AGM Statement

Conroy Diamonds & Gold PLC
12 December 2002





                          CONROY DIAMONDS AND GOLD PLC


                                                               DECEMBER 12, 2002


                CONROY OUTLINES POTENTIAL FOR NEW GOLD PROVINCE

                         CHAIRMAN TELLS ANNUAL MEETING

  • Two Important Breakthroughs In Longford-Down Massif In Past Six Months
  • Discoveries Demonstrate Success Of Company's Exploration Strategy

Over the past six months, Conroy Diamonds and Gold P.l.c has achieved two
important breakthroughs in exploration of its properties in the Longford-Down
Massif in Ireland. These have substantially enhanced the likelihood of the
Massif proving to be a significant new gold province, chairman Professor Richard
Conroy told the annual meeting today. Both relate to the Armagh-Monaghan Gold
Belt, which lies within the Massif, he added.


The first breakthrough was the intersection of a broad zone of gold
mineralisation over a 67m down-hole width in diamond drilling at
Tullybuck-Lisglassan in County Monaghan. This broad mineralised zone, which
includes a number of higher grade sections, is far wider than any previous
intercept and is particularly significant in that it indicates the distribution
of mineralisation within the deposit is not limited to the high-grade veins
previously reported.


The second was the discovery of a third area of gold mineralisation within the
Gold Belt. This is located at Tivnacree in County Armagh and lies between, and
along the same trend as, the Company's two previous discoveries at
Tullybuck-Lisglassan and Cargalisgorran, 6.5km to the NE in County Armagh.


Equally significant perhaps, is that these events also provide very solid
additional evidence firmly supporting the Company's interpretation of the
geological structure and controls which influenced the development of gold
mineralisation in the region (the geological model). The Company's exploration
programmes are largely based on this model.


All three areas of mineralisation discovered to date are structurally related to
the Orlock Bridge Fault. According to the Company's geological model, this
interacted with deep-seated geological features to form the controlling
influence on regional mineralisation. Faulting has divided the regional feature
into a number of fault blocks, and each of the three areas of gold
mineralisation lies within an individual fault block. Many other such fault
blocks have yet to be fully explored.


The other important aspect of these recent developments, said Professor Conroy,
is that they demonstrate the success of the Company's exploration procedure
within the setting of the Longford-Down Massif, the major geological structure
which hosts the Armagh-Monaghan Gold Belt. Geochemical soil sampling to identify
anomalous areas, followed by trenching to bedrock and finally diamond drilling,
led to the discovery of both Cargalisgorran and Tivnacree.


Significantly, the Company has a number of other areas within its licences over
which initial geochemistry has highlighted anomalies which have yet to be
followed up.

As the Company's knowledge and understanding of the Longford-Down Massif grows
and the exploration successes continue, it is increasingly likely that the
discoveries made to date will prove to be part of a much larger gold-bearing
mineralised system, the Chairman added.


Elsewhere within the Massif is Slieve Glah, some 45km south-west of
Tullybuck-Lisglassan. This seems to be a dilation zone along the Orlock Bridge
Fault and, as such, is a prime exploration play. A large geochemical anomaly has
been outlined and follow-up trenching of targets is a priority.


Excellent progress has been achieved in Finland where G9 and G10 Garnets have
been discovered within the Company's exploration acreage suggesting the possible
presence of diamond bearing kimberlite.


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