Viceroy Resource Corporation: Exploration Update on the Gualcamayo Project, Argentina.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 8, 2000

Viceroy Resource Corporation (TSE:VOY.) is pleased to report that the second phase of reverse circulation drilling at the Gualcamayo project in Argentina has commenced and ongoing surface sampling continues to return encouraging results.

The 5,000-metre drill program on the Quebrada del Diablo deposit, comprising 20 holes, is scheduled to be completed by early December. The structural interpretation that is being tested by the current drill program has resulted from detailed geological mapping, surface sampling and previous drilling.

As a follow up to surface sampling results released by Viceroy in August, additional significant bedrock chip sample results are available. A compilation of new significant results is illustrated on attached figures 1 and 2 and some of the specific chip sample intervals are presented below:

           Amelia Ines Area 3D Target Area K Target Area Quebrada del
           (Figure 1) (1 km west of   (0.5 km southwest  Diablo Area
                       Amelia Inez)    of Amelia Inez)   (Figure 2)
---------------------------------------------------------------------
Gold in     12.86 / 15      4.88 / 17      2.59 / 15      0.99 / 37.9
grams per    2.13 / 40      0.69 / 58      0.85 / 24      0.94 / 81.4
tonne over   1.08 / 63                                    1.46 / 61.6
interval     0.83 / 61                                    3.10 / 21
in metres    3.60 / 42                                    2.49 / 66.4
             1.72 / 34.1                                  4.48 / 35
             4.38 / 14.5                                  2.83 / 153
             1.43 / 18                                    7.29 / 1.5
                                                         34.41 / 3.5
                                                          3.72 / 16.8
                                                          7.84 / 19
                                                          5.86 / 5
---------------------------------------------------------------------

The confirmation of widespread gold mineralization associated with the structural interpretation is particularly encouraging. Surface sample results from the eastern Quebrada del Diablo area reflect high-level calcite veining and brecciation within limestone host rocks. Current interpretation suggests that these mineralized structures could open to depth and form extensive breccia as observed elsewhere on trend at a marble front interface. On Figure 2 we also report a significant interval of 1.46 g/t gold over 61.6 metres situated 200 metres northeast and topographically below the General Belgrano adit portal. This is situated 600 metres topographically below the mineralized calcite veining in the eastern portion of the system.

The bedrock chip sampling program is being conducted in steep terrain, which results in sample intervals that are oblique to the strike and dip of interpreted structural controls. Until sufficient drill control is in hand, estimates of true thickness of mineralization is inappropriate. Due to the difficult conditions involved in the collection of the chip samples, a limited test of reliability has been completed by selecting 21 bedrock chip intervals for duplicate saw cut channel sampling with results as presented below:

Original Continuous   Original Chip   Channel Sample   Channel Sample
 Chip Sample Length    Sample Grade       Length            Grade
         (m)            Gold (g/t)          (m)           Gold (g/t)
---------------------------------------------------------------------
        0.9                1.870            0.9              0.733
        1.9                0.667            1.9              0.860
         3                 6.410            3.0             13.600
         3                24.700            3.0             20.700
         3                 2.280            3.0              1.070
        2.1                0.907            2.1              1.070
         5                 1.770            5.0              0.107 **
         5                 5.460            3.0              3.850
         5                 2.060            5.0              1.750
         5                 0.812            3.6              0.233
         3                 1.400            3.0              1.630
         5                 3.380            4.2              2.490
 6m hor. x 2m vert.*       2.610            4.4              0.358 **
1.5m hor. x 2m vert.*      2.450            1.6              1.350
 6m hor. x 1m vert.*       0.400            3.0              0.253
         5                 7.880            3.8             10.200
         5                 1.930            5.0              1.710
         5                 0.453            5.6              0.895
         5                 0.274            4.4              0.345
         5                 2.250            4.5              1.340
         5                 0.954            3.7              0.495

*  Random chip
** Unacceptable variance

Two of the samples returned an unacceptable variance and are the subject of further testing. The channel sampling has confirmed that the chip sample program is adequate for defining bedrock mineralized trends and the order of magnitude of the gold grade.

Viceroy Resource Corporation is a gold producer with operations in Canada, the United States and Australia. Viceroy shares, trading under the symbol VOY on the Toronto Stock Exchange, give investors an opportunity to participate in a leveraged gold play with an exploration upside.

Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainties which are detailed under the heading "Risk Factors" in Viceroy's Annual Information Form filed with the securities commissions of Ontario, British Columbia, Alberta, Quebec and other regulatory authorities. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. All subsequent written and oral forward-looking statements attributable to Viceroy or persons acting on its behalf are expressly qualified in their entirety by this notice.

NOTE: Location map available from the company at the website listed below or on the CCN Disclosure website at www.cdn-news.com