Sampling Programme in Finland

Conroy Diamonds & Gold PLC
14 October 2003

                                                                OCTOBER 14, 2003
                  CONROY'S LATEST SAMPLING PROGRAMME ENHANCES
                           DIAMOND TARGETS IN FINLAND

   •More G9 And G10 Garnets Found 'Up Ice' From Earlier Discoveries
   •Indicator Minerals Recovered In Larger Numbers Than Previous Programme
   •Karelian Craton Has Characteristics Needed To Host Diamondiferous
    Kimberlites

AIM-listed Conroy Diamonds and Gold Plc says that further kimberlitic and
diamond indicator minerals have been recovered in its latest till sampling
programmes in the Kuhmo district of eastern Finland. Significantly, the total
number of indicator minerals recovered is higher than from the previous
programmes completed last year. This suggests the latest sampling points are
located closer to possible kimberlitic sources, the company states.

Once again the sampling was undertaken on behalf of Conroy by the Geological
Survey of Finland. Further G9 and G10 garnets were recovered, thus both
confirming and enhancing the previous anomalies identified by Conroy in the
Kuhmo district. Such garnets are formed under the same temperature and pressure
conditions as diamonds and are considered to be particularly good indicators of
the likely presence of diamonds.

In order to follow the previously identified indicator trains back to their
possible kimberlitic sources, the latest sampling programmes were targeted 'up
ice' from the earlier work. The main ice flow direction in the area is well
established as having been from the NW. Since studies have shown that the
glacial tills in this part of Finland have been transported only a relatively
short distance, the source of the indicator minerals is thought to be nearby.

Conroy's licence areas in eastern Finland are underlain by the Karelian Craton,
a block of ancient Archaean crustal rocks stretching from Finland into Russia
where it hosts the Grib kimberlite pipe containing an estimated resource of 67
million carats of diamonds. Diamondiferous kimberlites are largely confined to
stable cratons of Archaean age which exhibit low heat flow and a thick crustal
zone. The Karelian Craton in Finland is known to have such characteristics.

Commenting today, Conroy chairman Professor Richard Conroy said: ' Our
exploration strategy is based on the belief that world-class diamond deposits
similar to those found in Russia may also be present in the Karelian Craton on
the Finnish side of the border. Although it is early days, these latest results
suggest our strategy is valid and we are moving in the right direction.'

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Further Information:

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

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

Visit website at: www.conroydiamondsandgold.com


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