.at Miami. Copper Fox Metals owns or controls nearly 1,000 acres of mineral rights in, around and under the town of Miami
At the end of fiscal year 2017 Copper Fox Metals had $286,195 in cash on hand as of Oct. 31, 2017. Total assets in the U.S. and Canada were listed at $79.13 million. The average number of shares of outstanding stock was in the area of $430.22 million.