RICHMOND, British Columbia, Feb. 22, 2006 (PRIMEZONE) -- Steven Schurman, CEO, Director, on behalf of the Board of Directors reports:
Running Fox (Pink Sheets:RFXRF)(TSX-V:RUN) will pay for and earn a 10% interest in a prospect with partner, Choice Resources on Alberta leasehold land and will pay its pro-rata share of geological expenses to reimburse Suncor Energy $76,315.
Current consideration is being given to drill a test well on the prospect at Section 18, Township 63, Range 4, West of the 6th Meridian, to test the Wabamun formation at approximately 4,000 metres and is targeting another rather large prospective natural gas feature. There is no assurance that the prospect will in fact deliver large quantities of natural gas and condensates; however, this prospect will support Running Fox's plan to drill lower-risk and high reward Alberta natural gas wells.
Operationally, steady natural gas sales revenue is adding to cash on hand, which is nearing $2 million. Running Fox is debt free and will be drilling its next high reward natural gas well in this first quarter.
Running Fox geologists have reviewed geological data from its last diamond drilling season on its 50%-owned Brett Gold Project, an advanced high-grade epithermal gold project located in British Columbia, and will be formulating plans with Mosquito Consolidated Gold Mines for active development of the Brett Gold Project in the spring/summer when snow has cleared. Highlights from the diamond drilling program included 4.3 feet of 5.1 ounces gold per ton in a new gold bearing zone, east of the Main Shear. (Brett Gold Assessment Report available on website.)
Visit the Running Fox website at www.foxgold.ca for further information.
On behalf of the Board of Directors, Steven Schurman, CEO, Director (604) 725-8868.
The Company relies on legislation applicable to forward-looking statements and seeks safe harbour.