Half-yearly Report

23 February 2009

                        Conroy Diamonds and Gold P.l.c                         

                                ("the Company")                                

         Half-yearly results for the six months ended 30 November 2008         

Chairman's Statement

I have great pleasure in presenting your Company's half-yearly report for the
six months ended 30 November 2008, a period during which your Company continued
the delineation and evaluation of its one million plus ounce gold discovery at
Clontibret in County Monaghan, Ireland and, more recently, discovered an
extensive new gold anomaly at Clay Lake in County Armagh, larger in size than
Clontibret and with higher gold-in-soil values.

Clontibret

The JORC-compliant gold resource has been identified in less than 20 per cent.
of the Clontibret target. The directors believe that the discovery of the
Clontibret gold resource, together with initial exploration of the remaining 80
per cent., suggests there is potential for a significantly larger deposit.

Mineralisation at Clontibret comprises a mix of narrow high grade lode zones
and a more extensive lower grade stockwork. A recent drill hole, 287m deep and
designed to intersect the stockwork at depth achieved this objective and also
intersected four additional gold lode zones lying above the stockwork. This
increases the number of mineralised lode structures or zones identified at
Clontibret to 38.

Clay Lake

More recently, your Company announced the discovery of an extensive
gold-in-soil anomaly on its Clay Lake target in County Armagh, 7km north-east
of Clontibret. Values ranging up to 1,531 parts per billion gold (1.53g/t) have
been returned, the highest gold-in-soil values yet encountered on your
Company's Irish exploration licenses.

The new anomaly measures about 2km by 1km (141 ha), is larger than Clontibret,
and carries average gold-in-soil values that are twice the average of those
recorded at nearby Clontibret.

The anomaly is named after the Clay Lake nugget containing 28g of gold, found
in a stream bed in the 1980s. Your Company has long held the view that the Clay
Lake nugget is clear evidence of the area's gold potential, and has actively
been seeking the source of this nugget for a number of years. These latest
results, with the highest gold-in-soil values encountered anywhere in our
licence area, may well indicate that the source of the nugget lies within the
new anomaly. It could well be the Jewel in the Crown for your Company.

The new discovery lies within the 50km-long gold bearing trend delineated by
your Company on its licence area which straddles the border between Northern
Ireland and the Republic. The licences, which cover over 1,000km² in Counties
Armagh, Monaghan and Cavan, follow the surface expression of the Orlock Bridge
Fault, a major geological structure believed to have influenced mineralisation
in the area.

Potential Gold Mineralisation in the Licence Area

Your Company's technical staff now believe, on the basis of the one million
ounce gold resource outlined at Clontibret, the potential of the remaining 80
per cent of that target, the new discovery at Clay Lake and other large
gold-in-soil anomalies that have been outlined elsewhere on your Company's
exploration licences in Ireland, that the total gold potential on these
licences, although conceptual in nature, now lies in the 15-20 million ounce
range.

Whilst there has been insufficient exploration to date to define such a mineral
resource, and there is no certainty that further exploration will result in a
resource of this magnitude being realised, the directors believe that the
potential is clear and the possibilities exciting.

Technical and Economic Studies

Preliminary in-house technical and economic studies suggest that the one
million plus ounce resource at Clontibret has the potential to become an
economically viable mining project. These studies are at a very early stage,
however, and must be treated with caution as they are based on the resource as
estimated to date, over half of which is in the Inferred category at this
stage. We will continue to advance the delineation process with a view to
increasing both the total resource estimate and the proportion in the Indicated
or Measured categories. This would provide sufficient confidence in the
resource estimate to allow technical and economic parameters to be applied,
thus enabling evaluation of the economic viability of the deposit with a higher
degree of certainty.

Finance

The results for the half-year are set out below. The loss for the period was €
202,464 (2007: loss €166,698). As in previous periods I have supported the
working capital requirements of the Company and in the period under review have
advanced aggregate loans amounting to €1,831,111.

The loans have been made under normal commercial terms in accordance with a
letter of support dated 11 November 2008. This letter provides confirmation of
support from me for the current financial year ending 31 May 2009. The loans
have been and will continue to be made on normal commercial terms. The interest
on the loans is currently accruing at a rate of 8.25 per cent. per annum. The
loans may be repaid at anytime but I have confirmed to the Company that I will
not request repayment, other than in exceptional circumstances, within a period
of less than one year.

The other directors consider, having consulted with the Company's Nominated
Adviser, that the terms of the loan are fair and reasonable in so far as the
Company's shareholders are concerned.

Your Board is considering various options to finance your Company's activities
going forward.

Directors and Staff

I would like to thank my fellow directors, staff and consultants for their
support and dedication, which has enabled the continued success of the Company.
I look forward to the future with confidence.

Professor Richard Conroy

Chairman

23 February 2009

This release has been approved by Kevin McNulty PGeo, who is a member of the
Company's technical staff, who holds a BSc/MSc in Geology and Remote Sensing,
in accordance with the guidance note for Mining, Oil & Gas Companies issued by
the London Stock Exchange in respect of AIM Companies, which outlines standards
of disclosure for mineral projects.

Further enquiries:

Conroy Diamonds and Gold Plc                             Tel: [phone]
                                                                               
Professor Richard Conroy                                                       
                                                                               
John East & Partners Limited                                 Tel: [phone]
                                                                               
Simon Clements / Virginia Bull                                                 
                                                                               
City Capital Corporation Limited                             Tel: [phone]
                                                                               
Charles Dampney                                                                
                                                                               
Lothbury Financial Limited                                   Tel: [phone]
                                                                               
Ron Marshman / Michael Padley                                                  

UNAUDITED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 NOVEMBER 2008

                                          Six months    Six months         Year
                                               ended         ended             
                                                                          ended
                                         30 November   30 November             
                                                                         31 May
                                                2008          2007             
                                                                           2008
                                         (Unaudited)   (Unaudited)             
                                                                      (Audited)
                                                                               
                                                   €             €            €
                                                                               
OPERATING EXPENSES                         (202,478)     (166,698)    (374,890)
                                                                               
Other Income                                      14             -           16
                                                                               
LOSS BEFORE TAXATION                       (202,464)     (166,698)    (374,874)
                                                                               
Taxation                                           -             -            -
                                                                               
LOSS RETAINED FOR THE PERIOD               (202,464)     (166,698)    (374,874)
                                                                               
Loss per ordinary share - Basic and        (€0.0019)     (€0.0016)    (€0.0035)
diluted                                                                        
                                                                               

UNAUDITED BALANCE SHEET

AS AT 30 NOVEMBER 2008

                                       30 November    30 November        31 May
                                                                               
                                              2008           2007          2008
                                                                               
                                       (Unaudited)    (Unaudited)     (Audited)
                                                                               
                                                 €              €             €
                                                                               
Non-current Assets                                                             
                                                                               
Intangible assets                        8,297,538      7,337,620     7,830,219
                                                                               
Financial assets                                 2              2             2
                                                                               
Property, plant and equipment               26,921         30,934        29,934
                                                                               
                                         8,324,461      7,368,556     7,860,155
                                                                               
Current Assets                                                                 
                                                                               
Trade and other receivables                 44,110         35,264        36,229
                                                                               
Cash and cash equivalents                   90,676         50,606       109,432
                                                                               
                                           134,786         85,870       145,661
                                                                               
Total Assets                             8,459,247      7,454,426     8,005,816
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Capital and Reserves                                                           
                                                                               
Called up share capital                  3,170,649      3,170,649     3,170,649
                                                                               
Share premium                            5,491,037      5,491,037     5,491,037
                                                                               
Capital conversion reserve fund             30,617         30,617        30,617
                                                                               
Share based payments reserve               359,117        181,982       284,604
                                                                               
Retained losses                        (2,870,375)    (2,459,735)   (2,667,911)
                                                                               
Total Equity                             6,181,045      6,414,550     6,308,996
                                                                               
Non-current Liabilities                                                        
                                                                               
Trade and other payables: Amounts        1,831,111        942,413     1,421,948
falling                                                                        
                                                                               
due after more than one year                                                   
                                                                               
Total non-current liabilities            1,831,111        942,413     1,421,948
                                                                               
Current Liabilities                                                            
                                                                               
Trade and other payables: Amounts          447,091         97,463       274,872
falling                                                                        
                                                                               
due within one year                                                            
                                                                               
Total Current Liabilities                  447,091         97,463       274,872
                                                                               
Total Liabilities                        2,278,202      1,039,876     1,696,820
                                                                               
Total Equity and Liabilities             8,459,247      7,454,426     8,005,816

unaudited Cash Flow Statement

For the SIX MONTHS Ended 30 NOVEMBER 2008

                                            30 November  30 November     31 May
                                                                               
                                                   2008         2007       2008
                                                                               
                                            (Unaudited)  (Unaudited)  (Audited)
                                                                               
                                                      €            €          €
                                                                               
Cash used by operations                        (18,768)    (105,012)  (159,261)
                                                                               
Tax paid                                              -            -          -
                                                                               
Net cash used in operating activities          (18,768)    (105,012)  (159,261)
                                                                               
Cash flows from investing activities                                           
                                                                               
Investment in mineral interest                (407,053)    (200,743)  (561,640)
                                                                               
Payments to acquire property, plant and         (2,098)      (4,837)   (10,401)
equipment                                                                      
                                                                               
Net cash used in investing activities         (409,151)    (205,580)  (572,041)
                                                                               
Cash flows from financing activities                                           
                                                                               
Shareholders loan advances                      409,163      255,245    734,780
                                                                               
Net cash from financing activities              409,163      255,245    734,780
                                                                               
(Decrease)/Increase in cash and cash           (18,756)     (55,347)      3,478
equivalents                                                                    
                                                                               
Cash and cash equivalents at beginning of       109,432      105,954    105,954
period                                                                         
                                                                               
Cash and cash equivalents at end of              90,676       50,607    109,432
period                                                                         
                                                                               

Notes to the Financial Statements

1. Publication of non-statutory accounts

The financial information set out in this document does not comprise the
statutory accounts of the Company.

2. Loss per share

The calculation of the loss per ordinary share of €0.0019 (2007: loss €0.0016)
is based on the loss for the half year of €202,464 (2007: loss €166,698) and
the weighted average number of ordinary shares on a basic and fully diluted
basis during the period of 105,688,297 (2007: 105,688,297). Share options and
warrants are not included in the calculation of fully diluted shares since the
Company incurred a loss in both periods which results in these potential shares
being anti-dilutive.

3. Dividends

No dividends were paid or are proposed in respect of the period ended 30
November 2008.

4. A copy of the half-yearly report will be available on the Company's website 
www.conroydiamondsandgold.com and will be available from the Company's
registered office, 10 Upper Pembroke Street, Dublin 2. It will also be
forwarded to shareholders who requested a hard copy.