Mexican Mining

[Ed Monton]

STINGRAY RESOURCES INC.

TSX VENTURE SYMBOL: SRY

DECEMBER 18, 2003 - 17:25 ET

Stingray Completes Financing

TORONTO, ONTARIO--Peter Mordaunt President of Stingray Resources
Inc., is pleased to announce that the Company has completed a
private placement with Canaccord Capital Corporation and GMP
Securities Ltd. (the "Agents") acting as co-agents.

The aggregate gross proceeds of the Offering was C$ 7.0 million
from the sale of 7 million units (the "Units'). Each Unit was
priced at C$1.00 and consisted of one common share and one half a
share purchase warrant. Each whole warrant is exercisable for 24
months into a common share at a price of C$1.50.

Stingray has filed with regulatory authorities a current Annual
Information Form pursuant to Multilateral Instrument 45-102 and
all Units are subject to a four month hold period in Canada.
Units were offered by way of private placement exemption in
certain provinces of Canada, and in the United States on a
private placement basis pursuant to an exemption from the
registration requirements of the United States Securities Act of
1933, as amended.

The Company will pay a 6.5% commission to the Agents and issue
warrants equal to 6.5% of the Units issued pursuant to the
Offering. Each warrant will be exercisable to acquire a common
share at the Unit price of C$1.00 for a period of 12 months.

Stingray Resources Inc. is actively exploring for precious metals
in northwestern Mexico at its El Indio Property in Chihuahua
State.

"Steve Brunelle"

Steve Brunelle

Vice President

"NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION INTO THE UNITED STATES"

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Steve Brunelle
Vice President
[phone]
or
Stingray Resources Inc.
55 University Avenue, Suite 910
Toronto, Ontario, Canada M5J 2H7
[phone]
[phone] (FAX)
[e-mail]
www.stingrayresources.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
REPONSIBILITY FOR THE ADEQUACY OR ACCURANCY OF THIS NEWS RELEASE.



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