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

Viceroy Exploration Ltd.

September 19, 2005 08:36 ET

Viceroy Reports Results from its Regional Exploration Program at Gualcamayo

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 19, 2005) - Viceroy Exploration Ltd. (TSX:VYE)(OTCBB:VCRYF) (the "Company") is pleased to report results from the ongoing regional exploration of its extensive property position in San Juan and La Rioja Provinces of Argentina. This work is in addition to the ongoing drill investigation of the Quebrada del Diablo ("QDD"), Amelia Ines and Magdalena deposits which, as of the most recent resource estimate of November 2004, contain 1.43 million ounces of Measured and Indicated resources and a further 611,000 ounces of inferred resources.

The discovery of Carlin style gold mineralization at the QDD deposit led to the initiation of a regional exploration program focused on locating similar deposits. The presence of favorable stratigraphic and structural traps are key to the formation of additional deposits. Geological mapping and silt and rock sampling are being used to identify potential buried deposits that may be expressed through the leakage of Au and other path finder indicators along structures. The Company is particularly encouraged by the presence of significant gold mineralization over an extensive range of the stratigraphic column. Positive results have been obtained from Salamanca to the North West of QDD and the following zones within the main Gualcamayo land holdings - Pirrotina Norte/Pirrotina, Mina San Jose, Quebrada Perdida and Quebrada Finada areas (see Figure 1 attached). These areas lie along an East-West structural corridor that incorporates the main QDD zones and extends for more than 20km. The strong East-West structural control to gold is similar to the structures recognized at QDD. A detailed aeromagnetic survey anticipated to commence shortly will assist in defining structural trends, identifying buried intrusives and magnetic mineralization.

SALAMANCA

A thorough review of the Salamanca target, including the historical drilling records and new sampling and geological mapping, indicates a structurally controlled target with a minimum strike length of 1100 meters. Gold values from historical drill holes by Viceroy Resources Corporation include 36.4 m of 2.15 gpt (S96-4), 41 m of 1.8 gpt (S97-3) and 69.9 m of 1.8 gpt (S97-5) (see Figure 2 attached). Gold-bearing mineralization is hosted in Tertiary age clastic sediments and Paleozoic carbonates that are in contact along a thrust fault. Mapping and drill hole data indicate that the clastic sediments underlying the carbonates are the preferred host. With this model as a guide, the strike length and depth of the mineralized zone will be further tested by a minimum of four drill holes planned for this fall upon completion of road and drill pad construction.

PIRROTINA AND PIRROTINA NORTE

Mapping and sampling in the Pirrotina and Pirrotina Norte target areas have returned encouraging values and identified an extensive alteration system within Trapiche clastic sediments which overlie the favorable San Juan carbonates that host the QDD deposit. In the Pirrotina Norte target massive pyrrhotite mineralization in outcrop and boulders have returned values of 2.6 g/t Au and 2.9 g/t Au and have associated metals that are indicative of a reduced skarn type of gold deposit. Table 1 below and Figure 3 (attached) indicate the significant values returned from this area. The upcoming airborne magnetic survey should assist in defining drill targets on this mineralization. The location is accessible for drilling with only limited road building required.



Table 1

Sample # UTM E UTM N Au ppb(i) Type
------------------------------------------------------
17-1525 2532216 6715011 2960 rock
43-0400 2532173 6715101 1200 rock
17-1347 2532258 6715205 1480 float
17-1348 2532197 6715012 990 rock
17-1294 2532293 6715025 2560 float
45-173 2532491 6715085 2450 rock
45-167 2532255 6714590 3320 rock
17-1676 2532217 6715015 1580 rock

(i) 1000ppb equals 1 g/t


MINA SAN JOSE

At the Mina San Jose target gold values as high as 27.4 gpt and 10.3 gpt have been obtained from east-west striking fractures and shear zones cutting clastic sediments and porphyry. Recent mapping and sampling (see Table 2 below and Figure 4 attached) indicate that the gold-bearing structures occur within an area that is at least 400 m by 200 m. The Company is awaiting results of additional sampling and, subject to the results, construction of road access will commence. The area will require about one km of new road to obtain drill access.



Table 2

Sample # UTM E UTM N Au ppb(i) Type
------------------------------------------------------
43-0343 2530159 6714607 8740 rock
43-0359 2530049 6714677 3160 rock
17-1439 2530122 6714432 27430 rock
17-1437 2530026 6714532 10310 rock
44-0275 2530103 6714430 1770 rock
17-1380 2530019 6714448 3250 rock
42-0212 2530034 6714653 2000 rock
42-0213 2529964 6714680 2230 rock
42-211 2530066 6714769 520 rock
17-1658 2530080 6714759 780 rock

(i) 1000ppb equals 1 g/t


QUEBRADA PERDIDA

Gold values of up to 4.62 gpt have been obtained from silt samples taken along the 1.5 km length of Quebrada Perdida. A recent follow-up mapping and sampling program identified argillically altered porphyry and clastic sediments with gold values of up to 5.99 gpt. Table 3 below and Figure 5 (attached) indicate the significant values returned from this area. A program of detailed rock and silt sampling is underway to further define the target.



Table 3

Sample # UTM E UTM N Au ppb(i) Type
------------------------------------------------------
25-014 2528837 6713191 798 silt
25-016 2528731 6712974 529 silt
17-1626 2528433 6712774 4620 silt
25-013 2528970 6713300 1334 silt
10-355 2528418 6712759 1515 silt
45-001 2529072 6713263 2960 rock
45-002 2529075 6713264 5990 rock
17-1406 2529325 6713407 1030 rock
17-1422 2529040 6713302 1590 rock
17-1427 2529417 6713238 1100 rock
6-1615 2529034 6713196 1649 rock

(i) 1000ppb equals 1 g/t


QUEBRADA FINADA

Quebrada Finada is located to the east of the currently defined boundaries of the QDD deposit. Anomalous gold values obtained from rock samples (see Table 4 below and Figure 6 attached) taken from the Quebrada may be indicative of an eastward continuation of gold mineralization along the QDD structural corridor. This hypothesis is currently being tested by additional sampling.



Table 4

Sample # UTM E UTM N Au ppb(i) Type
------------------------------------------------------
17-1584 2537208 6714154 1420 rock
17-1596 2536836 6714536 1750 rock
17-1598 2536822 6714531 190 rock
43-423 2537201 6714174 270 rock
35-046 2537755 6715006 510 rock
35-047 2537902 6715090 530 rock

(i) 1000ppb equals 1 g/t


The Company is extremely encouraged with the results of this ongoing program. The widespread nature of the mineralization together with the significant values returned indicate that the regional potential at Gualcamayo is significant. The Company plans to continue with the current program including more extensive sampling and geological mapping. A limited drill program at Salamanca and Pirrotina is planned to commence late this year. Subsequent to the upcoming Aeromag survey further drilling will be planned for later this year and in early 2006.

The drill program at the main QDD deposit is also continuing and the next set of results are expected within the next two weeks.

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 #2005.16

To view the attached Figures 1 to 6, please click on the following link: http://www.ccnmatthews.com/docs/vyemaps.pdf


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

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