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The El Pilar property is 100% owned by Stingray de Cobre and is located in north central Sonora roughly fifteen (15) kilometres south of the international border with the United States.  The property is situated in a highly prospective belt of porphyry copper deposits ranging from La Caridad in the south through to central Arizona. This belt 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 kilometers 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 7168 hectares in seventeen concessions located in the middle of this prolific copper trend.

December 21, 2010 - Mercator Minerals Ltd and Stingray Copper Inc. are pleased to announce the completion of their previously announced business combination. The Transaction was completed via a plan of arrangement that was approved by the shareholders of Stingray on December 11, 2009 and received court approval on December 18, 2009.  Stingray is now a wholly owned subsidiary of Mercator.  "The addition of Stingray's El Pilar copper project to Mercator's development pipeline has strengthened the company's organic growth profile while substantially increasing copper leverage, with a +113% increase in copper reserves and +141% increase in total copper resources", said Michael Surratt, President and CEO of Mercator. "We can now focus on delivering our planned Mineral Park Phase II expansion in 2010 while commencing the development plan for El Pilar."

The Transaction was approved by 99.9% of the eligible votes cast at the meeting of the Stingray shareholders, representing 64% of Stingray's outstanding shares that were eligible to vote. Pursuant to the plan of arrangement each Stingray shareholder has received 0.25 Mercator shares. All outstanding options to acquire common shares of Stingray have been exchanged for Mercator options to purchase 0.25 of one Mercator share in lieu of one Stingray option. Mercator also welcomes former Stingray director Joseph Keane to the board of directors.

The TSX will disseminate a notice announcing the delisting of Stingray shares when the TSX deems appropriate.  Transaction Highlights:

- El Pilar is an advanced SX-EW copper development asset in Sonora, Mexico with a recently completed Definitive Feasibility Study and robust economics based on US$2.25/lb copper
- After tax IRR of 25.3% (33.6% before tax)
- After tax NPV10% of US$184M (US$289M before tax)
- Forecast 14 year life of mine with total cathode copper production of 956 million lbs
- Increased leverage to copper with a +113% increase in copper reserves and a +141% increase in total copper resources.
- Sustained pipeline of expansion and project development with Mineral Park Phase II steady-state production coinciding with El Pilar development.
- Asset diversification in an established mining friendly jurisdiction.

August 17, 2009 - Stingray Copper Inc. is pleased to announce that it has awarded a contract to Aker Chemetics, a division of Aker Solutions Canada Inc., for the Full Basic Engineering of a Co-Generating Plant producing both sulfuric acid and electricity. The Co-Gen Plant will produce superheated high pressure steam to be used in a turbo-generator resulting in approximately ten megawatts of electrical power. In addition, this plant will be capable of producing 750 tonne per day ("tpd") of sulfuric acid. This work was a recommendation in the April 2009, El Pilar Feasibility Study completed by M3 Engineering and Technology Corporation and detailed in News Release 2009-02. Both the power and sulfuric acid outputs are 25% larger than was contemplated in the Feasiblity Study previously mentioned and should assist in driving down cash costs per pound of copper produced while also de-risking the project.
The size of the Co-Gen Plant is being increased to supply 100% of sulfuric acid requirements for the El Pilar operation as identified in the Study. The plant sizing as per the Study would have required Stingray to purchase additional sulfuric acid from third party markets to augment the acid plant production originally designed for 600 tpd. The 25% increase in plant size is expected to provide additional operating cost advantages by lowering overall acid costs and decreasing power costs as well as avoiding the risks of spot acid price volatility experienced in recent years. Decreasing power and sulfuric acid costs for the El Pilar project will result in less risk for two of the largest inputs for the Solvent Extraction-ElectroWinning copper operation. The primary input for the Co-Gen Plant is liquid molten sulfur that is readily available from several sources, but particularly in the Texas gulf coast as a by-product of sour gas production wells. Stingray's market investigations have indicated steady, reliable sources of sulfur can be railed directly to the El Pilar site. Stingray is anticipating that the increased size of Co-Gen Plant can be completed without a significant cost increase from the estimate included in the Study. Aker Chemetics is expected to complete their work prior to the year end. Although this Plant is slated for construction in Mexico, it will adhere to the highest industry standards by meeting or exceeding EPA and OSHA Standards.
Aker Chemetics is a world leader in executing advanced technology-based engineering and construction projects for mining and mineral-processing companies. They provide technologies that are offered on a worldwide basis to customers in the form of engineered systems, proprietary and nonproprietary equipment, as well as fully erected systems and plants. Aker Chemetics' expertise encompasses all of the required engineering disciplines and project execution skills for the Co-Gen Plant Full Basic Engineering work they will be providing.
Stingray is actively pursuing project financing alternatives while continuing to develop the El Pilar project for future mine construction. Basic engineering is also underway in several other areas of the project. The company is well funded with roughly $15.5 million in working capital.April 24, 2007 - On April 24, 2007, Stingray Resources Inc. completed a prospectus offering of 41,700,000 units for aggregate proceeds of $50,040,000. The offering was co-led by Canaccord Capital Corporation and GMP Securities LP and included Westwind Partners Inc. as the agents. The proceeds from the sale of the units were used to fund the remaining $17.75 million US payable to Xstrata Copper for the purchase of all of the outstanding shares of Noranda Exploracion Mexico S.A. de C.V., the owner of the El Pilar oxide copper project located in Sonora, Mexico.