Conroy Prospects SRK Report

Conroy Diamonds & Gold PLC
21 September 2004





                           CONROY DIAMONDS & GOLD PLC

                    SRK STUDY FINDS THE EVIDENCE TO SUPPORT
                       CONROY'S BELIEF IN 1M+ OUNCES GOLD
                           WITHIN ITS IRISH LICENCES

   • One Small Area Drilled Has 'Potential To Contain Over 100,000oz'
   • Much Larger Anomalies Covering 200 Times The Size Of Drilled Area
     Considered 'To Have Better Potential For Mineralisation'
   • SRK Concurs With Conroy's Broad Approach To Exploration: Advises Work Is
     Concentrated On Three Areas Selected
   • Conclusion 'Positive' And Boost To Hopes Of Emerging New Gold Province

Internationally-respected SRK Consulting has interpreted three major deep-seated
lineaments passing through Conroy's Irish properties. Major economic gold
deposits elsewhere in the world have often been found on such lineaments, say
the consultants.

Their report, which has taken six months to prepare, gives increasing
encouragement to the company's hopes of a new gold province.

SRK believes results from the company's exploration activities in Ireland are
'positive' and 'advance its intention to find 1m+ ounces of gold in
Longford-Down Massif licences'.

Two of the three areas independently selected by the consultants have had little
exploration by the company and are within the Longford-Down Massif that Conroy
considers will prove to be a new gold camp. The areas covered by SRK are much
larger than studied by Conroy's geochemical programmes.

The most favoured area by SRK contains the Armagh-Monaghan Gold Belt; one of the
other two areas is just west of the Slieve Glah project, and the third is also
within Conroy's licences.

Conroy's chairman, Professor Richard Conroy commented today: 'It is very good
news for us. The report's findings truly put us on the road to proving a future
mining camp. Discoveries made to date are part of a very large gold-bearing
mineralised system. Our most drilled area, a small anomaly within
Tullybuck-Lisglassan, is open on all sides and should give us plenty more
ounces. But this in itself is but a tiny part of the overall picture with the
much larger anomalies found elsewhere yet to be drilled.'

SRK, in its report on Conroy's gold prospects and exploration potential, concurs
with the company's broad-based exploration approach which should continue
'whilst concentrating on the three selected areas outlined'. Resource and
exploration models are being developed by Conroy in conjunction with SRK.

In assessing Conroy's drilling and underground sampling results at the
Tullybuck-Lisglassan deposit the consultants say: 'The drilling has concentrated
near the two old mine shafts and has demonstrated that several narrow
gold-bearing veins are reasonably continuous. In addition there are some widely
spaced drillholes whose results suggest that vein mineralisation extends at
least 150m to the north and stockwork mineralisation persists for some 300m to
the east of the well-drilled area. SRK considers that the deposit has the
potential to contain over 100,000 ounces of gold.'

The consultants point out: 'The drilled area of some 50,000 square metres is but
a tiny part of much larger anomalies which cover an area 200 times the size of
the drilled area at Tullybuck-Lisglassan and are considered to have better
potential for mineralisation.

'The Tullybuck-Lisglassan drilling has tested only a small part of a much larger
area of equal or better potential according to the basal till geochemistry
results. The drilling targeted veins which were discovered by virtue of their
exposure in a stream gully.

'The large basal till geochemistry anomalies show the potential for finding more
mineralisation under the glacial till cover in the licence areas.

'SRK therefore considers there is potential to find several similar or bigger
deposits. Conroy's exploration results gathered to date are positive and advance
the company towards its stated intention to find a million ounces plus in the
Longford-Down Massif licences,' the consultants state.

Conroy holds licences covering 1,500 square kilometres along the Longford-Down
Massif. Its approach to exploration targeting has been primarily based on
proximity to the Orlock Bridge Fault particularly in areas where perpendicular
structures offset this fault. In many mineralised provinces of the world
economic deposits are found to be hosted on such major deep-seated lineaments
where these coincide with crustal structures and disruptions to these
structures.

COUNTRY-WIDE LINEAMENTS POINT THE WAY

SRK says that when country-wide lineament interpretation is superimposed,
intersections with the Orlock Bridge Fault - thought to be the controlling
influence of regional mineralisation of the Longford-Down Massif - broadly
coincide with the three features identified in SRK's regional analysis. It
believes the three areas where these lineaments intersect the Orlock Bridge
Fault to be particularly prospective in the context of the regional geology and
the combined studies add weight to expectation that favourable sites for gold
mineralisation exist in the three selected areas.

Conroy, through its exploration programmes, has been demonstrating the overall
gold potential of the Longford-Down Massif. It has established a large gold
bearing area to date through a combination of till geochemistry, trenching and
drilling. In particular, the till geochemistry results have generated a number
of gold anomalies containing significant grades which warrant follow-up
exploration.

The geometry of these high grade anomalies reinforces the structural controls of
the Orlock Bridge Fault and associated cross cutting structures.

Professor Conroy said that the SRK report gave the company a solid base to go
forward 'alone or in joint venture' and the company would incorporate SRK's
recommendations into its exploration programme.

'The report forms a crucial step in our plans. We have taken a lot of stick in
the stockmarket with some people feeling that we should have concentrated on one
area and left the rest. That policy would not have brought us to the stage we
are at today and well on the road to confirming a new gold province.'

Further Information:

Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc. Tel:
00-353-1-661-8958
Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: [phone]

Visit website at: www.conroydiamondsandgold.com




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