Issue of Equity

28 March 2006

                                                          For immediate release

                         Conroy Diamonds and Gold plc                          

                          ("Conroy" or the "Company")                          

      Proposed placing of 12,500,000 new ordinary shares at 4p per share       

The Company announces that, following the positive exploration results
announced on 13 February 2006, the board proposes to raise approximately £
500,000 (€720,000) by way of a placing. The proceeds will be used for the
ongoing exploration programme, the maintenance and renewal of licences and for
working capital.

Pursuant to the terms of the Placing the Company is proposing to issue up to
12,500,000 new Ordinary Shares at 4p per share ("Placing Shares"), to raise
approximately £500,000 (€720,000) before expenses.

The Placing is conditional on shareholder approval and admission of the Placing
Shares to trading on AIM. It is the Director's view that this type of placing,
at around the current market price, is a cost efficient way of providing
additional working capital for the Company.

Dealings in the new ordinary shares are expected to commence on AIM on18 April
2006.

A circular containing further details of the placing and a notice convening an
extraordinary general meeting of the Company to be held at 12.00 noon on 13
April 2006 will be sent to shareholders today. .

Enquires:

Professor Richard Conroy                                      00-353-1-661-8958
                                                                               
Chairman Conroy Diamonds and Gold Plc.                                         
                                                                               
Charles Dampney                                                   020-7822-7107
                                                                               
City Capital Securities Ltd.                                                   
                                                                               
Ron Marshman/John Greenhalgh                                      020-7628-5518
                                                                               
City of London PR Limited