CONROY OUTLINES EXTENSIVE GOLD TARGET IN FINLAND

DECEMBER 8, 2006

                 Conroy Diamonds and Gold Plc ("The Company")                  

               CONROY OUTLINES EXTENSIVE GOLD TARGET IN FINLAND                

  * Gold-in-Soil Values Up To 117ppm In Linear Anomaly Over 750m Long
   
  * New Find Within Sodankyla Area Of Central Lapland Greenstone Belt
   
  * Sampling Also Returns High Levels Of Chrome And Nickel
   
Conroy Diamonds and Gold Plc (AIM: CDG) is pleased to announce the discovery of
an extensive gold-bearing area following soil sampling on its recently acquired
Sodankyla licences in the Central Lapland Greenstone belt in Finland. These
licences are additional to the nine claims in the same greenstone belt which
were acquired from Conroy Plc at the beginning of last month.

The Company says sampling over a wide area at Sodankyla has outlined a shallow
gold-in-soil linear anomaly measuring over 750m by 300m, with values ranging up
to 117ppb gold compared with a background of 10ppb. It also returned elevated
chrome values of up to 2,270ppm (0.23p.c.), together with some elevated nickel
values.

A drilling programme is now being planned to test the extent of the gold
mineralisation within the area and to further investigate the elevated chrome
and nickel values. The company has also been granted a claim reservation
covering a further 9km2 in the Sodankyla area.

Commenting on the discovery chairman, Professor Richard Conroy, said: "This is
early confirmation that there are indeed exciting gold exploration
opportunities in this area of Finland, a mining-friendly country with a rapidly
growing gold mining and exploration industry. We are very encouraged by our
early success in this new area and look forward building on it as the programme
develops."

Studies by the Geological Survey of Finland have highlighted the high potential
for gold mineralisation within the Central Lapland Greenstoen Belt where
Canada's Agnico-Eagle Mines Ltd is currently developing its +2m ounces
Suurikuusikko gold deposit.

This release has been approved by the Company's technical staff who include,
Kevin McNulty, who holds a BSc in geosciences and an MSc in remote sensing, in
accordance with the recent Guidance Note for Mining, Oil and Gas Companies
issued by the London Stock Exchange in respect of AIM Companies, which outlines
standards of disclosure for mineral projects.

Further Information:

Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc. Tel:
00-353-1-661-8958

Charles Dampney, City Capital Securities Ltd. Tel: [phone]

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

Visit website at: www.conroydiamondsandgold.com

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