Stingray Copper Inc.: Starter Pit Area Drill Results Continue to Confirm Oxide Copper at El Pilar, Mexico: Financial News

Stingray Copper Inc.: Starter Pit Area Drill Results Continue to Confirm Oxide Copper at El Pilar, Mexico
Tuesday March 25, 3:05 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--Mar 25, 2008 -- Peter Mordaunt, CEO and Chairman of Stingray Copper Inc. ("Stingray") (Toronto:SRY.TO - News)(Toronto:SRY-WT.TO - News) reports the results of seven new drill holes completed in the Starter Pit Area at the Company's El Pilar copper property located in Sonora, Mexico. These seven holes represent infill drilling completed on Section 9050N in the Starter Pit Area at the north end of the resource that continues to intersect wide intervals of oxidized copper mineralization similar in character to the previous wide spaced (200 meter) drill results completed by former property owner, Noranda Exploracion Mexico S.A. de C.V. (Xstrata Copper). These results continue to confirm that the grades and thicknesses of oxide copper mineralization intersected remain consistent with previous results on adjoining sections and should support the Company's plans for an open pit SX-EW (solvent extraction - electro winning) operation.

The drill core from these seven holes and all subsequent holes completed in the Starter Pit Area have been sent to Metcon Research Inc. ("Metcon") of Tucson for analysis and for the preparation of sample material to be placed in columns for metallurgical testing of the copper mineralization. Metcon is conducting a work program designed to determine and optimize ore characterization, lift height, solution flow rates, copper recoveries and acid consumption. The copper intervals reported in Table 1 reflect approximate true widths and the principal copper mineral intersected at El Pilar is chrysocolla occurring as intrusive fragments in the host conglomerate. All drill core samples reported from the Starter Pit Area have been logged by the Company's staff under the direction of the Company's geologists and are delivered for assaying and metallurgical testwork to Metcon.

 

Table 1: Inferred Mineral Resource In-Fill Drill Results : Starter Pit Area
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Section   Easting       Hole  From (m)      To    Interval      Grade(Total
                                            (m)        (m)         Copper%)
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9050N        1750    S07-139        0     16.2       16.2             0.21
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             1850    S07-140       15     44.6       29.6             0.32
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             1950    S07-141     34.5    130.6       96.1             0.45
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             2050    S07-142     37.5      156      118.5             0.37
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             2150    S07-143     45.4   178.55     133.15             0.32
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             2250    S07-144    157.2    198.4       41.2             0.34
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             2350    S07-145    147.5    191.4       43.9             0.33
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The seven drill holes reported from the Starter Pit Area are posted at the Company's website and a map of these hole locations can be found at the link below or at the Company's website.

http://stingraycopper.com/PressReleases/Starter_Pit_Area_Drill_Hole_Locations.pdf

Stingray has now reported 80 drill holes completed on 14 drill sections from 9200 North to 8200 North. All drill results completed by Stingray in the 2007 and 2008 program are tabled at the company's website and can be found at the link that follows:

http://www.stingraycopper.com/PressReleases/Table.pdf

The in-fill drilling campaign has completed over 130 drill holes on 100 meter drill section spacing continuing to the south and also at 50 meter drill section spacing in the Starter Pit Area. Two drill rigs are testing the oxidized copper mineralization that occurs as a flat lying to gently dipping horizon with vertical, HQ sized drill holes. The NI43-101 compliant inferred mineral resource of 180 million tonnes grading 0.37% total copper calculated at a cutoff of 0.25% total copper is being systematically drilled at minimum 100 meter drill centers along its current 1.2 kilometer length and approximate 400 meter width. The resource is open ended to the south and earlier drilling has outlined adjacent horizons of oxidized copper mineralization at the northwest margin. Stingray expects to update the El Pilar resource later this summer.

Stingray is working to reclassify the inferred mineral resource and develop the El Pilar as an open pit, heap leach, solvent extraction-electrowinning (SX-EW) copper mine. The oxidized copper mineralization as reported, may appear lower in percentage copper than reported by sulphide copper developers and miners, however the capital and operating costs of heap leach, SX-EW operations are significantly lower. Additionally, such SX-EW copper operations produce a readily saleable cathode copper product and not an intermediate concentrate that must be treated by a smelter and refiner.

Stingray is well financed, with more than $20M in the treasury, to carry out the current technical assessment of the El Pilar copper resource. Stingray has added the key, experienced professionals to the engineering team that is busy directing these technical studies. The in-house work required for the Feasibility Study is well underway with all areas advancing as planned.

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

 

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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.