Conroy Diamonds & Gold PLC
27 February 2003



                                                                27 February 2003

                 CONROY'S LATEST FIELD WORK OUTLINES NEW AREAS

                    OF INTEREST IN ARMAGH-MONAGHAN GOLD BELT



  * Results Add Validity To Company's Exploration Strategy And Geological Model
  * Highly Prospective Slieve Glah Area Still To Be Fully Tested
  * Chairman Convinced Longford-Down Massif Can Become Major Gold Province



Ongoing field work by Conroy Diamonds and Gold P.l.c. within its Armagh-Monaghan
Gold Belt, situated in the Longford-Down Massif of Ireland, continues to outline
new areas of interest, says Chairman Professor Richard Conroy in the interim
report for the six months ended November 30, 2002.

The Company's most recent soil geochemistry programme within the Gold Belt has
highlighted a number of new areas of anomalous gold values and also
substantially increased the size of other, previously identified, gold
anomalies. Both are highly encouraging, he says, and follow-up trenching and
drilling are planned.

Commenting today, Professor Conroy said these developments add to the already
impressive assemblage of good results from the Company's ongoing gold
exploration programme in Ireland. They continue to underline the validity of its
regional exploration strategy in the Longford-Down Massif - geochemical soil
sampling followed by trenching to bedrock and finally drilling. They also
provide further support for Conroy's geological model - its analysis and
interpretation of the geological structures and controls which influenced the
development of mineralisation within the Massif - around which the exploration
programmes are structured.

The positive outcomes to date, reflecting exploration based on sound theory and
accurate prediction, strengthen the Chairman's conviction that the Longford-Down
Massif, the geological unit in which the Company has discovered the
Armagh-Monaghan Gold Belt, has the potential to become a new gold province of
global significance.

To date, the Company has discovered three separate gold deposits within a
section of the Armagh-Monaghan Gold Belt extending from Cargalisgorran in County
Armagh to Tullybuck-Lisglassan in County Monaghan, a distance of 6.5km. These
deposits are spatially related to the Orlock Bridge Fault, believed to have had
a significant influence on mineralising events in the Longford-Down Massif, and
each is located within a separate fault block formed where cross faulting has
split the Orlock Bridge Fault into a series of separate blocks. Many other such
fault blocks have yet to be fully explored.

Conroy's licence area continues southwest of Tullybuck-Lisglassan as contiguous
block for some 45km to Slieve Glah in County Cavan where the Orlock Bridge Fault
shows a marked deviation to the south. The Chairman says this so-called dilation
zone is particularly interesting as large-scale mineral development is sometimes
associated with such structures. Conroy has defined extensive gold-in-soil
anomalies in this area, and some preliminary trenching has identified gold in
bedrock. Exploration is also ongoing over the block of ground between Slieve
Glah and the Armagh-Monaghan Gold Belt, all of which is traversed by the Orlock
Bridge Fault.

Meanwhile, the Company's diamond exploration programme in Finland continues to
progress well with further kimberlitic indicator minerals reported as well as G9
and G10 garnets, the important diamond indicators.

Since the end of the reporting period, Conroy has raised #450,000 (approx
Euro700,000) which, together with facilities available to the Company, is
sufficient to finance the current phase of exploration.



Further Information



Professor Richard Conroy,

Chairman Conroy Diamonds and Gold Plc.

Tel: 00-353-1-661-8958

www.conroydiamondsandgold.com




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