Drilling Report

23 FEBRUARY, 2006

                       Conroy Diamonds and Gold plc 

                   IN-HOUSE STUDY OF SHUTTLE/LANDSAT DATA                     

                          ENABLES CONROY TO IDENTIFY                           

               LARGE NEW AREA OF INTEREST ON ITS IRISH LICENCES                

  * Central Structural Zone Has Potential For World-Class Gold Deposit,
    Chairman
   
  * Company Adopts Innovative Approach Using Lineament Analysis
   
  * Over 30 Targets Identified With Similar Structural Features To Known
    Deposits
   
Conroy Diamonds and Gold plc is pleased to announce that recently completed
in-house studies of the geological lineaments on its Longford-Down Massif
exploration licences in the north of Ireland have identified more than 30 new
structural targets, none of which have been covered by its previous soil
geochemistry sampling programmes.

The Company was able to pick out the new targets because the lineament analysis
also highlighted its previous gold discoveries on its 1,500km2 licence area in
the Massif. This gave the Company an important 'control' enabling it to
identify many new areas which show similar structural features - specifically
the intersection of cross-cutting features with the Orlock Bridge Fault. This
major fault is believed to be a controlling factor on gold mineralisation
within the Longford-Down Massif.

Many of the newly identified targets are located in a major new zone, the
Central Structural Zone, which lies approximately mid-way between the Company's
Armagh-Monaghan Gold Belt and its Slieve Glah prospect some 45km to the
south-west.

The lineament studies were based on Enhanced Thematic Mapping (ETM), derived
from Landsat data, and Digital Terrane Modelling (DTM), which is based on radar
data collected by NASA's Space Shuttle programme. The in-house analysis was
undertaken as a follow-up to the broader lineament study made by SRK Consulting
in its 2004 review of Conroy's exploration licences.

This latest work shows that this central zone, which extends over an area of at
least 50km2, hosts a series of major cross-cutting features which intersect the
Orlock Bridge Fault. Similar such features have been shown to be the focus of
gold mineralisation in other localities already drilled by the Company, such as
Tullybuck-Lisglassan, Co Monaghan, and Cargalisgorran, Co Armagh.

Commenting today, Professor Richard Conroy, chairman, said: 'In adopting this
new approach, we have been able to identify a third significant area of
interest within our exploration licences. Although we have not previously
undertaken any field work there, the lineament analysis shows that the area has
the structural potential to host a world-class gold deposit'.

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

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