Stingray Resources Inc.
TSX VENTURE : SRY
TSX VENTURE : SRY.WT

Stingray Resources Inc.

April 30, 2007 09:19 ET

Stingray Purchases Noranda Mexico from Xstrata

TORONTO, ONTARIO--(CCNMatthews - April 27, 2007) - Stingray Resources Inc. (TSX VENTURE:SRY)(TSX VENTURE:SRY.WT)("Stingray" or the "Company") is pleased to announce that it has completed the purchase of all of the outstanding shares of Noranda Exploracion Mexico S.A. de C.V. ("Normex"), the owner of the El Pilar oxide copper project located in Sonora, Mexico (See Stingray News Release 2006-01). Part of the proceeds from the recently completed financing totaling approximately $50 million were used to fund the remaining US$17.75 million payable to Xstrata Copper ("Xstrata"). Peter Mordaunt President and Chairman of Stingray states, "With the financing and purchase of Normex now completed, Stingray is in position to start working in earnest at the El Pilar Property. We expect to aggressively advance the necessary work leading up to a feasibility study. We look forward to the challenge ahead!"

TERMS OF THE TRANSACTION:

The terms of the transaction required Stingray to make 2 cash payments to Xstrata totaling $US 20 million and the issuance to Xstrata of 2 tranches of Stingray common shares;

- 5% of the outstanding shares at the conclusion of the Stingray financing (See News Release 2007-05) plus, an additional 5% of the outstanding shares upon delivery of a feasibility study,

- a sliding scale Metal Sales Royalty ("MSR") starting at 1% for an accumulated resource up to 3 billion pounds of copper equivalent rising to a maximum of 3% MSR for more than 5 billion pounds,

- a 50% Back-In Right provision for Xstrata in the event that more than 5 billion pounds of accumulated copper equivalent resources (measured and indicated) and reserve (proven and probable) is calculated on the El Pilar property,

- No finders fees are payable on the transaction.

THE EL PILAR COPPER PROPERTY:

The El Pilar Property is located in north-central Sonora, roughly fifteen (15) kilometres south of the Arizona/Sonora border. The property is situated in the highly productive/prospective, Sonora-Arizona Porphyry Copper Province which hosts numerous copper deposits ranging from the Cananea Copper Mine (7.1 billion tonnes @ 0.42% copper) in the south through to central Arizona where the Morenci Copper Mine of Phelps Dodge Corp. is located (4.7 billion tonnes @ 0.52% copper). This copper trend accounts for the second largest concentration of porphyry copper deposits in the world where mining for copper has been continuous for over 100 years. El Pilar lies 45 kilometres northwest of the Cananea Copper Mine of Grupo Mexico, the largest porphyry copper deposit in Mexico and one of the largest in the world. The El Pilar Property consists of concessions that total 6324 hectares in fifteen claim blocks located in the middle of this prolific copper trend.

FUTURE WORK PROGRAM

In addition to drilling, the Company will be focused on detailed metallurgical test work at the El Pilar Property. Metallurgical test work to date is of a preliminary nature and much more metallurgical testing is required in order to provide information needed to predict the metallurgical characteristics of the mineralization and simulate a commercial operation. Stingray's objective is to complete a feasibility study on the El Pilar Property to determine the economic viability of building an oxide copper mine.

OPTIONS GRANTED TO MANAGEMENT TEAM

Subsequent to Stingray's closing of the transaction with Xstrata, the Board of Directors have approved the granting of 1,615,000 stock options at an exercise price of $1.20 and having a term of 5 years to certain executives, employees and consultants of the Company.

Peter Mordaunt, P Geo. is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the news release.



TSX Venture Symbol: Common Shares - "SRY" Issued: 54,506,330 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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

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