NEWS RELEASE      2008 -02

 

 

STARTER PIT AREA DRILLING

CONFIRMS COPPER GRADES AND THICKNESSES

AT EL PILAR, MEXICO

 

 

February 14, 2008 – Toronto, Ontario, Canada Peter Mordaunt, CEO and Chairman of Stingray Copper Inc. (“Stingray”) states; “These additional holes, completed to infill and expand the Starter Pit Area at the El Pilar Copper Property, 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. With our infill drilling programs nearing completion and the metallurgical program starting, all of our work is leading to the feasibility/technical study scheduled for completion in Q1 of 2009.”

 

Stingray reports the results of six (6) drill holes completed in the Starter Pit Area (See News Release 2007 -16). and four (4) additional drill holes completed at the Company’s El Pilar copper property located in Sonora, Mexico. Six (6) holes represent infill drilling completed on Section 8850N 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). The drill core from these six (6) 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 to determine ore characterization, copper recoveries and acid consumption parameters.

 

The copper intervals reported in Tables 1 & 2 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. Drill core from holes completed outside the Starter Pit Area is split by the Company’s staff under the direction of the Company’s geologists and is delivered for assaying to ALS Chemex, Hermosillo, Sonora, Mexico.

 

 

Table 1:  Inferred Mineral Resource In-Fill Drill Results : Starter Pit Area

 

 

 

 

The six (6) 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

 

 

Table 2:  Inferred Mineral Resource In-Fill Drill Results : Phase 2 Area

 

 

The four (4) holes reported from the Phase 2 Area are advancing the Company’s in-fill drill program progressively to the southwest. Holes S07-71 and S07-79 are drilled in the central section of the copper mineralization. Holes S07-72 and S07-89 delimit the eastern margin of the resource on Sections 8400 North and Section 8200 North respectively. These results continue to confirm results from adjacent holes completed earlier by Noranda Mexico. A map of these drill hole locations can be found at the link below or at the Company’s website;

 

 

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

 

 

Stingray has now reported 65 drill holes completed on 12 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 below.

 

 

http://www.stingraycopper.com/Financials/elpilar_chart.pdf

 

 

The in-fill drilling campaign has completed over 100 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. Three 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. At a lower cut-off of 0.20% total copper, the inferred mineral resource is 237 million tonnes grading 0.33% total copper. The resource is open ended to the south and earlier drilling has outlined adjacent horizons of oxidized copper mineralization (See News Release 2007 -13, Table 2).

 

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 cathode copper product and not an intermediate concentrate that must be treated by a smelter and refiner.

 

 

 

 

Stingray is well financed, with approximately $23M in the treasury, to carry out the current technical assessment of the El Pilar copper resource. Stingray has been able to add the key, experienced professionals needed to the engineering team that is busy directing these technical studies.

 

Exploration to the north of the known resource at the 10 square kilometer El Pilar property is yielding encouraging copper and molybdenum results from recent surface work (See News Release 2007-16). Geological mapping, approximately 2.5 kilometers from the northern limit of the El Pilar resource, at the Arriba Zone, displays a strong fracture system that is oriented in a Northwest-Southeast trend. This trend is parallel to the regional structure that hosts many of the large porphyry copper deposits in Southern Arizona and Northern Sonora. Surface mapping of an area 2200 meters by 400 meters has identified many old workings within three distinct areas where high grade copper and molybdenum were mined historically for direct shipment to local smelters. Veins and silicified disseminations of fractured, acid intrusive rocks reveal malachite, azurite, chrysocolla (copper minerals) and molybdenite (molybdenum mineral). Follow up work in this area will consist of trenching and then diamond drilling of prospective targets.

 

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

 

 

 

 

Website: www.stingraycopper.com

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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.