Acquisition

Conroy Diamonds & Gold PLC
25 October 2001


                       CONROY DIAMONDS AND GOLD P.l.c.

                                 ('Company')

ACQUISITION OF FINLAND DATA

The Company announces that it has agreed to acquire from Conroy P.l.c (a
company controlled by Professor Richard Conroy, the Chairman of the Company)
extensive information, knowledge and expertise related to the Company's
licences in Finland. This data has been obtained by Conroy P.l.c over a number
of years and the Directors of the Company believe it will be valuable in
accelerating the Company's exploration and evaluation of its licences in
Finland.

The Company has agreed to pay IR£350,000 in cash to Conroy P.l.c over two
years.

The Directors of the Company (other than Professor and Mrs Conroy who are
involved in the transaction as related parties) consider, having consulted
with Seymour Pierce Limited, the Company's nominated adviser, that the terms
of the transaction are fair and reasonable insofar as the Company's
shareholders are concerned.

The transaction is subject to the approval of the Company's shareholders at
its forthcoming Annual General Meeting.

END