Viceroy Resource Corp. sold 100% of its' interest in Paredones Amarillos to Vista Gold in August 2002. Viceroy is a gold explorer and producer in the United States, Canada, and South America.
Viceroy Resource Corp. VOY (TSX)
3-way merger with Baja Gold Inc., Loki Gold Corp. and Viceroy Resources Corp. completed in June, 96.
Paredones Amarillos in southern Baja was sold in August 2002. Total consideration received was Cdn$3.0 million, which was paid 50% in cash, with Cdn$1.0 million paid on closing, Cdn$0.5 million due one year from closing and 303,030 Vista units. Each unit consists of one common share and one warrant to purchase an additional common share at a price of $6.87 for a period of two years.
Viceroy originally purchased Echo Bay's 60% position in October, 1999 and now controls 100% of property which consists of 16 claims totaling 12,757 Ha. Project still on hold. Production go ahead was reached by Echo Bay in January, 1997 (pre Bre-X and POG collapse -- way bad timing!!!). Production was initially expected 1999 pending positive feasibility study by 60% JV partner Echo Bay. Development deferred indefinably late in 1997 due to low gold prices. On Jan 1, 1998 reserves stood at 44.5 million tonnes at 1.1 gpt Au. A proposed OP/HL Au project as a 60/40 JV with Echo Bay. Advanced through final feasibility study (before Echo Bay sold out and wrote it down). Permits approved. $111MM capital and $231/oz cash cost, final construction decision deferred pending improved Au price or reasonable forward sales. $375/oz required. Exploration suspended for 1998. Ditto 1999. Project was to yield 128,000 oz/yr over 9 year mine life. Proven and probable reserves stand at 36 MT at 1.1 gpt based on 0.5 gpt cut-off (over 1.3 million oz). Cash costs are $223/oz with total production costs reaching $338/oz. At $375/oz Au payback is reached in 84 months giving an internal ROR of 8%. (Ouch!) Since 1993 over 205,000 ft of drilling was done on the property.
A total of 12 mineralized resources have been identified and studied to various degrees. All are hosted in cataclasite and mylonite which is dated between 79-91 MA. As of Jan1999 seven of these 12 remain open. Largest defined mineralization is is Paredonnes Amarillos ( 1.48 Moz proven and probable) on the southern portion of large land package. Second largest is Las Colinas (348,000 oz) which is at the north end of the district. Other named resources are El Mirador, Uvares.
Press Release 18Oct99.
MBD October, 1998
MBD December, 1997
GCN #148 1August97
LAMR January, 1997
GCN #11 16Jan97
NMN v82#46 6Jan97
MBD September, 1996
MR v107#22 05/29/96
MBD June, 96
GCN #104 29May96
NMN v82 #6 04/08/96
Mesa Central Project, Durango. Seven large non-adjoining concessions totaling 31,052 hectares have been staked as a result of a generative exploration program in the Mesa Central area in Mexico. Viceroy is currently seeking a joint venture partner to advance the Mesa Central program. The claim names in Durango include: Santa Lucia, Santa Ana, Santa Rosa, Santa Isabel, Bagre, Arco, La Manga, Trucha, El Volcan and El Curevo.
Press Release 18Oct99.