Peter Mordaunt, Chairman and CEO of Stingray Copper Inc. ("Stingray")(TSX:SRY)(TSX:SRY.WT) is pleased to report that M3 Engineering and Technology Corporation ("M3") of Tucson, Arizona has been engaged to complete the El Pilar oxide copper project "Feasibility Study" as scheduled for the end of Q1 2009. Stingray's scope of engineering for the El Pilar is defined as an Open Pit, Heap Leach, SX-EW (Solvent Extraction-Electrowinning) copper project with proposed capacity of 35,000 tonnes per year of cathode copper. Stingray is currently working on an Internal Technical Study including third party contractors and engineers that will form the basis of the M3 Feasibility Study.
M3 is a full service design, engineering and construction management firm with offices and staff in Arizona and Mexico. M3 has significant experience that is relevant to the El Pilar project, as M3 has been the author of several copper project feasibility studies in Mexico and the Southwest USA as well as being the Project Manager providing Engineering, Procurement and Construction Management ("EPCM") Services. M3 has participated in, designed, built and or operated more than 25 SX-EW plants in the past 10 years primarily in Mexico and the Southwest USA. With a full service office in Hermosillo, M3 has completed more studies and EPCM contracts related to mining in northern Mexico than any other engineering firm.
Stingray and its technical team under the direction of Mr. Ricardo Cornejo, Vice President of Operations are preparing an "Internal Technical Study" that is assessing the technical and financial viability of the El Pilar oxide copper project, viewed as an open pit, SX-EW operation. Stingray has engaged several third party consultants and engineers to provide their expertise for contribution to this study;
- Independent Mining Consultants, Inc. ("IMC") to act as the Qualified Person ("QP") for the geological model, the resource and reserve estimates, the mine plan and the mining schedule
- Golder Associates Inc. to act as the QP and complete a geotechnical assessment and determine pit slopes for the open pit and to design the heap leach facility
- Metcon Research Inc. to act as the QP and provide the QA/QC report on Stingray's El Pilar drilling data base and to complete the metallurgical test program designed to establish the copper recoveries and sulfuric acid consumption specific to the El Pilar copper mineralization
- Patricia Aguayo Hurtado, Environmental Consultant, to act as the QP and prepare the El Pilar Baseline Environmental Study, the Socio-Economic Study and the preparation of the MIA (Environmental Impact Study) for submission to government
- Dr. Miguel Rangel of IDEAS to act as the QP and prepare the Hydrological Report to assess, determine and apply for necessary water for the project
- CFE (Mexican Power Authority) for cost quotes for the delivery of available power to the project
- SNC Fenco and Haldore Topsoe, both independent engineering and construction firms that build sulfuric acid generation plants for cost estimates for the design, engineering and construction of a plant suitable to meet the El Pilar project requirements.
M3 will utilize the Stingray "Internal Technical Study" as the basis for the Feasibility Study. M3 acknowledges the quality of the underlying contributors to Stingray's Internal Technical Study and will prepare a quality Feasibility Study in an efficient and cost effective manner. M3 will be responsible for the overview of all aspects of work included in the Feasibility Study. The third party consultants will be the QP in their specific areas of expertise, with M3 being the overall QP for the Feasibility Study including authoring the 43-101 regulatory compliant study. Stingray will be the beneficiary of the vast experience M3 has gained completing the several recent feasibility studies on copper projects in the region.
The engagement of M3 is consistent with Stingray's philosophy of utilizing the best qualified expertise for the development of the El Pilar project. Chairman, Peter Mordaunt states, "I am confident that M3, working with the many talented consultants and our in-house technical team, will produce a high quality Feasibility Study that will be acceptable to financial institutions, governments and regulatory agencies." The Feasibility Study is scheduled for completion at the end of Q1 2009 and will be the cornerstone for project financing, permitting, planning and construction of a mine at El Pilar.
Stingray is well financed, with approximately $18M in the treasury, to carry out the current work on the technical/feasibility study of El Pilar scheduled for completion in Q1 of 2009. M3 and Stingray's experienced engineering team are working along with several third party consultants to complete the necessary work for the study.
Peter Mordaunt, P.Geo is the Qualified Person responsible for the technical content of this release.
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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.
SOURCE: Stingray Copper Inc.
Stingray Copper Inc. Steve Brunelle Vice President (416) 368-6240 Stingray Copper Inc. Peter Mordaunt CEO & Chairman (416) 368-6240