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VICEROY COMPLETES FIRST-PHASE DRILLING IN MALI AND STARTS NEW GRINDING CIRCUIT AT CASTLE MOUNTAIN MINE

 VANCOUVER, British Columbia, June 24 /PRNewswire/ -- D. Ross Fitzpatrick, president, announces that the first phase of exploration in Mali, West Africa, has confirmed the presence of encouraging gold values on the company's 400 square kilometer Niaouleni Concession area. Four areas were tested by a 21-hole drilling program. Two of the four targets encountered significant gold mineralization.
 Principal Intersection
 Hole Number Interval (grams gold per metric ton -
 gsm/ton)
 East Niaouleni
 11 42 to 50 meters 8 meters at 12.76 gms/ton
 14 42 to 46 meters 4 meters at 2.63 gms/ton
 Lebre Plateau
 19 0 to 8 meters 8 meters at 1.31 gms/ton
 21 2 to 10 meters 8 meters at 2.03 gms/ton
 The Niaouleni Concession is regionally mapped as Birrimian Formation volcanics and is characterized by near surface, historical ancestral diggings. The drill holes encountered stockwork quartz veins and iron sulphides in highly altered schistose volcanics. Continued exploration is planned with field work to resume in October 1993 when the rainy season ends. The next phase will consist of test pitting and sampling followed by further drilling of the mineralized areas as well as testing numerous other targets on the extensive property.
 Viceroy has the right to earn a 70 percent interest from Mink Mineral Resource Inc. in the Niaouleni Concession by making staged exploration expenditures of $2,750,000 before June 30, 1995.
 The company also announces the commissioning and the start-up of the grinding circuit at the Castle Mountain Mine which will process 1,200 tons of high-grade ore per day, increasing recovery rates for approximately 70 percent to 95 percent, adding an incremental 20,000 ounces of gold to annual production. Construction of the grinding circuit was completed ahead of schedule and within budget.
 The company entered into a loan agreement with a banking consortium led by N M Rothschild & Sons Ltd. to finance the construction of the mill. It is a dollar denominated loan up to a maximum of U.S. $6.8 million that will bear interest at 1.5 percent above the London Interbank Offering Rate. The loan is repayable in three equal semi- annual installments, commencing Feb. 28, 1995.
 Viceroy is operator and 75 percent owner of the Castle Mountain Mine, a large, open-pit, heap-leach operation in San Bernardino County, Calif., which recently completed its first year of operation by producing 104,105 ounces of gold for the year ended March 31, 1993.
 -0- 6/24/93
 /CONTACT: J. Gordon Fitzpatrick of Viceroy Resource, 604-688-9780/
 (VOY.) CO: Viceroy Resource Corp. ST: British Columbia IN: MNG SU:


MF-LS -- LA037 -- 5558 06/24/93 20:03 EDT
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Date:Jun 24, 1993
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