Interim Results

Conroy Diamonds & Gold PLC
30 March 2001


                             Chairman's Statement

Dear Shareholder,

I have great pleasure in presenting your Company's Interim Report. Excellent
progress continues to be made by your Company. Highlights include the
discovery of gold in County Armagh and a report by a European Research Team
led by the British Geological Survey (BGS), which has found 'a new structural
orientation not previously observed' at your Company's Tullybuck/Lisglassan
gold deposit and believes 'that mineralisation is more extensive' than
previously indicated. This independent confirmation of the conclusions of your
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.

Discovery of Gold in County Armagh

The discovery of gold in County Armagh, at a location some 6.5km north-east
along strike of the Tullybuck/Lisglassan deposit where previously your Company
encountered mineable gold grades and widths, is a new and exciting
development.

The Armagh discovery provides firm evidence that the Tullybuck/Lisglassan gold
deposit is not an isolated occurrence but is part of the much larger
Armagh-Monaghan Gold Belt which has a known length of 18km and lies within
your Company's licence area. It also points to the very real possibility that
a number of economic gold deposits could be located along this Gold Belt.

The new find as well as confirming the presence of gold mineralisation some
distance from Tullybuck/Lisglassan also provides strong support for your
Company's geological model for the Armagh-Monaghan Gold Belt - the
interpretation of geological factors and events, which have controlled the
emplacement of mineralisation within the belt. Both Tullybuck/Lisglassan and
the new Armagh discovery are spatially related to the very important Orlock
Bridge Fault, which your Company believes is the geological structure which
most influenced the creation of the gold belt.

The target area for the Armagh drilling programme was identified by
geochemical prospecting followed by bedrock analysis of two surface trenches.
The first borehole was drilled to intersect the underground extension of a
broad gold anomaly identified in one of the trenches. Between 16.50m and
23.44m down-hole, it intersected an interval of 6.94m grading 4.41g/t gold.
This included a section of 1.87m between 17.97m and 19.84m, which averaged
8.84g/t.

The second hole was drilled to intersect the underground extension of a
diffuse, low grade anomaly on a separate structure, which had been identified
in the trenches. This returned an intersection of 9.27m grading 1.88g/t gold
between 14.73m and 24.00m downhole.

Subsequent drillholes returned a number of other significant gold
intersections including one of 5.49 g/t over an interval of 7.46m between
16.15m and 23.61m downhole within which a 3.56m section averaged 9.53g/t gold.
These results indicate the presence of an extensive gold-bearing structure
open at depth and along strike.

More Extensive Mineralisation at Tullybuck/Lisglassan

The findings of the European Research Team led by the British Geological
Survey announcing that mineralisation at Tullybuck/Lisglassan is more
extensive than previously indicated did not come as a surprise but it is
pleasing to have independent confirmation of its potential. The research
findings are not only relevant to Tullybuck/Lisglassan but also to
optimization of future exploration plans for the entire Armagh-Monaghan Gold
Belt. They provide a mineralogical and geochemical basis that will make future
exploration operations even more efficient than before.

Your Company has systematically worked to understand the structural and
geological controls of mineralisation in Monaghan and Armagh, initially using
the data from the Tullybuck/Lisglassan deposit and adjacent area. These new
results have demonstrated the existence of a substantial area of high gold
mineralisation potential in the Armagh-Monaghan Gold Belt with many targets
still to be tested.

Base Metals South of the Orlock Bridge Fault

Elsewhere in the Longford-Down Massif the presence of a large number of old
base metal workings including zinc veins, together with geochemical soil
sampling, has indicated base metal mineralisation over a very wide area of
approximately 50km(2) south of the Orlock Bridge Fault. This suggests that
there may be potential for larger concentrations of base metals at depth. In
geological setting and mineralisation, the area has much in common with the
Leadhills-Wanlockhead ore field of the Southern Uplands of Scotland. This
major ore field was in production for several centuries, ceasing operations in
the 1950's.

Slieve Glah Base Metals and Gold Prospects

Some 45km to the south west of Tullybuck/Lisglassan is the Slieve Glah area.
Here the direction of the Orlock Bridge Fault swings in the vicinity of a
granodiorite intrusive known to contain copper and molybdenum mineralisation
and the fault is exposed as a 200m wide zone with a distinctive mylonitic
fabric.

Your Company has carried out an initial geochemical soil sampling programme at
Slieve Glah, the results of which have been most encouraging with anomalous
values for gold and base metals detected. Gold values of greater than 10ppb
were obtained in approximately 12% of the samples and ranged up to 468ppb.

These results are very important because they confirm the exploration
potential of the Orlock Bridge/Slieve Glah structural feature over a
significant distance.

Polymetallic Zone

To the west and south of the Armagh-Monaghan gold belt (the area to the north
and east of the belt has not yet been evaluated) are a series of intriguing
gold and base metals targets. These targets which include gold, lead, zinc and
barite, require follow-up work.

Land Position

Your Company has secured its land position in the Longford-Down Massif. Its
holdings now extend over 1300 km(2) (500sq miles) covering what your Company
considers to be the most highly prospective acreage in the Longford-Down
Massif.

Finance

Following the successful fundraising last May and the admission of your
Company's shares to the AIM market the Company extended its exploration
programme along the Armagh-Monaghan gold belt. The excellent results achieved
and the strong indications that the discoveries at Tullybuck/Lisglassan and in
Armagh have the potential to be economic, even at current low gold prices,
suggest that very significant value could be added to the Company's shares by
further exploration at these sites and, indeed, on the other highly
prospective areas on our licenses.

The cash in hand at 30 November 2000 was IR£385,776, which together with
facilities available to the Company, is financing the current phase of the
exploration programme. Your directors are considering the various options for
financing its further exploration and development programmes. This may include
bringing in a joint-venture partner or the raising of further permanent
capital.

Directors and Staff

I would like to thank my fellow directors, staff and consultants for their
support and dedication. They have made the continued progress and success of
the Company possible.

The future is both interesting and exciting.

Yours faithfully

Professor Richard Conroy,

Executive Chairman                                   30 March 2001

Web Site: www.conroydiamondsandgold.com

Phone: [phone]     Fax: + 353 1 662 1213

Address: 10 Upper Pembroke Street

Dublin 2



                       CONROY DIAMONDS AND GOLD P.l.c.

                      BALANCE SHEET AT 30 NOVEMBER 2000

                                            November    November       May
                                              2000        1999        2000
                                           (Unaudited) (Unaudited)  (Audited)
                                               IR£         IR£         IR£

Fixed Assets
Intangible - Mineral Interests               1,896,976   1,224,772   1,504,609
Tangible fixed assets                           53,118      10,432       9,419
                                              ________    ________    ________
                                             1,950,094   1,235,204   1,514,028
                                              ________    ________   _________

Current Assets
Debtors                                         30,238      51,391      14,282
Cash at hand                                   385,776         729   1,137,056
                                               _______     _______    ________
                                               416,014      52,120   1,151,338
Creditors
Amounts falling due within one year          (393,254)   (536,353)   (614,616)
                                             _________    ________   _________
Net Current Assets/(Liabilities)                22,760   (484,233)     536,722
                                             _________    ________    ________
Total Assets less Current Liabilities        1,972,854     750,971   2,050,750

Creditors:
Amounts falling due after more than one        --          --          --
year
                                           ___________  __________  __________
                                           IR£1,972,854 IR£750,971  IR£2,050,750
                                           ==========    =========   =========

Capital and Reserves
Called up share capital                    354,627         242,127     354,627
Share premium account                      2,041,411       785,688   2,041,411
Profit and loss account                    (423,184)     (276,844)   (345,288)
                                           ___________  __________ ___________
Shareholders' funds                        IR£1,972,854 IR£750,971 IR£2,050,750
                                           ==========    =========   =========



                       CONROY DIAMONDS AND GOLD P.l.c.

         PROFIT AND LOSS ACCOUNT FOR HALF-YEAR ENDED 30 NOVEMBER 2000


                                        November      November   Year to 31 May
                                          2000          1999          2000
                                       (Unaudited)   (Unaudited)
                                           IR£           IR£           IR£

Operating Expenses                         (84,736)      (35,349)     (104,014)

Other income                                  6,840      --                 221
                                        ----------- --------------  ------------

Loss on Ordinary Activities before         (77,896)      (35,349)     (103,793)
Taxation

Tax on loss on ordinary activities         --            --            --
                                      ------------- --------------  ------------

Loss for period                            (77,896)      (35,349)     (103,793)

Profit and Loss Account at 1 June,        (345,288)     (241,495)     (241,495)
2000
                                      ------------- --------------  ------------

Profit and Loss Account at 30          (IR£423,184)  (IR£276,844)  (IR£345,288)
November, 2000
                                          =========     =========     =========