News release

DD

COP PPER FOX A ANNOUNC CES EXTEN NSION OF EXPIRY D DATE OF CERTAIN ST TOCK OPTIONS S

Vancouv ver, British Columbia –

• January 1

16, 2013 – C Copper Fox M Metals Inc. (

(“Copper F Fox” or the “Compa any”) (TSX- -Venture: C

CUU) annou unces that t the Board o of Directors of the Com mpany has authorize ed, subject to TSX Vent ture Exchan nge approval l, an amendm ment to 1,00 00,000 incen ntive stock options (the “Options”) granted t to officers of the Compa any to exten nd the expiry y date of the Options to January 11, 2014. T ut imposed by the Com The Options were subject to a Trad ding Blackou mpany for a significan nt period o of time pen nding the preparation a and comple etion of the e Company’

’s Positive Feasibilit ty Study of t the Shaft Cre eek deposit, and were se et to expire i in accordanc ce with the te erms of the Company y’s stock opt tion plan fol llowing the r release of the e results of t the Company y’s Positive Feasibility advisable to extend the Study. A As a result, t the Board of f Directors o of the Comp pany has det termined it a expiry da ate of the Op ptions to Jan nuary 11, 2014. All othe er terms of t the Options, including th he exercise price, rem main the sam me.

Pursuant to the policies of the TS SX Venture Exchange, th he amendme ent to the ter rm of the Op ptions must be approved by disin nterested sha areholders o of the Company at the n next annual g general mee eting of the Company t be exercised until disin proval is obtained.

y. The Optio ons may not nterested shar reholder app

About C Copper Fox

Copper F Fox is a Can nadian-based d resource de evelopment c company lis sted on the T TSX Venture e Exchange (TSX-V: CUU) with a corporate office in Ca algary, AB a and an opera ations office in Vancouver, BC. Its major asset is the Sc chaft Creek c copper, gold d, molybden num and silv ver deposit lo ocated in no orthwestern British C Columbia, Ca anada for wh hich a positiv ve Feasibilit ty Study was s recently co ompleted.

Copper F Fox holds t title and a 100% work king interes st in the Sc chaft Creek project con nsisting of 55,779.56 hectares (137,834 ac cres). Includ ded in this total are th he "Schedul le A" miner ral tenures originally to Copper Fox pursuant to the Teck y conveyed t k Option Agr reement, wh hich consist o of 8,334.34 hectares (20,594 acres). The "Sc chedule A" m mineral tenu ures are subj ject to a 3.5 5% Net Prof fits Interest held by R Royal Gold, , Inc., a 30% % carried Net Proceeds Interest hel ld by Liard and, togethe er with the additiona al mineral te enures obtai ined by Cop pper Fox wi ithin the "Ar rea of Intere est" provided d for in the Teck Option Agreem ment, an earn n back optio on held by T Teck. On co ompletion of f the Feasibi ility Study, Copper F Fox earns Te eck's 78% interest in Lia ard. Teck's ea arn back opt tion to acqui ire either, 20 0%, 40% or 75%, of Copper Fox x's interest i in the Schaf ft Creek Pro oject is trigg gered upon d delivery of a a "Positive Bankable e Feasibility Study" (as defined) to Teck after w which they h have 120 da ays to make a decision. to exercise its option f Should T Teck elect t for 75%, Te eck is requi ired to fund d subsequen nt property expenditu ures up to a total of 400 0% of those incurred by y Copper Fox ($84.9 mi illion to July y 31, 2012)

and use its best efforts to arrange for project financing, including the Copper Fox portion. For full details of the Teck earn back option please refer to the Company's website www.copperfoxmetals.com.

The remainder of Copper Fox's registered interests in mineral tenures in British Columbia total 47,445.22 hectares (117,240 acres). These interests have been acquired by Copper Fox through mineral tenure acquisitions and mineral tenure purchase agreements subsequent to Copper Fox entering into the Teck Option Agreement. Certain portions of these registered mineral tenures are subject to inclusion within the Schaft Creek Project pursuant to the terms of the "Area of Interest" provisions of the Teck Option Agreement.

Additionally the Company holds, through its wholly-owned subsidiaries, mineral tenures located in Pinal County, Arizona (the 'Sombrero Butte Copper Project') and in Miami, Arizona (the 'Van Dyke BLM Claims'). The Sombrero Butte copper project consists of 2,887 acres located in the Bunker Hill Mining District, 44 miles northeast of Tucson and the 35 Van Dyke BLM Claims located to the west of the Van Dyke copper deposit in Miami.

For additional information contact: Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604- 689-5080.

On behalf of the Board of Directors

Elmer B. Stewart President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Forwardlooking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements about the amendment of expiry date of the Options; approval for the amendment of the expiry date of the Options from the TSX Venture Exchange and disinterested shareholders of the Company at the next annual general meeting of shareholders; timing and amounts of future expenditures and “earn-back” options; geological interpretations and potential mineral recovery processes.

In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: approval of the amendment to the expiry date of the Options may not be obtained from the TSX Venture Exchange or disinterested shareholders of the Company on a timely basis, or at all; the actual mineralization in the Schaft Creek deposit may not be as favourable as suggested; another deposit may never be discovered on Copper Fox’s property, or contain anticipated mineralization, or mineralization of any significance at all; the possibility that future drilling on the Schaft Creek project may not occur on a timely basis, or at all; fluctuations in copper, the completed drill holes for which analytical results are not available may not return significant concentrations of either copper, gold, molybdenum or silver; commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the uncertainty of the estimates of capital and operating costs, recovery rates, and estimated economic return; 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

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.