Stingray Resources Inc.
TSX VENTURE : SRY

Stingray Resources Inc.

April 17, 2007 13:27 ET

Stingray Receives Receipt for Final Short Form Prospectus

TORONTO, ONTARIO--(CCNMatthews - April 17, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Stingray Resources Inc. ("Stingray")(TSX VENTURE:SRY) has received a receipt for a Final Short Form Prospectus filed with certain securities regulatory authorities in Canada related to an offering of up to a maximum of 41,700,000 units priced at $1.20 per unit for gross proceeds to Stingray of $50,040,000. Each unit consists of one common share of Stingray and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share of Stingray at a price of $1.80 at any time for a period of two years. The units are offered by a syndicate co-led by Canaccord Capital Corporation and GMP Securities L.P., and also including Westwind Partners Inc.

Stingray plans to use the net proceeds from the equity offering to fund:



- The balance of the purchase price of Noranda Exploracion Mexico S.A. de
C.V. ("Normex"), a subsidiary of Xstrata plc., that owns 100% of the El
Pilar Copper Property (US $17.75 million),
- The exploration costs relating to the El Pilar Copper Property, and
- The balance for working capital.


Stingray retained Gary Woods P. Geo to prepare a technical report in accordance with the requirements of National Instrument 43-101 with respect to the El Pilar Project. The Woods report as amended at April 9, 2007 has been filed at the SEDAR website at www.sedar.com and also at the Company's website: www.stingrayresources.com.

Completion of the Offering, which remains subject to receipt by Stingray of all necessary regulatory approvals, is expected to occur on or about April 24, 2007.

This press release is not an offer to sell or the solicitation of an offer to buy units, nor shall there be any sale of units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The units being offered have not been, nor will they be, registered under the United States Securities Act of 1993, as amended, and such units may not be offered or sold within the United States or to, or for the account or benefit of, U.S., persons absent registration or an applicable exemption from U.S. registration requirements.

Issued: 12,806,330 common shares.



Steve Brunelle Peter Mordaunt
Vice President President & Chairman


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 ACCURANCY OF THIS NEWS RELEASE.

Contact Information