Stingray Copper Inc.
TSX : SRY

Stingray Copper Inc.

July 13, 2009 11:57 ET

Stingray Files Environmental Impact Study for El Pilar Copper Property, Sonora, Mexico

TORONTO, ONTARIO--(Marketwire - July 13, 2009) - Stingray Copper Inc. (TSX:SRY)("Stingray" or the "Corporation") is pleased to announce that it has filed at SEMARNAT (Ministry of Environment and Natural Resources) the Manifest of Environmental Impact ("MIA") for the Corporation's 100% owned El Pilar oxide copper project in Sonora, Mexico. As advised by SEMARNAT, the MIA includes as an annex the Risk Analysis. The Risk Analysis was prepared using internationally recognized methodologies. Also included in the MIA were the Land Use and Construction permit from the Santa Cruz, Sonora municipality and the Archeological Release from the National Institute of Archeology and History ("INAH"). Last year INAH performed a week long investigation in the El Pilar area and the immediate region. Based on the positive results of the Environmental Study and the Risk Analysis, Stingray and their expert consultant, Patricia Aguayo anticipate the studies being accepted and approved in the normal course of government review.

The third step in the environmental permitting process, the Change of Land Use is under preparation and will be filed as soon as the MIA is approved. By law, SEMARNAT has a maximum of 90 days to approve or respond to the filing. Otherwise, the MIA is automatically approved.

At the Corporation's recently held Annual General Meeting ("AGM"), shareholders re-elected management's nominees for the Board of Directors for the 2010 fiscal year. The following seven directors were elected; Peter Mordaunt, Steve Brunelle, Michel Blouin, William Faust, Joseph Keane, Richard McRae and Mackenzie Watson. The Board has reappointed Peter Mordaunt as Chairman of the Board and CEO, Steve Brunelle as Vice President and Corporate Secretary, Edward Badida as CFO and Ricardo Cornejo as VP Operations. In addition, the Board of Directors granted to employees, officers and directors a total of 700,000 options as per the terms of the Corporation's Stock Option Plan.

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

Stingray Website: www.stingraycopper.com

TSX Symbol: Common Shares - "SRY"

Issued: 58,725,982 common shares

Forward Looking Statements:

Certain statements contained in this news release, including those regarding production, costs, timing of permitting, construction or production, future financial or operating performance and other statements that express management's expectations or estimates of future performance constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. Information concerning the interpretation of mineral resource and reserve estimates and capital cost estimates may also be deemed as forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present and how much capital will be required if and when a project is actually developed. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Corporation cautions the reader that these statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: general business and economic conditions; the supply and demand for, deliveries of, and the level and volatility of prices of copper as well as petroleum products; the timing of the receipt of regulatory and governmental approvals for the Corporation's development project and other operations; the availability of financing for the Corporation's development project on reasonable terms; Stingray's estimation of its costs of production, its expected production and its productivity levels, as well as those of its competitors; power prices; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the ability to attract
and retain skilled staff; engineering and construction timetables and capital costs for Stingray's development project; market competition; the accuracy of our resource estimate (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which it is based; tax benefits and tax rates; the Corporation's ongoing relations with its employees, its business partners and joint venture partners and the local communities. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in commodity prices and, particularly, copper prices, access to skilled mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR. Other assumptions are also more fully described in the Study.

The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base their decisions on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward- looking statements contained in this news release. Moreover, these forward-looking statements may not be suitable for establishing strategic priorities and objectives, future strategies or actions, financial objectives and projections other than those mentioned above.

Contact Information

  • Stingray Copper Inc.
    Steve Brunelle
    Vice President
    (416) 368-6240
    or
    Stingray Copper Inc.
    Peter Mordaunt
    CEO & Chairman
    (416) 368-6240