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VICEROY REPORTS THIRD QUARTER EARNINGS

 VANCOUVER, British Columbia, Jan. 28 /PRNewswire/ -- D. Ross Fitzpatrick, president, announced that Viceroy Resource Corp. (Vancouver, Toronto: VOY) earned $3,531,000 or $0.20 per share on sales of $25,430,000 for the nine-month period ended Dec. 31, 1992. During the same period, operations generated a cash flow of $8,395,000, or $0.47 per share. Third quarter earnings were $775,000, or $0.04 per share and operating cash flow was $2,652,000, or $0.15 per share. Net earnings during the quarter were impacted by increased amortization charges as a result of a writedown taken on the disposal of onsite generating equipment acquired prior to securing more economical overhead power.
 The Castle Mountain Gold Mine produced a total of 75,342 ounces of gold, at an average cash cost of U.S. $207 per ounce for the first nine months of operation. Third quarter gold production was slightly lower, as predicted, at 24,051 ounces, with an average cash cost of U.S. $209 per ounce. Fourth quarter production is expected to exceed the previous best quarter enabling the Castle Mountain Mine to produce more than 100,000 ounces of gold during the first year of operation.
 Construction has commenced on the grinding circuit schedule for completion by the end of June 1993, which will increase recovery rates from 70 percent to 95 percent on high-grade ore, adding an incremental 20,000 ounces of gold to annual production.
 Viceroy is operator and 75 percent owner of the Castle Mountain Mine, a large open-pit, heap-leach operation located in San Bernardino County, Calif., which commenced commercial gold production April 1, 1992.
 -0- 01/28/93
 /CONTACT: Gordon Fitzpatrick of Viceroy Resource, 604-688-9780/
 (VOY.)


CO: Viceroy Resource Corp. ST: British Columbia IN: MNG SU: ERN

BP-MS -- LA035 -- 0375 01/28/93 14:57 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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