Conroy Diamonds & Gold PLC
28 February 2005


                    CONROY BUILDS ON SRK FINDINGS IN SEEKING
                          TO ESTABLISH NEW GOLD PROVINCE


-     Recent Slieve Glah Find Provides Encouragement And Supports SRK Analysis

-     Location Is One Of Three Prime Targets Identified By Consultants

-     Glenish Added To Company's Discoveries In Armagh-Monaghan Gold Belt


Following the de-merger of its Finnish diamond interests last July, AIM-listed
Conroy Diamonds and Gold plc is now focussed solely on establishing a new gold
province on its Irish exploration licences, building on the recent review of
their potential completed by SRK Consulting. This review, amongst other things,
indicated that exploration results achieved by Conroy had advanced the Company
towards its initial target of discovering over 1m ounces of gold, with a
potential for very much more.

Conroy's licences cover some 1,500km2 of the Longford-Down Massif, a major
geological feature in the north of Ireland, and form a continuous block of
ground following the NE-SW trend of the Orlock Bridge Fault for a distance of
around 110km. This major fault is thought to be the controlling structural
influence on regional mineralisation in the Massif.

In its interim statement for the six months ended November 30, 2004, Conroy
highlights the structural interpretation and lineament analysis carried out by
SRK which identified three particularly prospective areas within the Company's
licence block. Each is characterised by a major deep-seated lineament
intersecting the Orlock Bridge Fault, and the consultants comment that major
economic gold deposits elsewhere in the world are often found on such
lineaments.

One location is the Armagh-Monaghan Gold Belt on which Conroy has concentrated
much of its exploration effort to date. However, the company has carried out
little exploration on the other two areas selected by SRK which lie on part of
its licences in Northern Ireland and at Slieve Glah, some 45km south-west of the
Gold Belt.

Conroy had previously identified Slieve Glah as a target since, like all the
company's gold discoveries to date, it is structurally controlled by way of a
spacial relationship to the Orlock Bridge Fault. Slieve Glah is particularly
attractive because a significant strike swing of the fault occurs at that point
and may have created a dilation zone (a potential mineral trap) in the area.

The results of recent deep overburden sampling at Slieve Glah, which outlined
two zones of anomalous bedrock gold mineralisation, are therefore particularly
encouraging, says Conroy. They not only indicate "excellent potential" for this
prospect to become another gold discovery within the Longford-Down Massif, but
also provide supporting evidence for the SRK interpretation. Significantly, only
one fifth of the original soil anomaly at Slieve Glah has been covered by the
recent programme of deep overburden sampling.

During the half-year, the Company also announced the discovery of bedrock gold
mineralisation at Glenish, some 6km south-west of Tullybuck-Lisglassan, where a
1m channel sample returned a grade of 9.40g/t gold and grab samples assayed up
to 2.45g/t. The style of mineralisation is similar to that seen at other Conroy
gold prospects which now extend over a 13km section of the Armagh-Monaghan Gold
Belt.

SUPPORT FOR BROAD-BASED EXPLORATION

The SRK review also supports Conroy's broad-based approach to exploration in the
Longford-Down Massif and says the company should maintain this policy whilst
also concentrating on the three highly prospective areas. The consultants
believe there is potential to find gold deposits within the Massif which are
similar in size to, or larger than, Tullybuck-Lisglassan where closely spaced
drilling has been undertaken over only a small area (50,000m2) and
mineralisation remains open in all directions. This represents only a tiny
fraction of much larger geochemical soil anomalies that are 200 times the size
of the drilled area and have better potential than it, according to SRK.

Since the end of the reporting period, Conroy raised #250,000 (approx Euro362,000)
through a placement of shares at 2.5p each. This, together with facilities
available to the Company, is sufficient to finance the current phase of its
activities.

Further Information:

Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc.
Tel: 00-353-1-661-8958

Ron Marshman/John Greenhalgh, City of London PR Limited.
Tel: 020-7628-5518

Visit website at: www.conroydiamondsandgold.com





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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