Drilling Report

Conroy Diamonds & Gold PLC
28 March 2001


                       Conroy Diamonds and Gold P.l.c.


  * Further Drilling Confirms And Extends Armagh Gold Discovery

  * Best Intersection Of 7.46m Grading 5.49g/t Gold From Depth Of 16m

  * Results Add Weight To Company's Concept Of New Mineral Province


Follow-up drilling by AIM-listed Conroy Diamonds and Gold P.l.c. has extended
the zone of mineralisation at its recently announced gold discovery in County
Armagh to at least 150m. It remains open along strike and at depth.

The two original discovery holes (6.94m at 4.41g/t from 16.15m and 9.37m at
1.88g/t from 14.7m) have now been supplemented by a further eight drilled to
an average downhole depth of 64m. Gold mineralisation was intersected in all
eight holes, with a best section of 7.46m grading 5.49g/t gold from a downhole
depth of 16.15m in hole No. 10. This includes a continuous 3.56m section which
averages 9.53g/t gold.

These latest drilling results suggest that the recently reported findings of
an independent European Research Team led by the British Geological Survey on
Conroy's Tullybuck/Lisglassan gold deposit may apply to the Company's Armagh
discovery. The Research Team found 'a new structural orientation not
previously observed' at the Tullybuck/Lisglassan deposit and believes 'that
mineralisation is more extensive' than previously indicated. This independent
confirmation of the conclusions of the Company's technical experts, that the
orientation of the gold veins is different to that of the base-metals
mineralised structures, paves the way for additional reserves at Tullybuck/
Lisglassan as well as significant new discoveries elsewhere.

The results of the recent drilling programme also confirm that the Tullybuck/
Lisglassan deposit, which lies 6.5km to the southwest along strike from the
Armagh discovery, is not an isolated gold occurence but is part of the much
larger Armagh-Monaghan Gold Belt. This gold belt lies within the Company's
1300km(2) licence area and has a known length of 18km. The drilling results
provide further evidence that a number of economic gold deposits could be
located within this belt.

Commenting on the latest results, Conroy Chairman, Professor Richard Conroy
said: 'These results strongly support the Company's exploration strategy. They
indicate that in both the Armagh-Monaghan Gold belt, with its potential to
host a series of economic gold deposits, and in the Longford-Down Massif as a
whole, with its additional potential for base metal mineralisation, we may be
looking at a new mining province of international significance.'


Further Information:

Professor Richard Conroy,

Chairman,

Tel: [phone]

Web: www.conroydiamondsandgold.com