Viceroy Exploration Ltd.
OTC Bulletin Board : VCRYF
TSX : VYE

Viceroy Exploration Ltd.

June 21, 2005 20:30 ET

Continued Drilling by Viceroy Expands QDD Zone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 21, 2005) - Viceroy Exploration Ltd. (TSX:VYE)(OTCBB:VCRYF) ("Viceroy" or the "Company"), is pleased to report results from ten additional diamond drill holes from the current program on its 100%-owned Gualcamayo project in San Juan Province, Argentina. This includes five exploration drill holes designed to test the western extension of the main QDD zone. Two infill drill holes in the QDD zone were designed to continue to bring Inferred Resources into the Measured and Indicated category. Three geotechnical holes were completed in preparation for of Feasibility studies scheduled to commence in late 2005.

Highlights include:

- Hole QD-131, which intersected 1.03 g/t Au over 68.60 m, from 0.00 to 68.60 m, including 1.47 g/t Au over 24.00 m;

- Hole QD-132, which intersected 0.77 g/t Au over 169.50 m, from 110.30 to 279.80 m, including 1.43 g/t Au over 61.50 m;

- Hole QD-137, which intersected 1.09 g/t Au over 40.29 m, from 105.06 to 145.35 m, including 1.67 g/t Au over 7.82 m; and

- Hole QD-141, which intersected 0.76 g/t Au over 61.45 m, from 69.95 to 131.40 m, including 1.32 g/t Au over 19.70 m.

The Company is particularly pleased with the results of holes QD-137 and QD-141, which are to the west of the main QDD deposit. These horizontal holes are between 140 and 170 metres higher in elevation than any previous drill holes in this area, and indicate that the mineralized zone remains open to the west. Furthermore, the distance between the mineralized intercepts in holes QD-137 and QD-141 is approximately 120 metres (To view the attached map, please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/vye0621a.pdf). Hole QD-139 was drilled at a positive angle of 28 degrees and again encountered the mineralized structure. The Company believes that these results have the potential to add significantly to the QDD resource, as this area was considered waste within the mine plan completed for the Preliminary Economic Assessment by AMEC Americas Limited in January 2005.

Several additional holes have been drilled in this area and are currently being assayed. However, based on the results of holes QD-137 and QD-141, the Company plans to continue systematic drilling to the west towards Amelia Ines and Magdalena.

Holes QD-134 and QD-135, which were also drilled to the west of the main QDD deposit, were drilled to follow up on hole QD-127 (see News Release #2005.08, dated April 26, 2005). Although these holes did not intercept the target, the Company has identified a fault block in this area and is now drilling a new hole behind hole QD-127 as follow-up.

Results of this drilling are expected in three to four weeks time.

The infill drilling, within the main zone, continues to intercept mineralization consistent with the current resource model.

Holes 132, 134 and 136 are geotechnical holes and were generally drilled away from the main QDD zone. However, ore grade intercepts were encountered in these holes, outside of the main zone. The results will be reviewed in terms of the current model.



--------------------------------------------------------------------
Azi-
muth Dip Total
Hole Type/ (deg- (deg- Length From To Interval Au
# Area rees) rees) (meters) (meters) (meters) (meters) (g/t)
--------------------------------------------------------------------
QD-
129 Infill 50.0 -78.0 143.80 0.00 20.80 20.80 0.56
52.50 57.10 4.60 0.91
90.30 95.60 5.30 0.57
--------------------------------------------------------------------
QD-
131 Infill 21.0 28.0 68.60 0.00 68.60 68.60 1.03
Incl. 24.95 48.95 24.00 1.47
--------------------------------------------------------------------
QD-
132 Geotech 240.0 -65.0 279.80(1) 110.30 279.80 169.50 0.77
Incl. (QDD
Main) 218.30 279.80 61.50 1.43
--------------------------------------------------------------------
QD-
133 QDD
west 219.0 5.0 191.20 96.60 99.80 3.20 0.71
--------------------------------------------------------------------
QD-
134 Geotech 160.5 -55.0 349.00 4.00 16.00 12.00 1.07
(QDD
Main) 128.80 165.90 37.10 0.50
216.80 220.80 4.00 0.80
--------------------------------------------------------------------
QD-
135 QDD
West 210.0 32.0 243.70 23.00 27.00 4.00 0.56
--------------------------------------------------------------------
QD-
136 Geotech 130.0 -62.0 310.55 30.00 153.30 123.30 0.68
(QDD
Main) 106.38 150.10 43.72 1.04
117.00 135.40 18.40 1.43
--------------------------------------------------------------------
QD-
137 QDD
West 203.0 -3.0 194.00 105.06 145.35 40.29 1.09
Incl. 119.18 127.00 7.82 1.67
--------------------------------------------------------------------
QD-
139 QDD
West 204.0 28.0 176.55 94.78 98.85 4.07 0.78
123.45 141.35 17.90 0.72
--------------------------------------------------------------------
QD-
141 QDD
West 210.0 -1.0 138.70 69.95 131.40 61.45 0.76
Incl. 93.60 113.30 19.70 1.32
--------------------------------------------------------------------
(1) hole lost in karst cavity


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. Drill core 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 and advancement of its 100%-owned Gualcamayo project, in San Juan Province, Argentina. As stated in News Release #2004.21, dated Nov. 11, 2004, the main resource lies within the QDD zone and the most recent resource estimate includes a measured and indicated resource of 37.1 million tonnes of 1.04 g/t Au (1.2 million ounces) using a cutoff grade of 0.5 g/t Au. An additional 11.3 million tonnes of 1.20 g/t Au (435,000 ounces) are classified as inferred. The nearby Amelia Ines deposit is estimated to contain a measured and indicated resource of 2.1 million tonnes of 2.82 g/t Au (192,000 ounces), also using a 0.5 g/t Au cutoff. The combined inferred resources for Amelia Ines and the adjacent Magdalena deposit amount to 2.9 million tonnes of 1.88 g/t Au (176,000 ounces).

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 #2005.12


TSX does not accept responsibility for the adequacy or accuracy of this release.

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