Statement re Gold Find

Conroy Diamonds & Gold PLC
09 February 2005

Conroy Diamonds and Gold plc


FINDS ANOMALOUS BEDROCK GOLD ON ONE OF THREE PROSPECTIVE AREAS
IDENTIFIED BY RECENT CONSULTANTS' REPORT

- Two Mineralised Zones 400m Apart Outlined At Slieve Glah Prospect
- SRK Interprets Presence Of Major Deep-Seated Lineament In Area
- Deep Sampling Has Covered Only One Fifth Of Original Soil Anomaly

AIM-listed Conroy Diamonds and Gold Plc says that recent deep overburden
sampling has outlined two zones of anomalous gold mineralisation 400m apart at
its Slieve Glah prospect in County Cavan. This lies 45km south-west of the
Armagh-Monaghan Gold Belt at the south-western end of the company's 1,500km2
exploration licences over the Longford-Down Massif.

Commenting today, Chairman, Professor Richard Conroy said: 'Exploration at
Slieve Glah is still at a very early stage, but results so far indicate that
there is excellent potential for another gold discovery in the Longford-Down
Massif.'

To date, all of the company's gold discoveries in the Massif are spacially
related to the Orlock Bridge Fault and are seen to be structurally controlled.
Conroy previously identified Slieve Glah as a structural target because a
significant strike swing of the Orlock Bridge occurs at that point and may have
created a dilation zone in the area. Significant mineralisation can be
associated with dilation zones.

Significantly, in its recent report on Conroy's Irish gold prospects, SRK
Consulting identified Slieve Glah as one of three particularly prospective areas
on Conroy's exploration licences in the Longford-Down Massif. SRK based its
selections on structural interpretation and lineament analysis which indicate
that a major deep-seated lineament intersects the Orlock Bridge Fault in the
Slieve Glah area. In this context the consultants comment that major economic
gold deposits elsewhere in the world have often been found on such lineaments.

Previous exploration by Conroy at Slieve Glah outlined anomalous gold in soil
over an area covering more than 5 km2. As part of the company's Autumn-Winter
2004 exploration, a programme of grid-based deep overburden sampling covering
approximately 1 km2 of the original anomaly was completed at Slieve Glah. This
sampling technique has been successfully employed by the company to trace
bedrock sources for large gold in soil anomalies at other locations in the
Longford-Down Massif, most notably at the company's recent discovery at Glenish
in County Monaghan. At both Glenish and Slieve Glah, deep overburden sampling
has been employed in order to optimise sample collection at the interface
between bedrock and glacial till.

Sampling at Slieve Glah was carried out over a 100m by 100m grid and involved
collection of approximately 80 bedrock samples. Assay results from these samples
show two anomalous zones of gold in bedrock on a roughly north - south
orientation approximately 400m apart. It is important to note that most
occurrences of gold mineralisation discovered so far by Conroy in the
Longford-Down Massif show a similar orientation, including those at
Tullybuck-Lisglassan and Cargalisgorran.

To date, only about one-fifth of the original soil anomaly at Slieve Glah has
been followed-up with deep overburden sampling.

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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