Drilling Report

Conroy Diamonds & Gold PLC
29 August 2001


                         Conroy Diamonds & Gold P.l.c

                               Drilling Report

  * Conroy Resumes Drilling On County Armagh Gold Discovery
  * Results Expected In Early Autumn
  * Soil Geochemical Surveys Indicate Possible Extensions Of The Tullybuck/
    Lisglassan Mineralisation In Co. Monaghan.

AIM-listed Conroy Diamonds and Gold P.l.c. has resumed drilling at its gold
discovery in County Armagh, 6.5km north-east along trend from its Tullybuck/
Lisglassan gold deposit in County Monaghan. Since the Company first reported
bedrock gold and base metals mineralisation in Armagh, additional trenching
has confirmed the extensive nature of this mineralisation. However, further
follow-up work was delayed as a result of restrictions placed on access to the
area following the foot and mouth outbreak earlier this year.

The two original discovery holes in Armagh returned intersections of 6.94m at
4.41g/t from 16.50m and 9.37m at 1.88g/t from 14.7m. These were supplemented
by further drill holes, all of which intersected gold mineralisation, with a
best section of 7.46m grading 5.49g/t gold from a downhole depth of 16.15m.
This included a continuous 3.56m section which averaged 9.53g/t gold.

These results not only confirmed the presence of significant gold
mineralisation some 6.5km along trend from the Tullybuck/Lisglassan deposit,
but also indicated that the latter is not an isolated gold occurrence but
forms part of the much larger Armagh-Monaghan Gold Belt. This gold belt lies
within the Company's licence area and has a known length of 20km. The drilling
results also provided further evidence that a number of economic gold deposits
could be located within this belt.

Conroy has demonstrated that the Tullybuck/Lisglassan deposit contains
significant mineralisation over mineable widths in a series of steeply dipping
veins and lodes extending almost to surface. The Company last year reported
its best-ever drill hole intersection at Tullybuck/Lisglassan - 2.84m grading
14.40g/t gold, including a 1.77m section which averaged 22.03g/t - from a
downhole depth of 46m.

The results of a new soil geochemical survey near Tullybuck/Lisglassan
indicate possible extensions of the mineralisation to the north-west and these
will be tested in the near future.

The Company's regional geological model suggests that the mineralisation
within the Armagh-Monaghan gold belt is influenced by the presence of the
Orlock Bridge Fault, a major regional geological structure, with cross
faulting breaking up the belt into a number of discrete fault blocks.
Tullybuck/Lisglassan lies within one such block and the Armagh deposit is
located within another. The two are separated by at least one, and possibly
two, further untested fault blocks.

The original drilling programme in Armagh was designed to test for
mineralisation beneath that identified in the surface trenching. The new
programme of drilling and trenching, now underway, is intended to provide
further evidence of the continuity and extent of this mineralisation. Two
further geochemical targets have been identified in the same area. These will
be investigated in the near future. Results from the current drilling
programme are expected in early Autumn.


Further Information:                              August 29 2001

Professor Richard Conroy

Conroy Diamonds and Gold P.l.c.

Tel: [phone]