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

• Press Release
• Source: Stingray Copper Inc.
• On 4:37 pm EST, Monday February 9, 2009

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2009) - Stingray Copper Inc. (Stingray) (TSX:SRY - News; TSX:SRY.WT - News) 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."

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Symbol	Price	Change
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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.

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.

Steve Brunelle
Stingray Copper Inc.
Vice President
(416) 368-6240

Peter Mordaunt
Stingray Copper Inc.
CEO & Chairman
(416) 368-6240