Stingray Copper Inc
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		Close 2008-11-25			C$ 0.17
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Stingray's El Pilar feasibility study well under way

2008-11-26 11:36 ET - News Release

Mr. Peter Mordaunt reports

STINGRAY CORPORATE UPDATE; STRONG FINANCIAL CONDITION FEASIBILITY STUDY ON TRACK AT EL PILAR COPPER PROJECT

Stingray Copper Inc.'s corporate objective is on schedule and well financed. Stingray Copper's chief executive officer, Peter Mordaunt, reports, "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 31 cents of cash per Stingray common share. The El Pilar feasibility study is well advanced with both Stingray engineers and third party consultants working toward completion of their contributions to the study. Stingray has already financed the majority of the feasibility study work. M3 Engineering & Technology Corp. 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 sulphuric acid. The spot price of this commodity as reported by the research firm PentaSul has declined from a high of $650 (U.S.) per tonne to an October price of $150 (U.S.) 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. 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 versus company mining fleet.

• Golder Associates Inc. 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 metres on the heap leach pad.

• Metcon has completed the preparation of five composite samples representative of the mine schedule (year 1, year 2, year 3, years 4 to 6, years 7 to 9), and performed the following metallurgical testwork -- bottle roll tests, mini-column leach tests, open cycle column leach tests and closed cycle column leach tests.

These tests are designed to provide metallurgical copper recovery estimates, sulphuric 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 has completed environmental baseline reports, socio-economic studies and is 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 sulphuric acid and related costs for delivery.

• Stingray is preparing a trade-off study for the construction of a sulphur-burning sulphuric acid plant with byproduct power generation capability.

• Stingray engineers are calculating capital and operating cost estimations.

• Stingray is preparing the financial evaluation/modelling and sensitivity analysis.

• M3 has recently been engaged 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.

Mr. Mordaunt, PGeo, is the qualified person responsible for the technical content of this release.