Stingray Corporate Update; Strong Financial Condition Feasibility Study on Track at El Pilar Copper Project

Stingray Copper Inc. ("Stingray") (TSX:SRY)(TSX:SRY.WT) CEO, Peter Mordaunt
reports that Stingray's corporate objective is on schedule and well funded.
"Stingray has maintained an enviable level of financial security underlying the
Corporation's mandate to complete the Feasibility Study of the El Pilar Oxide
Copper Project located in Sonora Mexico." 


Stingray has approximately $18 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 $0.31 of cash per Stingray common share. The El
Pilar Feasibility Study is well advanced with both Stingray engineers and third
party consultants working towards completion of their contributions to the
study. Stingray has already funded the majority of the Feasibility Study work.
M3 Engineering & Technology Corp. ("M3") will be overseeing the integration of
all components of the Feasibility Study to be completed by April of 2009. 


Management is well aware of current commodity price trends. These commodity
price swings can also be advantageous for projects like El Pilar. As an example,
one of the principal operating costs of an SX-EW (solvent extraction -
electrowinning) project is sulfuric acid. The spot price of this commodity as
reported by the research firm PentaSul has declined from a high of US$650 per
tonne to an October price of US$150 per tonne. Stingray expects that operating
cost reductions of this type, including fuel, will have positive effects upon
the viability of the El Pilar Project. There are many countervailing factors
that may be beneficial at a time when copper prices have declined. Stingray's
management team is greatly encouraged by this new operating cost landscape. 


Mr. Mordaunt explains, "We expect to be sourcing project financing at a time
when commodity prices are stabilizing. With traditional banks hampered by
current economic difficulties, there are new lenders entering the commodities
arena. We see more financial participation from Sovereign Wealth Funds, Private
Equity Firms and Commodity Trading Groups. A viable project with a good return
always attracts attention. 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." 


El Pilar Feasibility Study Update 

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


- Independent Mining Consultants Inc. ("IMC") is finalizing the
Geologic/Resource/Reserve Models 


- Metcon Research Inc. ("Metcon") has prepared the report on Database Quality
Assurance and Quality Control 


- IMC continues to develop 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 which allows for the determination of the final mine plan and
schedule 


- Golder is completing its work to establish the Heap Leach Facility Location
and Design. Samples of column leach residue have tested positively for
percolation and heap stability under the design criteria of 80 meters on the
heap leach pad 


- 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 performed
the following metallurgical testwork: 


-- bottle roll tests (See NR 2008 - 13) 

-- mini-column leach tests 

-- open cycle column leach tests 

-- closed cycle column leach tests

These tests are designed to provide Metallurgical Copper Recovery Estimates,
Sulfuric Acid and Solvent Extraction 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 

- Patricia Aguayo Hurtado Environmental 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 is preparing 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") 


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

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


- Stingray is preparing a Trade Off Study for the Construction of a
Sulfur-Burning Sulfuric Acid Plant with byproduct Power Generation Capability 


- Stingray engineers are calculating Capital and Operating Cost Estimations 

- Stingray is preparing the Financial Evaluation/Modeling and Sensitivity Analysis 

- M3 has recently been engaged (NR 2008 - 14) to review, audit, supplement and
finalize the content of the El Pilar Feasibility Study for completion, April,
2009 


Stingray is pleased to be working with such an experienced group of consultants
and the El Pilar Feasibility Study being prepared by M3 will be a top quality
document that will be acceptable to financial institutions, governments and
regulatory agencies. Stingray's current objective is to develop the El Pilar
project as an open pit, heap leach, SX-EW copper mine that produces cathode
copper. 


Peter Mordaunt, P.Geo is the Qualified Person responsible for the technical
content of this release. 




TSX Symbol:   Common Shares - "SRY"    Issued:  58,725,982 common shares 
              Warrants - "SRY.WT"               20,850,000 warrants 



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.