Conroy Diamonds & Gold PLC
11 November 2002



                                                                11 November 2002

                     CONROY SEES ARMAGH-MONAGHAN GOLD BELT

                       BECOMING INCREASINGLY SIGNIFICANT

  * New Mineralised Area Found Between Two Previously Identified Deposits
  * Further Evidence That Discoveries Are Part Of Much Larger Mineralised
    System
  * "Excellent Results" Achieved From Company's Finland Diamond Search

"The Armagh-Monaghan Gold Belt in Ireland is becoming an increasingly
significant discovery", says Professor Richard Conroy, chairman of Conroy
Diamonds and Gold P.l.c in the company's annual report for the year ended May
31, 2002.

His comment is based on the progress made by the company at its Cargalisgorran
and Tullybuck-Lisglassan gold deposits and especially by the very recent
discovery of a new area of gold mineralisation located between these two
deposits. The new find at Tivnacree in County Armagh, 1.2km south-west of
Cargalisgorran, is the third made by the company within a 6.5km section of the
Gold Belt. This is a very welcome development, the chairman says, as it further
supports the view that the discoveries to date are part of a much larger
gold-bearing system.

Recent drilling results from the Tullybuck-Lisglassan deposit in County Monaghan
included a geologically defined 67m down hole width of gold mineralisation. This
is much wider than any previous intersection in that deposit and shows the gold
mineralisation is not confined to relatively high grade veins. It also has
important implications in the context of demonstrating an economic resource for
future mining, the chairman adds.

Another hole, drilled 200m further north, intersected a mineralised fault
structure similar to others encountered in earlier drilling. The company says
that in all cases gold mineralisation at Tullybuck-Lisglassan is associated with
fault breccia, wallrock alteration and the development of sulphide minerals.
This hole thus illustrates the considerable strike potential of the deposit and
is seen as being "highly significant".

At Cargalisgorran in County Armagh Conroy has outlined three parallel
gold-bearing structures over a strike length of about 150m, with a deepest
intersection at a vertical depth of 55m. This discovery was made after the
company had outlined a very large geochemical anomaly in the project area, only
a very small part of which has been covered by trenching and drilling to date.

The Tivnacree discovery also resulted from follow-up trenching over a large
(300m by 250m) gold-in-soil anomaly previously outlined by reconnaissance
geochemistry. Bedrock values of up to 5m grading 1.62g/t gold were returned from
trench sampling, and subsequent drilling identified a mineralised shear zone
with similar characteristics to those seen at both Cargalisgorran and
Tullybuck-Lisglassan.

Turning to the company's diamond search in Finland, Professor Conroy says the
recovery of kimberlitic indicator minerals in the Kuhmo district of eastern
Finland, and also in a separate area in western Finland, is very encouraging.
Both areas lie within the Karelian Craton, the block of ancient crustal rocks
which extends into Russia where it hosts major diamond deposits.

The Kuhmo district is considered to be one of the most prospective areas for
diamonds in Finland, says Professor Conroy, not least because the earth's crust
is very thick (up to 200km) at that point. Crustal thickness is of crucial
importance for the formation of kimberlitic pipes of economic significance, he
adds.

TRACKING THE SOURCE OF INDICATORS

Significantly, Conroy's first pass till sampling in this area also recovered
many diamond indicator minerals, including the key G9 and G10 garnets (known to
form at the same temperatures and pressures as diamonds). The indicator minerals
found at Kuhmo occur in clusters and their distribution pattern, when viewed in
conjunction with studies of glacial till movement in this area of Finland,
"suggests we may be close to the kimberlite source of these indicator minerals",
says Professor Conroy.

As a result of this early success, the company has significantly increased its
ground holdings in Finland, most of which are in the Kuhmo district.

The company says it is particularly encouraging to have recovered large numbers
of kimberlitic and diamond indicator minerals at such an early stage in its
exploration programme and believes results to date appear to be equal to or
better than anything reported by others in Finland at a comparable stage of
exploration.

Conroy raised approximately Euro600,000 through an issue of shares in Spring 2002
and a further Euro300,000 has been raised since the end of the financial year.
These funds have enabled the company to continue its gold and diamond
exploration programmes. At the end of the financial year, there were 23,691,070
ordinary shares in issue.

In conclusion, Professor Conroy says the company looks to the future with
considerable confidence. "We have a potentially world-class gold prospect in
Ireland, excellent results from our diamond exploration programme in Finland and
a team with a track record to build on this success."

Annual Meeting: 12 noon, Thursday 12 December 2002, Conrad Hotel, Dublin.

Further Information:

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




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