Stingray Copper Inc.-Feasibility Study on Schedule: Metallurgical Update El Pilar Copper Project, Mexico

Stingray Copper Inc. (Stingray) (TSX:SRY)(TSX:SRY.WT) CEO, Peter Mordaunt
reports that, "Stingray's mandate to complete the Feasibility Study ("the
Study") of the El Pilar Oxide Copper Project located in Sonora, Mexico remains
on schedule for delivery in April. The metallurgical program has been completed
and we are pleased with the results as presented below in Table 1 and that are
being incorporated into the Study. This series of tests completed at Metcon
Research Inc. ("Metcon") in Tucson has been underway for more than a year and
the results are viewed as consistent with the earlier test work developed by
Noranda Mexico at the project."


The El Pilar Feasibility Study is well advanced. Third party consultants have
contributed their work for inclusion to the Study. M3 Engineering & Technology
Corp. ("M3") is overseeing the integration of all components of the Study to be
completed in April of 2009. Stingray has funded the majority of the budgeted
Study work. Several elements of engineering and government liaison (i.e.
permitting) are expected to continue seamlessly beyond the delivery of the
Study. This will ensure that the project continues to advance. Associated costs
are expected to be nominal but will maintain the timelines for an early start
for the El Pilar project.


The Feasibility Study is expected to be delivered at a time of lower commodity
prices. Volatile price swings make financial forecasting an artistic adventure.
As such, it is anticipated that the project will be presented in a conservative
commodity context. Stingray emphasizes that there are many countervailing
factors that may be beneficial at a time when copper prices have declined. As an
example, one of the principal operating costs of an SX-EW (solvent extraction -
electro winning) project is the cost of sulfuric acid. As an update to the
Corporation's last release (2008-16), the spot price of sulfuric acid, as
reported by the research firm PentaSul, has ranged from a high of US$650 per
tonne to a recent price of US$75 per tonne. Stingray is considering the
construction of a stand alone 600 tonne per day acid plant, as the declining
price of sulfur is outpacing the declining price of sulfuric acid. Current
weekly PEMEX quotes for sulfur are quoted at less than US$20 per tonne. One
tonne of sulfur produces 3 tonnes of sulfuric acid. This sulfur price is down
from US$510 per tonne as recently as October, 2008. Stingray expects that
operating cost reductions of this type, including fuel, will have positive
effects upon the viability of the El Pilar Project.


Mr. Mordaunt explains, "We expect to have many options available to advance the
El Pilar Project and add value for our shareholders, subject to a positive
Feasibility Study." Stingray has approximately $17 million of working capital,
principally cash held on deposit at a major Canadian Bank, with no debt and all
its current financial obligations met. This represents $0.29 of cash per
Stingray common share. Stingray will be able to preserve its cash and maintain
the opportunity that El Pilar represents for its shareholders for an extended
period. Stingray's annual expenditures can be easily scaled back to modest
levels while still advancing the project by completing internal detailed
engineering, thus reducing project risks. Many other trade off studies can be
completed as prices for equipment and materials decline in the current financial
landscape.


Metallurgical Update

Metcon has completed the preparation of 5 composite samples from drill cores
that are representative of the mine schedule (Year 1, Year 2, Year 3, Years 4-6,
Years 7-9), and performed the following metallurgical testwork: (For results of
the following items 1 through 3 see NR 2008 - 13)


1. bottle roll tests

2. mini column leach tests

3. open cycle column leach tests

4. locked cycle column leach tests

Testwork has progressed to the locked cycle column leach results of the five
composite samples as presented in Table 1 below. Metcon reports that the
following copper recoveries and associated sulfuric acid consumption can be
achieved at El Pilar. Additional metallurgical work for the Study will focus on
optimizing economic recovery by considering longer leach times and the cost of
additional sulfuric acid consumption as a function of declining sulfuric
acid/sulfur prices.




           Table 1: Locked Cycle Column Leach Test Results
---------------------------------------------------------------------------
Composite Year    Copper Extraction    Acid Consumption    Acid Consumption
                                 (%)           kg/kg Cu                kg/t
---------------------------------------------------------------------------
Year 1                           68                 6.6                  19
---------------------------------------------------------------------------
Year 2                           71                 6.3                  19
---------------------------------------------------------------------------
Year 3                           64                 7.9                  18
---------------------------------------------------------------------------
Years 4 - 6                      60                 7.5                  15
---------------------------------------------------------------------------
Years 7 - 9                      58                 9.1                  15
---------------------------------------------------------------------------

Leach Test Parameters; Crush Size 80% passing 37.5 mm, Average of 6.1 and
7.8liters per hour per square meter flow rate.

Years 1, 2 and 3 Leach Cycle of 128 days.
Years 4 - 6 Leach Cycle of 120 days.
Years 7 - 9 Leach Cycle of 121 days.



Feasibility Study Update

Stingray's technical team and consultants are working with M3 on all aspects of
the Study:


- Independent Mining Consultants Inc. ("IMC") is finalizing the
Geologic/Resource/Reserve Models and reviewing the report on Database Quality
Assurance and Quality Control


- IMC is completing the Mine Plan and Mine Schedule

- Stingray is preparing a Trade Off Study of Contract Mining vs Company Mining Fleet

- Golder Associates Inc. ("Golder") recently established the "open pit" Slope
Design Criteria for the final mine plan and schedule


- Golder has completed its work to establish the Heap Leach Facility Location
and Design.


- Metcon has completed the preparation of 5 composite samples representative of
the mine schedule (Year 1, Year 2, Year 3, Years 4-6, Years 7-9), and completed
test work designed to provide Metallurgical Copper Recovery Estimates, Sulfuric
Acid and Reagent Consumptions


- Stingray has developed the Process Flow Design

- Stingray has developed the SX-EW Plant Design

- Stingray has developed the Material Handling and comparative Trade Off Studies

- Aguayo Consultants have completed Environmental Baseline Reports,
Socioeconomic Studies and are developing the Environmental Impact Statement
("MIA") for submission to the government prior to permitting


- IDEAS has completed its Hydrological Assessment Report of the Santa Cruz Basin
and has presented submissions to government prior to an application for the
water permit


- Stingray has determined the Project Power Requirements, Power Availability and
Costing for delivery from the Mexican Power Authority ("CFE")


- M3 is investigating Alternative Powerline Routes for power delivery

- Stingray has designed the Site Facilities and the General Arrangement Plan

- Stingray is establishing Sources and Costs for Sulfuric Acid and Sulfur and
related costs for delivery


- Stingray is preparing a Trade Off Study for the Construction of an Acid
Generating Plant with byproduct Power Generation Capability


- Stingray and M3 engineers are calculating Capital and Operating Cost Estimations

- Stingray and M3 are preparing the Financial Evaluation/Modeling and
Sensitivity Analysis


- M3 has been engaged to review, audit, supplement and finalize the content of
the El Pilar Feasibility Study for completion, April, 2009


Stingray, M3 and the experienced group of contributing consultants will deliver
a quality Study that will outline the feasibility of the El Pilar project. It is
designed for presentation of the project to financial institutions, governments
and regulatory agencies. Stingray's objective is to develop the El Pilar project
as an open pit, heap leach, SX-EW, LME Grade A cathode copper mine.


Peter Mordaunt, P.Geo is the Qualified Person responsible for the technical
content of this news release; Joe Keane, P.E. is the Qualified Person
responsible for information related to the metallurgy.




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Certain statements presented herein may constitute "forward-looking statements".
Such forward-looking statements may include potential mineralization, resources
and reserves, conclusions of prefeasibility and feasibility studies, estimates
of future production, capital and operating costs, prices of metals and other
known and unknown risks. These and other factors and uncertainties may cause
material differences from future results as expressed or implied by these
forward-looking statements. These risks, uncertainties and other factors include
but are not limited to the risks involved in the exploration, development and
mining business.