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

Viceroy Exploration Ltd.

October 19, 2005 08:37 ET

Viceroy's Continued Drilling Expands QDD Western Zone and Confirms Exploration Potential of Target K

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2005) - Viceroy Exploration Ltd. ("Viceroy" or the "Company") (TSX:VYE)(OTCBB:VCRYF), is very pleased to report results of twenty-eight (28) additional diamond and reverse circulation drill holes from the current program on its 100%-owned Gualcamayo project in San Juan Province, Argentina. The drilling program is designed to increase and better define the western extension of Quebrada del Diablo ("QDD") and the main QDD resource, extend Amelia Ines/Magdalena and to test a variety of targets outside of the main known mineralized zone.

Highlights of drill results include:

QDD West

- Hole QD-155, which intersected 1.24 g/t Au over 71.42 m, from 95.58 to 167.00 m;

- Hole QD-163, which intersected 1.30 g/t Au over 54.0 m, from 118.3 to 172.3 m;

- Hole QD-172, which intersected 1.32 g/t Au over 60.25 m, from 109.0 to 169.25 m;

- Hole QD-175, which intersected 1.07 g/t Au over 62.8 m from surface; and

- Hole QD-182, which intersected 4.91 g/t Au over 12.0 m, from 50.0 to 62.0 m and a further 2.0 g/t Au over 38.0 m, from 70.0 to 108.0 m, including 3.01 g/t Au over 22.0 m.

QDD Main Zone

- Hole QD-162, which intersected 1.15 g/t Au over 108.25 m, from 191.25 to 299.50 m; and

- Continuous chip samples: 3.68 g/t Au over 68.85 m followed by 3.40 g/t Au over 50.0 m and 0.92 g/t Au over 17.35 m, along the new Ptz. Blanco access road.

Amelia Ines/Magdalena

- Hole QDR-176, which intersected 1.11 g/t Au over 22.0 m, from 16.0 to 38.0 m;

- Hole QDR 177, which intersected 2.27 g/t Au over 14.0 m, from 98.0 to 112.0 m; and

- Hole QDR-178, which intersected several mineralized intervals including 1.06 g/t Au over 38.0 m, from surface and a further 2.53 g/t Au over 40.0 m, from 216.0 m to 256.0 m, including 3.66 g/t Au over 24.0 m.

Target K

- Hole QDR-166A, which intersected 2.05 g/t Au over 14.0 m from 4.0 to 18.0 m (hole lost);

- Hole QDR-167, which intersected 1.61 g/t Au over 22.0 m, from 226.0 to 248.0 m, including 2.99 g/t Au over 6.0 m; and

- Hole QDR-168, which intersected 1.34 g/t Au over 16.0 m, from 8.0 to 24.0 m, including 4.57 g/t Au over 2.0 m.

Company management is extremely pleased with these results. Both the QDD and the Amelia Ines/Magdalena zones are expanding in terms of strike length, which is likely to be very significant for the upcoming feasibility study. In addition, Hole QD-182 appears to have intersected the same high grade zone in the western extension of QDD that was originally intercepted by Hole QDR-99 (2.8 g/t Au over 60.0 m) (see News Release #2004.14, dated August 24, 2004). Furthermore, Target K is over 500 m from any existing resources and now constitutes a new exploration area.

To facilitate the understanding of the significance of individual holes, the following describes the purpose of drilling in each area:

QDD West

This area was considered the best potential for resource expansion with Target A surface samples some 500 m from the main QDD zone. Drilling has been planned to define the geometry of the system and to expand the resources of known mineralization at QDD. Drilling to date, including the current results, has identified the mineralized system and confirmed that the main QDD zone extends for approximately 600 m to the west and beyond Target A.

Main QDD Zone

The main QDD zone has a portion of the resource still within the Inferred category as defined by National Instrument 43-101 ("NI 43-101"). Three of the current holes were drilled to upgrade Inferred to Measured and Indicated and to obtain material for ongoing metallurgical testwork.

In addition, new roads developed for exploration purposes exposed near surface mineralization at the Ptz. Blanco section (eastern extension) of QDD. Results of continuous chip sampling are included at the end of the results table. These results are significant as Ptz. Blanco is the zone scheduled for initial mining in the proposed mine plan.

Amelia Ines/Magdalena

These areas have Measured, Indicated and Inferred resources based on the latest resource calculation. However, several areas remained open and untested. This most recent drilling was planned to test these zones. The results indicate that there is significant potential to expand both resources. Several near surface intercepts were encountered as well as higher grade intercepts at depth. The Company now plans to follow up this most recent drilling to better define and expand these new zones.

Exploration Targets

This drilling was to test geological trends and structural targets which have no resources at this time. The results of this drilling indicate that Target K has excellent potential to develop as a new resource area. All holes in Target K encountered ore grade mineralization with intercepts at or near surface and/or at depth. Additional drilling is now being planned for this area.



------------------------------------------------------------------------
Azi-
muth Dip Total From To Au
Type/ (de- (de- Length (met- (met- Interval (g/t)
Hole # Area grees) grees) (meters) ers) ers) (meters) (1)
------------------------------------------------------------------------
QD - 126 QDD Main 59 -73 138.20 0.00 50.15 50.15 0.78
(Infill)
Incl. 0.00 16.40 16.40 1.14
and 81.91 91.91 10.00 0.70
------------------------------------------------------------------------
QDR - 154 Target 9 3.5 -77 370.00 326.00 358.00 32.00 0.36
------------------------------------------------------------------------
QD - 155 QDD West 231.5 0 347.35 62.42 78.66 16.24 0.63
Incl. 95.58 167.00 71.42 1.24
Incl. 124.65 132.70 8.05 2.49
Incl. 143.40 161.00 17.60 2.44
------------------------------------------------------------------------
QD - 156 Target D 264 +13 288.60 0.00 2.00 2.00 0.31
6.00 10.00 4.00 0.96
222.50 224.50 2.00 0.34
273.70 275.45 1.75 0.44
------------------------------------------------------------------------
QD - 157 Target 9 140 -60 312.00 NSV
------------------------------------------------------------------------
QD - 158 Target D 225.5 +25 367.70 4.00 6.20 2.20 0.63
59.10 60.88 1.78 0.88
117.90 119.90 2.00 1.46
145.45 149.40 3.95 0.56
209.48 215.40 5.92 0.53
340.15 346.00 5.85 0.79
------------------------------------------------------------------------
QD - 159 Target D 265.5 +25 322.50 55.30 57.30 2.00 0.39
200.20 204.10 3.90 0.88
211.90 213.85 1.95 0.38
248.09 249.43 1.34 0.34
------------------------------------------------------------------------
QD - 160 QDD West 219 +29.5 250.20 27.74 63.23 35.49 0.56
Incl. 35.71 44.75 9.00 1.04
and 77.00 126.33 49.33 0.74
Incl. 94.79 98.49 3.70 1.60
Incl. 106.20 112.20 6.00 1.66
and 156.04 165.50 9.46 1.80
------------------------------------------------------------------------
QD - 161 QDD West 209 +25.5 178.90 59.31 61.31 2.00 1.13
71.35 73.30 1.95 0.51
112.00 131.20 19.20 0.43
162.15 164.15 2.00 0.50
------------------------------------------------------------------------
QD - 162 QDD Main 268 -61 472.00 9.36 12.32 2.96 2.65
(Infill)
58.55 67.99 9.44 0.60
Incl. 65.99 67.99 2.00 1.60
164.40 168.70 4.30 1.14
191.25 299.50 108.25 1.15
Incl. 191.25 194.49 3.24 2.44
Incl. 229.49 233.65 4.16 2.58
Incl. 263.50 297.80 34.30 1.88
Incl. 289.85 296.30 6.45 4.71
Incl. 294.43 296.30 1.87 10.77
and 397.50 472.00 74.50 0.75
------------------------------------------------------------------------
QD - 163 QDD West 209 -35 196.80 93.10 94.40 1.30 7.43
102.35 106.30 3.95 0.82
118.30 172.30 54.00 1.30
190.45 194.46 4.01 1.19
------------------------------------------------------------------------
QD - 164 QDD West 194 +23.5 191.60 16.30 18.30 2.00 0.76
------------------------------------------------------------------------
QD - 165 QDD West 211 -30 206.20 75.60 82.35 6.75 0.47
------------------------------------------------------------------------
QDR - 166A Target K 320 -75 18 4.00 18.00 14.00 2.05
(Hole Lost)
Incl. 16.00 18.00 2.00 6.69
------------------------------------------------------------------------
QDR - 166 Target K 320 -75 400.00 260.00 270.00 10.00 0.74
304.00 320.00 16.00 0.33
------------------------------------------------------------------------
QDR- 167 Target K 225 -78 402.00 226.00 248.00 22.00 1.61
Incl. 226.00 232.00 6.00 2.99
Incl. 244.00 246.00 2.00 4.05
and 272.00 274.00 2.00 0.93
and 314.00 344.00 30.00 0.49
------------------------------------------------------------------------
QDR - 168A Target K 12 -75 18.00 14.00 16.00 2.00 1.08
(Hole Lost)
------------------------------------------------------------------------
QDR - 168 Target K 12 -65 308.00 8.00 24.00 16.00 1.34
Incl. 16.00 18.00 2.00 4.57
84.00 90.00 6.00 0.60
134.00 144.00 10.00 0.58
------------------------------------------------------------------------
QDR - 169 Target K 290 -75 360.00 0.00 20.00 20.00 0.65
160.00 164.00 4.00 0.58
318.00 328.00 10.00 0.54
------------------------------------------------------------------------
QD - 170 QDD Main
(Infill) 323.5 -59 423.30 157.61 181.07 23.46 0.83
246.20 279.80 33.60 0.46
307.64 323.50 15.86 0.63
394.31 396.12 1.81 2.11
------------------------------------------------------------------------
QD - 172 QDD West 200 -15 251.20 14.30 18.05 3.75 0.56
and 109.00 169.25 60.25 1.32
Incl. 162.19 167.25 5.06 3.31
------------------------------------------------------------------------
QD - 174 QDD West 178.5 0 181.50 0.00 33.15 33.15 0.37
45.05 137.30 92.25 0.70
------------------------------------------------------------------------
QD - 175 QDD West 95.50 0.00 62.80 62.80 1.07
Incl. 0.00 4.20 4.2 1.99
and 45.70 57.40 11.70 2.03
------------------------------------------------------------------------
QDR - 176 Amelia 180 -68 104.00 16.00 38.00 22.00 1.11
Ines
(west)
------------------------------------------------------------------------
QDR - 177 Magdalena 30 -68 150.00 98.00 112.00 14.00 2.27
Incl. 108.00 110.00 2.00 8.27
------------------------------------------------------------------------
QDR - 178 Magdalena 22 -78 276.00 0.00 38.00 38.00 1.06
Incl. 0.00 12.00 12.00 1.48
and 114.00 186.00 72.00 0.74
and 216.00 256.00 40.00 2.53
Incl. 232.00 256.00 24.00 3.66
Incl. 242.00 246.00 4.00 6.96
------------------------------------------------------------------------
QD - 179 Amelia 228 0 133.30 0.00 34.60 34.60 0.84
Ines
Incl. 25.41 32.60 7.19 2.32
------------------------------------------------------------------------
QDR - 182 QDD West 235 -60 220.00 50.00 62.00 12.00 4.91
Incl. 56.00 60.00 4.00 13.65
and 70.00 108.00 38.00 2.00
Incl. 86.00 108.00 22.00 3.01
Incl. 100.00 102.00 2.00 11.47
------------------------------------------------------------------------

(1) NSV equals no significant values



---------------------------------------------------------------------
Rock Chip Samples
---------------------------------------------------------------------
Location Au (g/t) Sample Interval (m)
---------------------------------------------------------------------
Ptz. Blanco Lower Road 3.68 68.85
---------------------------------------------------------------------
Ptz. Blanco Lower Road 3.40 50.00
---------------------------------------------------------------------
Ptz. Blanco Lower Road 0.92 17.35
---------------------------------------------------------------------


Ongoing Engineering Work

Geotechnical and engineering studies are ongoing in preparation for the feasibility study. Metallurgical testwork has also commenced under the direction of Resource Development Inc. of Denver. This will include several column leach tests to determine overall recoveries and crush size for the ore.

The Company has also received the most recent results of the bottle roll testwork on the high grade Amelia Ines/Magdalena skarnoid ore. The samples were specifically selected as high-sulphide ore. The weighted average grade of the samples was 4.26 g/t Au and the overall average recovery was 70% after 72 hours of leach time. The results are extremely encouraging and indicated that these deposits could also be amenable to heap leaching.

Combined, these resources from Amelia Ines/Magdalena contain 2.1 million tonnes of Measured and Indicated resource at 2.82 g/t Au (192,000 ounces) and 2.9 million tonnes of Inferred at 1.88 g/t Au (176,000 ounces), which were not included as part of the economics in the previous Preliminary Economic Assessment of January 2005 (see News Release #2005.02, dated January 12, 2005).

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 November 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 cut-off 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 cut-off. 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.

To view the Drill Hole Map 1-East and the Drill Hole Map 2-West please click on the following link: http://www.ccnmatthews.com/docs/vicemaps.pdf

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

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