Expands Exploration Programme

Conroy Diamonds & Gold PLC
22 May 2001





                         CONROY DIAMONDS AND GOLD PLC

     CONROY DIAMONDS AND GOLD EXPANDS EXPLORATION PROGRAMME INTO FINLAND

  * 22 Claim Reservations Granted, Primarily For Diamonds
  * Gold And Other Minerals Will Also Be Targeted

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Conroy Diamonds and Gold Plc, whose recent discovery of gold in County Armagh
has significantly enhanced the prospectivity of its Armagh-Monaghan gold belt,
has now extended its exploration interests to central and eastern Finland
where it has been granted 22 Claim Reservations covering approximately 200km2.
Diamonds will be the main focus, but areas prospective for gold, chrome,
nickel and platinum group metals (PGMs) will also be targeted.


This move follows the company's examination and assessment of the
comprehensive geophysical database of the country assembled and made available
by the Geological Survey of Finland (GSF). Conroy has also contracted the
services of the GSF, with its invaluable experience and expertise in the
geology of Finland, to work in association with Conroy's staff and
consultants.


Each Claim Reservation covers an area of up to 9km2 and gives the holder
exclusivity in applying for Exploration Claims within that area. No financial
commitment is attached to a Claim Reservation.


The move into Finland is a logical step for Conroy Diamonds and Gold, the
management of which has previous experience in running exploration programmes
in that country.


Finland's long history of mining reflects a favourable geology which is highly
prospective for minerals, including diamonds. The Pre-Cambrian Archaean rocks
underlying much of the central and northernmost parts of the country form part
of two major geological structures known as the Karelian and Kola Cratons
which extend across the border into Russia. The Russian section of the
Karelian Craton hosts the Lomonosova diamond deposit, one of the largest in
the world. The whole combined structure, known as the Baltic Shield, forms the
ancient geological heart of north-west Europe. Significantly, it is equivalent
in age and geological make-up to the Southern African and Western Australian
Cratons and the Canadian Shield, all of which have yielded many major diamond
and gold deposits.


Most diamonds occur in kimberlitic pipes which are generally associated with
Archaean shield geology. The GSF database examined by Conroy's consultants
includes detailed aeromagnetic data. This is particularly relevant in diamond
exploration, and to date has highlighted 12 geophysical anomalies that display
kimberlitic pipe-like characteristics. These areas, which are located in both
the Karelian and Kola Cratons, are now held under Claim Reservation by Conroy,
and will be the subject of further detailed investigation.


The geology of Finland also features extensive areas of greenstone rocks that
are similar to those found elsewhere in the world which host major gold
deposits. Some of the Company's Claim Reservations also cover these greenstone
belts as well as areas containing ultrabasic rocks which are prospective for
platinum group metals, nickel and chrome. Regional geochemical databases made
available by the GSF confirm this prospectivity.


Professor Richard Conroy said today: 'With our established position in gold in
Ireland, the expansion of exploration programmes into Finland, with that
country's potential for both diamonds and gold, is an exciting development
which could result in further major exploration success for the Company.'