Issue of Equity

22 April 2010                                                                  

                        Conroy Diamonds and Gold P.l.c.                        

                          ("Conroy" or "the Company")                          

                       Subscription to raise €2,172,276                        

  * Subscription of 47,600,000 new ordinary shares at 4 pence per share to
    raise €2,172,276 before expenses
   
  * Proceeds of the subscription to be applied to accelerate technical studies
    at Clontibret and the work programmes of the Company's other gold
    discoveries
   
Conroy Diamonds and Gold Plc (AIM:CDG; IEX:CDG.I) is pleased to announce that
it has raised €2,172,276 (approximately £1,900,000) through a subscription
("the Subscription") of 47,600,000 new ordinary shares at 4 pence per share
("the Subscription Shares").

The subscriber is Kenglo One Limited, a privately owned company which has
extensive interests and expertise in the global mining industry. Kenglo One
Limited is wholly owned by Baccata Trustees Limited.

Following the Subscription, the Company will have 190,464,487 ordinary shares
in issue and Kenglo One Limited will hold 47,600,000 ordinary shares
representing 24.99 per cent. of the enlarged issued share capital of the
Company.

The proceeds of the Subscription, amounting to approximately £1,900,000, will
be applied primarily to fund its ongoing programmes at Clontibret (where it has
previously delineated a 1 million ounce JORC compliant gold resource), the
recently discovered large gold anomaly at the Clay Lake prospect (where Conroy
has reported a 63 metre intersection of 0.62 g/t gold and 1 g/t silver) and for
working capital generally.

Application has been made to the London Stock Exchange and the Irish Stock
Exchange for the Subscription Shares to be admitted to trading on AIM and IEX,
respectively. Trading in the Subscription Shares is expected to commence on AIM
and IEX on 27 April 2010.

Commenting today, Chairman, Professor Richard Conroy said:

"I am delighted to announce the Subscription which will enable the Company to
accelerate the pace of work at Clontibret and at our other gold discoveries."

Enquiries:

Conroy Diamonds and Gold Plc                                                   
                                                                               
Professor Richard Conroy, Chairman                              [phone]
                                                                               
Merchant John East Securities Limited (Nomad)                                  
                                                                               
Simon Clements/Virginia Bull                                   [phone]
                                                                               
IBI Corporate Finance Limited (IEX                                             
Adviser)                                                                       
                                                                               
John Tuite                                                      [phone]
                                                                               
City Capital Corporation Limited                                               
(Broker)                                                                       
                                                                               
Charles Dampney                                                [phone]
                                                                               
Lothbury Financial Services Limited                                            
                                                                               
Michael Padley/Michael Spriggs                                 [phone]
                                                                               
Hall Communications                                                            
                                                                               
Don Hall                                                        [phone]

Further details on Conroy Diamonds and Gold can be found on its website at: 
www.conroydiamondsandgold.com

Conroy Share Price