Viceroy Gold Corporation Continues with Reclamation and Closure of Castle Mountain Mine

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). The Castle Mountain Gold Mine, a joint venture of Viceroy Gold Corporation (Searchlight, Nevada) and MK Gold (Salt Lake City, Utah), expects to stop gold leaching in 2005. The Castle Mountain Mine, which is located in Searchlight, Nevada, about 100 kilometers southwest of Las Vegas, Nevada, stopped mining in May 2001, and immediately started reclamation. At this time the reclamation and closure is about half-complete and the company will be looking for outside contractors to help with removal of the existing equipment.

The mine was built in 1991 and unearthed its first gold in February 1992. When the mine was in full operation the company leached about 100,000 ounces per year. The company is currently leaching about 2,000 ounces per month, which will continue until 2005. Even though there is still plenty of gold at the mine the company decided to shutdown operation mainly due to poor return on investment at the site. It would cost the company too much money to start mining again.

Viceroy Gold Corporation is a wholly owned subsidiary of Viceroy Resource Corporation (TSE: VOY) (Vancouver, British Columbia), which explore and produces gold in the United States, Canada, and South America.

MK Gold Company, an exploration company, is involved in exploration programs in Nevada, Spain, Peru. At the present time their primary focus is the Las Cruces Project located 20 kilometers northwest of Seville, Spain.