Stmnt re Annual Report

Conroy Diamonds & Gold PLC
12 October 2000

CONROY DRILLS ITS BEST-EVER GOLD INTERSECTION
AT TULLYBUCK-LISGLASSAN DEPOSIT

*  Shallow Intercept Of 14.4g/t Gold Over 2.84m Includes 1.77m Grading 22g/t

*  Long-Term Benefits Expected From Company's 'Fundamental And Unique        
Understanding' Of Regional Gold Deposition

*  'Excellent Results' From Other Parts of Armagh-Monaghan Gold Belt

AIM-listed Conroy Diamonds and Gold Plc has achieved its best-ever
intersection of 14.40g/t gold (nearly 1/2 oz/t) over a mineable width of 2.84m
from the latest programme of shallow drilling at its Tullybuck-Lisglassan
deposit in County Monaghan, Ireland, says chairman Professor Richard Conroy in
the annual report for the year ended May 31, 2000.
  
In addition, 'excellent results' have also been returned from recent fieldwork
on the company's other prospects in the region, including the identification
of additional 'very extensive' geochemical gold anomalies on its prospecting
licences in County Armagh. Over 400m of surface trenching has been completed
on one anomaly and channel samples have returned elevated bedrock values of
potential economic interest for both gold and base metals over intervals of
more than 10m.

Commenting on the latest drilling programme, Professor Conroy says it
successfully achieved the primary objective of proving vertical continuity of
gold mineralisation within a single lode structure at Tullybuck-Lisglassan. 
One hole intersected 10.04g/t gold over 1.59m at a down-hole depth of 25m and
the second, quoted above, returned 14.40g/t over 2.84m from the same lode at a
depth of 46m, including a continuous 1.77m section which averaged 22g/t. 
These results are 'excellent in themselves and also show that gold
mineralisation continues and increases in grade at depth'.

The combination of impressive drilling data and encouraging results from other
fieldwork programmes is also important to Conroy for a more fundamental
reason, however.  It expands the company's reservoir of knowledge about the
development of mineralisation at the Tullybuck-Lisglassan deposit as well as
within the Longford-Down Massif. This is the major geological structure which
hosts both this deposit and the larger Armagh-Monaghan gold field of which it
is a part.

Accumulated over three years from the results of local and regional field
work, archive investigations and conceptual studies, this pool of information
has given the company a 'fundamental and unique understanding' of gold
deposition in the region which will 'yield immense long-term benefits to the
company', states Professor Conroy.  Previous operators of the Clontibret
licence, which includes Tullybuck-Lisglassan, failed to recognize both the
potential of the gold deposit itself and the significance of the Orlock Bridge
fault as an important controlling feature for regional mineralisation, he
adds.


Based on its own accumulated knowledge and understanding of the regional
setting, Conroy applied for, and has recently been granted, a further 11
prospecting licences.  These close the 'gap' between the company's two groups
of existing licences in the Armagh-Monaghan gold belt and at Slieve Glah, some
30km to the west.  The new licences all straddle the Orlock Bridge fault which
appears to have had a major influence on gold deposition in the region. 

Professor Conroy believes the year ahead will be 'the most exciting yet' for
the company.  Preliminary studies have been commissioned towards mine
development at Tullybuck-Lisglassan and, subject to workload priorities, the
re-opening and inspection of the old underground workings is expected to
proceed. Sites for the next round of diamond drilling have also been
identified. The work programme within the Armagh-Monaghan gold belt 'continues
to raise our expectations', whilst the large anomalous gold and base metals
area identified at Slieve Glah is also being evaluated, he says.

AIM LISTING AN IMPORTANT MILESTONE

At the end of the financial year Conroy shares were listed on the Alternative
Investment Market (AIM) of the London Stock Exchange and the company
simultaneously raised IR£1.37m net of expenses through the issue of 4.5m new
shares.  'Admission to AIM is an important milestone in the company's
corporate development, both in relation to the marketability of its shares and
its ability to raise capital', Professor Conroy states.

The company looks forward to the future with confidence. 'We have a strong
land position, good geological knowledge based on our exploration, and a team
with the expertise and track record to take the company forward', the chairman
concludes.

COPY OF ANNUAL REPORT AVAILABLE ON REQUEST

Further Information:

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

Sarah Wharry, Seymour Pierce. Tel: [phone]

       Ron Marshman or Ken Gooding, City of London PR Ltd. Tel: [phone]