Lapse of Warrants

23 January 2009

                         Conroy Diamonds and Gold Plc                          

                          ("Conroy" or "the Company")                          

                                   AIM: CDG                                    

                               Lapse of warrants                               

The Company announces that, pursuant to a warrant agreement dated 20 January
2005, warrants over 20,000,000 ordinary shares which were exercisable at 3.75p,
have now lapsed.

The Company currently has 105,688,297 ordinary shares of €0.03 each ("Ordinary
Shares") in issue and admitted to trading on AIM. In addition, options over
7,195,000 Ordinary Shares and warrants over 78,869,313 Ordinary Shares remain
outstanding.

Further Information:

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                                                  

Visit website at: www.conroydiamondsandgold.com Conroy Share Price