Stingray Completes Financing

NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: 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
(416) 368-6240

or

Stingray Resources Inc.
55 University Avenue, Suite 910
Toronto, Ontario, Canada M5J 2H7
(416) 368-6240
(416) 368-7141 (FAX)
stingray@on.aibn.com
www.stingrayresources.com
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