Indicated Gold Resource Upgrade

17 December 2007

                         Conroy Diamonds and Gold Plc                          

                      ("Conroy", "CDG" or the "Company")                       

             CONROY TRIPLES INDICATED GOLD RESOURCE AT CLONTIBRET              

                               TO 200,000 OUNCES                               

  * Indicated Tonnes And Grade Increase By 108 per cent. And 64 per cent. 
    Respectively
   
  * Total Inferred Resources Now 6m Tonnes Grading 2.4 grams per tonne ("g/t") 
    Gold
   
  * JORC-Compliant Estimates Relate To Only 20 per cent. Of Target Anomaly
   
  * Company To Implement Scoping And Pre-Feasibility Study For Start-Up Mine
   
A substantial upgrading of the JORC-compliant gold resource at its Clontibret
project in Ireland is announced by Conroy Diamonds and Gold plc (AIM: CDG)
following further evaluation and appraisal work on the earlier estimates. This
has resulted in higher grades in both Inferred and Indicated Resources and a
three-fold increase in ounces in the Indicated category to 200,000 oz.

These JORC-compliant resources are confined to an area amounting to less than
20 per cent. of the Clontibret target anomaly.

The revised resource estimates are based on the generation of a new detailed
3-dimensional orebody model, incorporating all existing data and utilizing
refined geological wire-frames and geostatistical correlations, including
archive core and new assay results.

Using a 1 g/t cut-off, the Indicated Resources now stands at 2.7m tonnes
grading 2.3 g/t gold, representing a 108 per cent. rise in tonnage and a 64 per
cent. improvement in grade on the earlier figures.

Total Inferred Resources, also at a 1 g/t cut-off, amount to 6m tonnes grading
2.4 g/t for 460,000 oz contained, compared with the previous 12m tonnes at 1.3
g/t for 500,000 oz contained.

                                               OLD         NEW     Change     
                                                                              
Indicated     Resource Tonnes (Mt)             1.3         2.7        +108%   
                                                                              
              Grade g/t @1g/t cut-off          1.4         2.3        +64%    
                                                                              
              Resource Ounces                64,000      200,000      +213%   
                                                                              
Inferred      Resource Tonnes (Mt)             12           6         -50%    
                                                                              
              Grade g/t @1g/t cut-off          1.3         2.4        +85%    
                                                                              
              Resource Ounces                500,000     460,000       -8%    

Further geological modelling of the overall target area at Clontibret has also
given the Company a better understanding of the orebody, both in the immediate
vicinity of the JORC-compliant resource and over the remaining 80 per cent. of
the target anomaly.

Commenting today, chairman Professor Richard Conroy said: "Our ongoing
evaluation work at Clontibret has already paid dividends with this substantial
upgrade in the tonnes and grade of the Indicated Resource. You must also
remember that this relatively shallow mineralisation is open at depth and is
confined to only a small part of the target anomaly."

"The upgrade in itself represents further significant progress at Clontibret,
but we expect that additional work on the target area, including drilling, will
result in a substantial increase in the total size of the resource."

"Furthermore, the Company is now taking the first steps to implement a scoping
and pre-feasibility study on the Clontibret target with the aim of converting
present and anticipated future Indicated Resources into the Reserve category
with the ultimate objective of demonstrating the feasibility of an economically
viable start-up mining operation."

This release has been approved by the Company's technical staff who include,
Kevin McNulty, who holds a BSc/MSc in Geology and Remote Sensing, in accordance
with the guidance note for Mining, Oil & 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      Tel: [phone]
and Gold Plc.                                                                  
                                                                               
Charles Dampney, City Capital Corporation Limited            Tel: [phone]
                                                                               
Jeffrey Coburn/Simon Fox, John East & Partners Limited       Tel: [phone]
                                                                               
Ron Marshman/John Greenhalgh, City of London PR              Tel: [phone]
Limited.                                                                       

Visit website at: www.conroydiamondsandgold.com

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