Viceroy Exploration Ltd.
TSX : VYE

Viceroy Exploration Ltd.

May 15, 2006 10:17 ET

CORRECTION FROM SOURCE: Viceroy Exploration Hits More High Grade Holes at the Ptz. Blanco Zone which Extends Zone to the South

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) -

The following replaces and corrects the release title that was issued on Monday, May 15, 2006. The title should read as follows:

'Viceroy Exploration Hits More High Grade Holes at the Ptz. Blanco Zone which Extends Zone to the South'

Viceroy Exploration Ltd. ("Viceroy" or the "Company") (TSX:VYE) is very pleased to report results of eleven (11) additional reverse circulation drill holes from the current program on its 100%-owned Gualcamayo project in San Juan Province, Argentina. The drilling included exploration holes to test higher grade potential along east-west and north-north-west trending folds and a possible southern extension of the Portezuelo Blanco ("Ptz. Blanco") zone within the main Quebrada del Diablo ("QDD") resource area. Results obtained at the Ptz. Blanco area have confirmed higher grades and the southern extension of this zone.

Highlights of drill results include:

- Hole QDR-271, which intersected 2.11 g/t Au over 60 m from 52 to 112 m, including 3.32 g/t Au over 24 m from 52 to 76m;

- Hole QDR-272, which intersected 1.77 g/t Au over 80 m from 62 to 142 m, including 2.96 g/t Au over 30 m from 70 to 100 m;

- Hole QDR-273, which intersected 1.83 g/t Au over 88 m from 8 to 96m, including 3.51 g/t Au over 28 m from 8 to 36 m and 3.53 g/t Au over 10 m from 68 to 78 m;

- Hole QDR-274, which intersected 1.35 g/t Au over 64 m from 26 to 9 m, including 5.32 g/t Au over 12 m from 36 to 48 m;

- Hole QDR-281, which intersected 2.01 g/t Au over 42 m from surface;

- Hole QDR-282, which intersected 1.30 g/t Au over 56 m from surface, including 2.29 g/t Au over 18 m from 2 to 20 m; and

- Hole QDR-283, which intersected 1.52 g/t Au over 46 m from surface.

Mr. Patrick Downey, President and CEO of Viceroy stated, "The Ptz. Blanco zone now appears to be larger and higher grade than originally thought. A major east-west anti-formal structure along the southern margin of the zone remains open along trend to the west. Additional holes will be planned to assess its higher grade potential and overall geometry which also remains open to the south. Furthermore, this zone may have a separate feeder system than the main QDD deposit and our geology team is modelling this to determine whether we may have another target to drill."



--------------------------------------------------------------------
Azi Inter-
muth Dip Total From To val(1)
Hole Type/ (degr- (degr- Length (met- (met- (met- Au
# Area ees) ees) (meters) ers) ers) ers) (g/t)
--------------------------------------------------------------------
QDR-271 Ptz.
Blanco 180 -70 210.00 52.00 112.00 60.00 2.11
--------------------------------------------------------------------
Incl. 52.00 76.00 24.00 3.32
--------------------------------------------------------------------
QDR-272 Ptz.
Blanco 180 -45 144.00 62.00 142.00 80.00 1.77
--------------------------------------------------------------------
Incl. 70.00 100.00 30.00 2.96
--------------------------------------------------------------------
Incl. 128.00 140.00 12.00 1.61
--------------------------------------------------------------------
QDR-273 Ptz.
Blanco 214 -60 160.00 8.00 96.00 88.00 1.83
--------------------------------------------------------------------
Incl. 8.00 36.00 28.00 3.51
--------------------------------------------------------------------
Incl. 68.00 78.00 10.00 3.53
--------------------------------------------------------------------
118.00 122.00 4.00 1.51
--------------------------------------------------------------------
QDR-274 Ptz.
Blanco 115 -50 120.00 8.00 14.00 6.00 1.06
--------------------------------------------------------------------
26.00 90.00 64.00 1.35
--------------------------------------------------------------------
Incl. 36.00 48.00 12.00 5.32
--------------------------------------------------------------------
104.00 120.00 16.00 0.86
--------------------------------------------------------------------
QDR-275 Ptz.
Blanco NA -90 76.00 0.00 28.00 28.00 1.94
--------------------------------------------------------------------
Incl. 0.00 12.00 12.00 3.87
--------------------------------------------------------------------
QDR-277 Ptz.
Blanco NA -90 84.00 8.00 16.00 8.00 1.27
--------------------------------------------------------------------
QDR-279 Ptz.
Blanco 7 -58 120.00 0.00 14.00 14.00 0.93
--------------------------------------------------------------------
QDR-280 Ptz.
Blanco 67 -52 108.00 0.00 16.00 16.00 0.97
--------------------------------------------------------------------
QDR-281 Ptz.
Blanco 73 -51 108.00 0.00 42.00 42.00 2.01
--------------------------------------------------------------------
Incl. 0.00 36.00 36.00 2.24
--------------------------------------------------------------------
QDR-282 Ptz.
Blanco 14 -64 156.00 0.00 56.00 56.00 1.30
--------------------------------------------------------------------
Incl. 2.00 20.00 18.00 2.29
--------------------------------------------------------------------
QDR-283 Ptz.
Blanco 329 -46 144.00 0.00 46.00 46.00 1.52
--------------------------------------------------------------------
Incl. 0.00 36.00 36.00 1.84
--------------------------------------------------------------------
(1)true width has yet to be determined


Quality Control

Exploration on the Gualcamayo project is being conducted under the supervision of Mr. Rick Diment, P.Geo., the Company's Qualified Person as defined under NI 43-101. All samples were collected in accordance with industry standards. Samples were submitted to Alex Stewart Assayers, Argentina, S.A., in Mendoza, Argentina, for fire assay and ICP analysis. Check assays were submitted to ALS Chemex, an ISO-9001:2000 certified lab, in their Santiago, Chile facility. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.

About Viceroy Exploration Ltd.

Viceroy Exploration Ltd. is a well-financed company focused on the exploration, advancement and development of its 100%-owned Gualcamayo project, in San Juan Province, Argentina.

For more information on the Company and our current exploration progress, visit our website at www.viceroyexploration.com, call us at 604-669-4777, or e-mail us at info@viceroyexploration.com.

Forward-Looking Statements

Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Viceroy Exploration Ltd. Actual results may differ materially from those currently anticipated in such statements.

News Release #2006.12

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