Viceroy Exploration Ltd.

Viceroy Exploration Ltd.

March 29, 2006 19:54 ET

Viceroy Hits Best Ever Intersection in QDD Main Zone with 5.22 g/t Au Over 54 m Near Surface

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - Viceroy Exploration Ltd. ("Viceroy" or the "Company") (TSX:VYE), is very pleased to report results of five (5) additional diamond and reverse circulation drill holes from the current program on its 100%-owned Gualcamayo project in San Juan Province, Argentina. The drilling included infill on the main Quebrada del Diablo ("QDD") zone and exploration holes to test a potential eastern extension of the Portezuelo Blanco ("Ptz. Blanco") zone at QDD. Results obtained at the Ptz. Blanco area, where four holes (QDR-244, QDR-245, QDR-247 and QDR-248) were drilled, have confirmed the eastern extension of this zone.

Hole QDR-248 returned the best ever intercept on the property including 5.22 g/t Au over 54 m near surface. In addition, all four holes intercepted a thick high-grade zone on the eastern flank of Ptz. Blanco. A high-grade zone was first intercepted at Ptz. Blanco by hole QDR-196 which returned 9.18 g/t Au over 26 m (see News Release #2005.18, dated November 8, 2005). The second zone now appears to be thicker and further to the east. These holes will expand the eastern portion of the QDD zone and are of significantly higher-grade than the existing model.

Mr. Patrick Downey, President and CEO of Viceroy, stated, "We are very pleased with these latest drilling results. The Ptz. Blanco zone now appears to be larger and of higher grade. Furthermore, it is open to the east. This zone has a significant impact on project economics as it is near surface and contains the best grade to date. We plan to continue to explore this area as well as several other areas still open on the main QDD zone."

Highlights of drill results include:

- Hole QDR-232, which intersected 1.82 g/t Au over 54 m, from surface, including 2.80 g/t Au over 28 m from surface;

- Hole QDR-244, which intersected 2.74 g/t Au over 56 m from surface, including 3.42 g/t Au over 34 m from 4 to 38 m;

- Hole QDR-245, which intersected 2.77 g/t Au over 66 m from surface, including 4.01 g/t Au over 22 m from 16 to 38 m;

- Hole QDR-247, which intersected 1.59 g/t Au over 64 m from 4 to 68 m, including 3.67 g/t Au over 18 m from 18 to 36 m; and

- Hole QDR-248, which intersected 3.76 g/t Au over 84 m from 8 to 92 m, including 5.22 g/t Au over 54 m from 18 to 72 m.

Hole QDR-232 was drilled as an infill hole in Ptz. Belgrano and confirms that there is a higher-grade near surface zone at this area. This zone is also planned for early mining in the proposed mine plan.

Based on these results, the Company will delay updating the resource estimate until this recent drill data can be included. Ptz. Blanco is the zone scheduled for initial mining in the proposed mine plan. Therefore, the Company believes that the extent and grade of this zone should be better determined before completion of the revised resource estimate and ongoing Preliminary Economic Assessment update. The Company also plans to drill some additional holes to further determine the extent of the Ptz. Blanco mineralized area.

Azi- Total Inter-
muth Dip Length From To val
(degr- (degr- (met- (met- (met- (met- Au
Hole # Type/Area ees) ees) ers) ers) ers) ers) (g/t)
QDR-232 Ptz.
Belgrano 270 -43 143 0.00 54.00 54.00 1.82
Incl. 0.00 28.00 28.00 2.80
QDR-244 Ptz.
Blanco 64 -65 100 0.00 56.00 56.00 2.74
Incl. 4.00 38.00 34.00 3.42
Incl. 18.00 34.00 16.00 5.60
QDR-245 Ptz.
Blanco 35 -56 100 0.00 66.00 66.00 2.77
Incl. 16.00 38.00 22.00 4.01
and 80.00 86.00 6.00 1.01
QDR-247 Ptz.
Blanco 150 -50 108 4.00 68.00 64.00 1.59
Incl. 18.00 36.00 18.00 3.67
QDR-248 Ptz.
Blanco 244 -75 162 8.00 92.00 84.00 3.76
Incl. 18.00 72.00 54.00 5.22

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, call us at 604-669-4777, or e-mail us at

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.

To view the accompanying map, please click on the following link:

News Release #2006.08

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