Resource Update

RELEASED ON BEHALF OF:

                                                                               
                                                                23 JANUARY 2007

 CONROY ANNOUNCES FIRST JORC-COMPLIANT RESOURCE ESTIMATES FOR CLONTIBRET GOLD  
                                    DEPOSIT                                    

  * Up to 1million ounces at lowest cut-off in one small part of the target a
    nomaly
   
  * Estimate to average depth of 150m; mineralisation open at depth and on s
    trike
   
  * One of series of gold discoveries identified in 50km gold trend
   
In a major step forward for its gold exploration programme in the Longford-Down
Massif in Ireland, Conroy Diamonds and Gold Plc (AIM: CDG) is pleased to
announce the first JORC-compliant resource estimate for its Clontibret gold
deposit in Co. Monaghan.

Using two different cut-off grades and the Kriging technique, CSA, the
international mining consultants, calculated a series of inferred and indicated
resource scenarios for one closely-drilled area covering less than 20p.c. of
the Clontibret target anomaly.

The estimates range from an inferred resource of 500,000oz contained gold (12m
tonnes grading 1.3g/t using a 1g/t cut-off) to 1,000,000oz contained gold (69m
tonnes grading 0.5g/t at 0g/t cut-off). These estimates include an indicated
resource of 1.3m tonnes grading 1.4g/t (64,000oz contained) at 1g/t cut-off.

The estimates have been calculated to an average depth of approximately 150m
below surface and the mineralisation remains open at depth and along strike.

Clontibret is one of a series of gold discoveries made by the Company in the
Longford-Down Massif where it has identified a gold-bearing trend that extends
for at least 50km along strike from Co. Armagh in Northern Ireland, through Co.
Monaghan and into Co. Cavan in the Republic of Ireland.

Commenting today, Chairman Professor Richard Conroy said that the Company is
extremely pleased with this outcome for what is just a small part of the
Clontibret target. "If repeated in the remainder of the target it would suggest
the deposit is much larger than originally anticipated".

"This JORC-compliant estimate represents the first step as the Company moves
into economic assessment of its gold discoveries in the Massif. The estimates
are highly encouraging, not only in relation to Clontibret, but also with
regard to the Company's other gold discoveries in the Longford-Down Massif."

This release has been approved by the Company's technical staff who include,
Kevin McNulty, who holds a BSc/MSc in Geology and Remote Sensing, in accordance
with the guidance note for Mining, Oil & Gas Companies issued by the London
Stock Exchange in respect of AIM Companies, which outlines standards of
disclosure for mineral projects.

Further Information:

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

Simon Clements, John East & Partners Limited. Tel: [phone]

Charles Dampney, City Capital Securities Ltd. Tel: [phone]

Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: [phone]

Visit website at: www.conroydiamondsandgold.com

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