Subscription

25 March 2013

                                                                               
                     Conroy Gold and Natural Resources plc                     

                          ("Conroy" or "the Company")                          

                        Subscription to raise £573,183                         

  * Subscription for 20,843,000 new ordinary shares at 2.75 pence per share to
    raise £573,183
   
  * Proceeds of the subscription to be applied to fund the Company's ongoing
    programme at its Clontibret gold target where it proposes to develop a gold
    mine and for working capital generally
   
Conroy (AIM: CGNR), (ESM: CGNR.I) the gold exploration and development company
focused on Ireland, announces that it has conditionally raised £573,183,
through a subscription (the "Subscription") of 20,843,000 ordinary shares of
EUR 0.03 in the capital of the Company (the "Subscription Shares") at a price
of 2.75 pence Sterling per share, a premium of 20.88 per cent over the closing
mid-market price on 22 March 2013, being the last practicable date prior to the
publication of this announcement.

As part of the Subscription, Professor Richard Conroy, Chairman of the Company,
has subscribed for 5,454,545 shares. Following the admission of the
Subscription Shares ("Admission"), Professor Conroy will hold 70,703,736
Ordinary Shares in the Company, representing 24.28 per cent. of the Company's
enlarged share capital and total voting rights. Professor Conroy's holding
includes 19,294,286 Ordinary Shares held by Conroy Plc, a company in which
Professor Conroy has a controlling interest.

In addition, Mr Séamus FitzPatrick, Deputy Chairman of the Company, has
subscribed for 3,109,818 shares. Following Admission, Mr FitzPatrick, will hold
6,063,818 Ordinary Shares in the Company, representing 2.08 per cent. of the
Company's enlarged share capital and total voting rights.

Furthermore Dr. Sorċa Conroy, a non-executive director of the Company has
subscribed for 1,012,728 shares. Following Admission, Dr Conroy will hold
1,500,905 Ordinary Shares in the Company, representing 0.52 per cent. of the
Company's enlarged share capital and total voting rights.

In addition, Pageant Holdings has subscribed for 5,454,545 Ordinary Shares in
the Company. Following Admission, Pageant Holdings will hold 12,699,241
Ordinary Shares in the Company, representing 4.36 per cent. of the Company's
enlarged share capital and total voting rights.

Furthermore, Mr Patrick O'Sullivan has subscribed for 3,636,364 shares.
Following Admission, Patrick O'Sullivan, will hold 20,274,295 Ordinary Shares
in the Company, representing 6.96 per cent. of the Company's enlarged share
capital and total voting rights.

In addition, Mr James Jones, Director/Secretary of the Company, has subscribed
for 175,000 shares. Following Admission, Mr Jones, will hold 1,250,010 Ordinary
Shares in the Company, representing 0.43 per cent. of the Company's enlarged
share capital and total voting rights.

Professor Richard Conroy's, Mr Séamus FitzPatrick's, Dr. Sorċa Conroy's and Mr
James Jones's participations in the Subscription are related party transactions
under the AIM Rules. The independent directors (being all the members of the
Board of Directors with the exception of these four), having consulted with the
Company's nominated adviser and ESM adviser, consider their participation in
the Subscription to be fair and reasonable insofar as the Shareholders are
concerned.

The Subscription is conditional, inter alia, on admission of the Subscription
Shares to trading on AIM and the Enterprise Securities Market operated by the
Irish Stock Exchange Limited ("ESM"). The Subscription Shares will rank pari
passu with the existing issued ordinary shares of EUR 0.03 in the capital of
the Company ("Ordinary Shares").

The Company intends to use the proceeds of the Subscription primarily to fund
the Company's on-going programme at its Clontibret gold target where it
proposes to develop a gold mine and to continue its exploration at its Clay
Lake and Slieve Glah gold targets and for working capital generally.

Application has been made to AIM and ESM for the Subscription Shares to be
admitted to trading. Admission and trading in the New Shares are expected to
commence on 28 March 2013.

On admission of the 20,843,000 Subscription Shares, the Company will have
291,251,542 Ordinary Shares in issue in total.

Professor Richard Conroy, Chairman, commented:

"I am delighted to announce the Subscription which was, at 2.75p, done at a
premium over the market price. The funds will enable the Company to progress
the Clontibret Project, where the Company plans to develop a gold mine and to
continue its work at Clay Lake and Slieve Glah."

For further information please contact:

Conroy Gold and Natural Resources plc                    Tel: [phone]
Professor Richard Conroy, Chairman                                             

SanlamSecuritiesUKLimited (Nomad)                        Tel: [phone] 
Simon Clements/Virginia Bull                                                   
                                                                               
Hybridan LLP (Joint Broker)                              Tel: [phone] 
Claire Noyce/Deepak Reddy                                                      
                                                                               
Shore Capital Stockbrokers Limited (Joint Broker)        Tel: [phone] 
Jerry Keen/Bidhi Bhoma/Toby Gibbs                                              
                                                                               
IBI Corporate Finance Limited (ESM Adviser)              Tel: [phone] 
Brian Farrell                                                                  
                                                                               
Lothbury Financial Services Limited                      Tel: [phone] 
Michael Padley/Michael Spriggs                                                 
                                                                               
Hall Communications                                      Tel: [phone] 
Don Hall                                                                       

Visit the website at: www.conroygoldandnaturalresources.com