Stingray Stakes 'Elephant 8' Mining District in Mexico

NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: STINGRAY RESOURCES INC. TSX VENTURE SYMBOL: SRY MAY 17, 2004 - 11:09 ET Stingray Stakes 'Elephant 8' Mining District in Mexico TORONTO, ONTARIO--(CCNMatthews - May 17, 2004) - "NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION INTO THE UNITED STATES" Stingray Resources Inc. announces today that it has staked a large Exploration Concession named the Elephant 8 in the State of Chihuahua straddling the Sonora border in Mexico. The total surface area within Elephant 8 is just over 37,000 hectares which represents a large area that is approximately 25 kilometers east/west by 15 kilometers north/south (see map). This concession is located roughly 60 kilometers from the town of Alamos in Sonora and can be accessed by 4 wheel drive. The staking of this area has been the product of many months of sleuthing in a favorable trend that the Company is focused upon. Peter Mordaunt, P Geo., Chairman and President of Stingray States: "The Elephant 8 property represents a near perfect scenario for our Company whereby a significant land position was staked that reveals several key ingredients we perceive as necessary for the discovery of a gold/silver deposit in Mexico." Specifically, this area is host to many old gold and silver mines where exploration has been limited and confined to mining mostly by small open cuts on surface in the 18th (1700's) and 19th (1800's) century by Spanish colonial miners. Since this time, the area has not been the focus of any surface or underground exploration of any significance. In addition, several persistent structures crosscut the Elephant 8 property and host the gold and silver found in these early mining operations. The structural orientation and host rocks for the precious metal mineralization appear to be in a favorable geological environment with similarities to other precious metal deposits in the Sierras. Historically, this area is reported to host twenty mineralized structures that are recognized in four distinct old mining districts. Although past work focused on high grade veins with gold and silver, the Company believes that this area also represents several good target areas for disseminated types of precious metal deposits. The last known, small scale mining/exploration in the area was conducted in the 1920's, moreover, this area until recently was difficult to work given a multitude of small concession owners that were all under-capitalized. Stingray believes this is the first time the land package has been consolidated by a company that will embark on a significant exploration campaign. The last significant mine to close in this region was 15 kilometers to the southeast of the Elephant 8 in the Palmarejo District in 1920, just before the Mexican Revolution. Stingray has initiated field work on this large concession and will focus on methodically locating, sampling and mapping all gold and silver bearing structures. The work will be ongoing for many months as the targets are evaluated for drilling and preliminary determination of their economic viability. The Company will also be continuing to review other areas in Mexico for similar opportunities. Stingray Resources Inc. is a Canadian explorer for gold and silver in Mexico with a management that has many years of experience in the country. Stingray is a well funded company listed on the TSX Venture Exchange. 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 silver and gold 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. NOTE: Detailed Elevation Map (1:500,000) of the Elephant 8 Concession is available on the company's website, www.stingrayresources.com -30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Stingray Resources Inc.
Steve Brunelle
Vice President
(416) 368-6240
Email: stingray@on.aibn.com
Website: www.stingrayresources.com
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