Drilling Report

Conroy Diamonds & Gold PLC
06 November 2002



                          CONROY DIAMONDS AND GOLD PLC

                                6 November 2002

                  CONROY STRIKES THIRD ZONE OF MINERALISATION

                          IN ARMAGH-MONAGHAN GOLD BELT


  • Similar Initial Results To Those At Cargalisgorran 1.2km Away
  • All Three Discoveries Lie Along Same Geological Trend
  • New Mineralised Fault Structure Adds To Strike Potential At
    Tullybuck-Lisglassan

Conroy Diamonds and Gold Plc, the AIM-listed explorer, today announces the
discovery of a third area of bedrock gold mineralisation in the Armagh-Monaghan
Gold Belt, at Tivnacree in County Armagh, 1.2km south-west of the company's
Cargalisgorran deposit. Tullybuck-Lisglassan, in County Monaghan, is located a
further 5km to the SW of Tivnacree. All three areas lie along the same NNE-SSW
geological trend.

Trench sampling at Tivnacree returned a best value of 1.62g/t gold over 5m which
is comparable to the initial results from trenching at Cargalisgorran. 'It's a
promising breakthrough in an untested area and supports our view that the Gold
Belt contains a series of deposits', said chairman, Professor Richard Conroy.

The new discovery resulted from preliminary trenching and drilling over a large
gold-in-soil anomaly, measuring some 300m by 250m, which the company had
outlined by earlier reconnaissance geochemistry. The geological structures and
lithologies exposed in the trenches are similar to those hosting gold at other
localities in the Gold Belt. Of particular note is the presence of prominent
north-south structures, alteration and quartz veining. Gold mineralisation at
Cargalisgorran and Tullybuck-Lisglassan has been shown to be closely associated
with similar features, the company states.

Two shallow diamond drill holes have been completed at Tivnacree. The first,
drilled vertically to a depth of 25.3m, intersected quartz veining associated
with minor sulphide mineralisation. The second, to a depth of 87.5m, intersected
a sub-vertical shear zone with sericite/chlorite alteration, disseminated
sulphide mineralisation and low grade gold mineralisation.

Additional close-spaced soil geochemistry followed by trenching and drilling is
planned at Tivnacree to provide key information on structure and orientation of
potentially higher-grade gold mineralisation associated with alteration and
shearing seen in drill core from the latest holes.

Meanwhile, a further drill hole in the latest programme at Tullybuck-Lisglassan
intersected a mineralised fault structure similar to others encountered in
earlier drilling there. In all cases, where gold mineralisation is observed at
Tullybuck-Lisglassan, it is associated with fault breccia, wallrock alteration
and the development of sulphide minerals. The results from this latest hole are
therefore very encouraging, says Conroy. Furthermore, this hole is located 200m
north of the recently reported drill hole which intersected a broad zone of gold
mineralisation over a down-hole width of 67m, thus illustrating the significant
strike potential of the Tullybuck-Lisglassan deposit, the Company adds.

Further Information:

Professor Richard Conroy, Conroy Diamonds and Gold Plc. Tel: [phone]

Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: [phone]


                      This information is provided by RNS
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