Issue of Equity

1 September 2009                                                               

                        Conroy Diamonds and Gold P.l.c.                        

                          ("Conroy" or "the Company")                          

            Subscription to raise €300,000 and debt capitalisation             

Conroy (AIM:CDG) is pleased to announce that, further to the subscription
announced on 25 August 2009 (which raised €264,000 for the Company), it has
raised an additional €300,000 by way of a subscription of 10,000,000 new
ordinary shares at €0.03 each, from a new Irish investor, Mr Patrick
O'Sullivan. In addition, Professor Richard Conroy has capitalised loans
amounting to €325,000 by subscribing for 10,833,333 shares at the same price
(together with the subscription shares set out above ("New Shares")).

The Company intends to use the proceeds of the share issues primarily to fund
the ongoing work programmes at its gold prospects in Ireland, in relation to
which the Company has already announced the discovery of a resource of more
than one million ounces of gold, and for working capital generally.

Professor Richard Conroy, Chairman commented:

"I am delighted to welcome Mr O'Sullivan as a significant investor in the
Company. The funds we have raised in the past few days will allow us to move
the Clontibret project through the pre-feasibility stage whilst continuing
delineation work at Clay Lake and other prospects."

Following the admission of the New Shares to trading on AIM, the Company will
have a total of 135,721,630 shares in issue. On admission Mr O'Sullivan will
hold 10,000,000 ordinary shares in the Company, equivalent to 7.37 per cent. of
the issued share capital. In addition, Professor Conroy will hold 40,377,639
ordinary shares in the Company, equivalent to 29.75 per cent. of the issued
share capital. Professor Conroy's holding includes 19,294,286 ordinary shares
held by Conroy P.l.c, a company in which Professor Conroy has a controlling
interest.

Under the AIM Rules, the debt capitalisation by Professor Conroy is a related
party transaction. The independent directors of Conroy, having consulted with
John East & Partners Limited ("JEP"), the Company's nominated adviser, consider
the terms of the debt capitalisation to be fair and reasonable in so far as the
Company's shareholders are concerned. In advising the independent directors,
JEP has taken into account the commercial judgement of the independent
directors.

Application has been made to the London Stock Exchange for the Subscription
Shares to be admitted to trading on AIM and it is expected that admission will
become effective and trading will commence on 4 September 2009.

Enquiries:

Conroy Diamonds and Gold Plc                                                   
                                                                               
Professor Richard Conroy, Chairman                              [phone]
                                                                               
John East & Partners Limited, a subsidiary of Merchant Securities Plc (Nomad)  
                                                                               
Simon Clements/Virginia Bull                                   [phone]
                                                                               
Lothbury Financial                                                             
                                                                               
Ron Marshman/Michael Padley                                    [phone]
                                                                               

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

Conroy Share Price