Clontibret Gold Project Scoping Update

16 December 2011

                    Conroy Gold and Natural Resources plc

                         ("Conroy" or "the Company")

                    Clontibret Gold Project Scoping Update

- Resource increased to over 600,000 ounces gold (Au)

- Indicated category increased to over 250,000 ounces (Au)

- Mine life increased to 11.2 years

- Gold in-situ averaging over 50,000 ounces per annum for first
  five years of mine life

- NPV(8) increased to US$72.3 Million: IRR increased to 49.4 per cent

Conroy (AIM: CGNR; ESM: CGNR.I) is pleased to announce that it has
received an Updated Resource and Evaluation prepared by Tetra Tech Wardrop
Engineering Inc ("Tetra Tech"). on its wholly owned Clontibret gold project in
Co. Monaghan, Ireland. The new resource and evaluation was developed to Joint
Ore Reserves Committee ("JORC") standard and is an update on the scoping study
previously undertaken by Tetra Tech. The update increases the resource to over
600,000oz Au, the mine life to 11.2 years and further enhances the economics
of the project.

The evaluation is based on a long-term gold price of US$1,372 per
oz Au and on a new resource estimate based on infill drilling, assay results
and updated geological interpretation. The new resource estimate using a
minimum mining width of 2 metres and a cut-off grade of 0.60g/t Au shows a 25
per cent increase in tonnage to 11,709,700 tonnes and a 19 per cent increase
in total ounces of gold to over 600,000 oz at 1.60 g/t Au (Indicated 259,956
oz Au, Inferred 341,148 oz Au) (See Table A). The mineral resource was
evaluated for mining potential using Whittle pit optimisation software.

Table A

Summary of Resource Estimate

        Indicated                   Inferred                     Total
 Tonnes   Au (g/t)   Ozt    Tonnes   Au (g/t)   Ozt     Tonnes   Au (g/t)   Ozt
4,926,900   1.64   259,956 6,782,800   1.56   341,148 11,709,700   1.60   601,104

      Note: Contained metal estimates remain subject to factors such as
                 mining dilution and process recovery losses


The Whittle evaluation shows a 120 per cent increase in contained
gold within a conventional

open pit configuration, a 35 per cent reduction in operating costs
due to economy of scale, a reduction in stripping ratio from 11.8 to 9.4, a
doubling of production rate from 400,000 to 800,000 tonnes per annum, a
decrease in gold grade from 2.19 g/t Au to 1.53g/t Au, an assumed overall
recovery rate of approximately 85 per cent using a bio-oxidation process;
in-situ gold averaging over 50,000 oz per annum in the first five years of
mine life and an increase in mine life to 11.2 years. (See Table B) The
increase in size and throughput will increase capital costs to US$77.8M (from
US$ 47.9M) but with a reduction in payback period to two years.

Table B

Description           Scoping Study     Update                Comment
Processed material (kt*)      2,898      8,980          210% increase
Stripping Ratio                11.8        9.4           20% decrease
Contained Au (000oz**)        198.7      441.2          120% increase
Au Grade (g/t***)              2.13       1.53           28% decrease
Production                      400        800     Doubled economy of
Rate(000t/a****pa)                                              scale
Mine Life (years)               7.2       11.2    Increased mine life
Payback (years)                 4.3        2.0 Payback period reduced

*Kilotonne ** Troy Ounce *** Grams per tonne **** Tonnes per annum


The economic evaluation was based on a pre-tax financial model,
taking a base case commodity price for gold of US$1,372 per ounce, this gave a
49.4 per cent internal rate of return (IRR) and a net present value (NPV), at
an 8 per cent discount rate, of US$72.3M.

This press release has been verified by Paul Gribble C.Eng,
Competent person for Resource Estimation, Richard Hope C.Eng Competent Person
for Mining and Andrew Carter C.Eng, Competent Person for Mineral Processing.
The text is based on and fairly and accurately reflects in the form and
context in which it appears, the information in the supporting documentation
relating to Mineral Resources and the Scoping Study. All the above named
persons are employees of Wardrop and are independent of Conroy.

Commenting, Chairman, Professor Richard Conroy said:

"The mine economics are transformed by these results with an over
100 per cent increase in contained gold, a substantial increase in gold
production, a reduction in operating costs of over 30 per cent, an increase in
mine life to over 11 years, and a two year payback period."

Further Information:

Conroy Gold and Natural Resources plc       Tel: [phone]
Professor Richard Conroy, Chairman

Merchant Securities Limited (Nomad)         Tel: [phone]
Simon Clements/Virginia Bull,

XCAP Securities PLC (Broker)                Tel: [phone]
John Grant/ Karen Kelly/ David Lawman

IBI Corporate Finance Limited (ESM Adviser) Tel: [phone]
Brian Farrell

Lothbury Financial Services                 Tel: [phone]
Michael Padley/Michael Spriggs
 
Hall Communications                         Tel: [phone]
Don Hall

Visit the website at: www.conroygoldandnaturalresources.com