New Gold Prospect Discovered

Conroy Diamonds & Gold PLC
10 September 2003


                        CONROY DIAMONDS AND GOLD P.L.C.


                  CONROY DISCOVERS EXCITING NEW GOLD PROSPECT
                          EAST OF TULLYBUCK-LISGLASSAN

   •Highest Grade Large Coherent Anomaly Identified To Date

   •Gold-In-Soil Results Include Values Of Over 500 Parts Per Billion

   •Trenching Underway With Assays Expected Later This Month


Conroy Diamonds and Gold P.l.c, the AIM-listed explorer, today announces that
its summer field programme in the Armagh-Monaghan Gold Belt has identified an
exciting new gold prospect with gold-in-soil values which represent the
highest-ever encountered by the Company within a large coherent anomaly. The
Ballygreany prospect lies to the east of Conroy's original discovery at
Tullybuck-Lisglassan in County Monaghan and is the fifth gold discovery/prospect
identified by the Company within a 6.5km section of the 20km long Gold Belt.

The initial extensive geochemical sampling programme to the east of
Tullybuck-Lisglassan covered an area of approximately 5km2. Anomalous gold
values were returned from approximately 3.5km2, a larger anomaly than any other
previously identified by the Company. The follow-up survey of this 3.5km2 area,
using a more closely spaced sampling grid, outlined a well-defined,
bedding-parallel gold anomaly measuring approximately 500m by 125m.

The Company says the gold values recorded in the soils over this area are
unusually high and include several samples of over 500 parts per billion gold
(ppb). The typical background gold-in-soil value in the Armagh-Monaghan Gold
Belt is less than 4ppb; 10ppb is regarded as 'high' and 20ppb 'very high'.

Conroy says it regards Ballygreany as an exceptionally exciting gold prospect
within the Armagh-Monaghan Gold Belt. Further work, including extensive
trenching, is now underway and results are expected later this month. This will
be followed by drilling.

To date, Conroy's exploration of the Armagh-Monaghan Gold Belt has identified
two separate gold deposits - at Tullybuck-Lisglassan in County Monaghan and
Cargalisgorran, 6.5km to the NE in County Armagh. A further two zones of gold
mineralisation have also been identified - at Tivnacree, 1.2km SW of
Cargalisgorran and, more recently at Corcaskea, approximately 1km north of
Tullybuck-Lisglassan. Both of these zones, together with Cargalisgorran, were
discovered as a result of trenching and subsequent drilling of targets
identified by gold-in-soil anomalism, a clear demonstration of the validity of
the Company's geological model and the effectiveness of its exploration strategy
which is also being implemented at Ballygreany.


Further Information:

Professor Richard Conroy, Conroy Diamonds and Gold P.l.c. Tel: [phone]

Ron Marshman/John Greenhalgh, City of London PR Limited.  Tel: [phone]

Website: www.conroydiamondsandgold.com


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