July 11, 2011 / 1:22 PM / in 7 years

UPDATE 1-Copper Fox compiles resource estimate for Schaft Creek

TORONTO, July 11 (Reuters) - Copper Fox Metals (CUU.V) said on Monday it has compiled a resource estimate for its Schaft Creek copper-gold-molybdenum deposit located in northwestern British Columbia.

The Vancouver-based exploration company said the deposit contains more than 6 billion pounds of copper in the measured and indicated categories. On that basis, Schaft Creek also has more than 380 million pounds of molybdenum and 5.8 million ounces of gold.

“Our primary objective now is to complete the feasibility study for the Schaft Creek project as soon as possible,” said Chief Executive Elmer Stewart, in a statement.

The company said it expects the feasibility study to be completed during the fourth quarter of 2011. Diversified miner Teck Resources TCKb.TO owns an indirect interest in the project. (Reporting by Euan Rocha)

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