Re New Licence

Conroy Diamonds & Gold PLC
24 June 2003




                         CONROY DIAMONDS AND GOLD P.l.c

                 CONROY GRANTED ADDITIONAL PROSPECTING LICENCE

                                IN COUNTY ARMAGH

   •Land Holdings Now Comprise Single Contiguous Block Covering More Than
    1500km2 Of Prospective Longford-Down Massif
   •Four Gold Discoveries Made So Far Occur Within Tiny Part Of Total Block
   •Exploration To Date Has Only 'Scratched The Surface' Of New Gold Belt

AIM-listed Conroy Diamonds and Gold P.l.c has been granted an additional
prospecting licence over 250km2 of County Armagh, thus increasing its land
holdings over the Longford-Down Massif in Ireland to more than 1,500km2. The
Massif is the major geological structure in which Conroy has discovered the
Armagh-Monaghan Gold Belt and which the Company believes has the potential to
become a significant new mineral province.

The new licence lies immediately south of the Company's two other licences in
Northern Ireland and extends to the BORDER='0' with the Republic of Ireland
where it abuts Conroy's existing licences in County Monaghan.

Conroy's licences now comprise a contiguous block of ground, up to 20km wide,
which extends south-west from County Armagh, through counties Monaghan and Cavan
in the Republic of Ireland, to the boundary with County Longford, a distance of
approximately 100km. The trend of the whole licence block follows that of the
Orlock Bridge Fault, thought to have had a controlling influence over regional
mineralisation in the Longford-Down Massif.

To date, the Company'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, most 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 geochemical anomalies, a clear demonstration of the
validity of the Company's geological model and the effectiveness of its
exploration strategy.

Whilst the Company has outlined the Armagh-Monaghan Gold Belt over a distance of
around 20km at present, the four gold zones identified so far are all located
within a 6.5km long section where more advanced exploration has taken place.
Although impressive progress has been achieved, effectively the Company has
still only 'scratched the surface' in this area of the Gold Belt, as most of its
drilling to date has been to a vertical depth of lest than 60 metres.

Many other areas with strong gold-in-soil anomalies have been outlined, both
within the Gold Belt itself and elsewhere on the company's licences. These
include the Slieve Glah area in County Cavan at the south-west end of the
licence block, where the trend of the Orlock Bridge Fault shows a marked
deviation to the south. Such deviations can often lead to the formation of
dilation zones with which large-scale mineralisation is sometimes associated.
Preliminary trenching at Slieve Glah has identified gold in bedrock.

Commenting today, Chairman, Professor Richard Conroy said: 'We are pleased to
have been granted the new licence in south-west Armagh as it enables us to
consolidate our position as the sole explorer of a large block of land having
enormous mineral potential'.

Further Information: Professor Richard Conroy, Conroy Diamonds and Gold P.l.c

Tel: [phone] www.conroydiamondsandgold.com




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