Drilling Report

Conroy Diamonds & Gold PLC
4 October 2001


                       CONROY DIAMONDS AND GOLD P.L.C.

                     CONROY GETS EARLY ENCOURAGEMENT FROM

                       ITS FINNISH DIAMOND EXPLORATION

  * Kimberlitic Indicators, Including G9 Garnet, Recovered From Till
    Sampling
  * Company Targeting 'Bullseye' Geophysical Anomalies
  * Follow-Up Exploration Now Underway

AIM-listed Conroy Diamonds and Gold P.l.c. reports early encouragement from
its diamond exploration programme in Finland where initial reconnaissance till
sampling has recovered kimberlitic indicator minerals, including an
all-important G9 garnet, in the vicinity of a 'bulls-eye' aeromagnetic
anomaly. Follow-up exploration is now underway.

The sampling programme is being undertaken on Conroy's behalf by the
Geological Survey of Finland (GSF) in conjunction with the Company's staff and
consultants. Sample analysis is being undertaken in the GSF laboratories.

Conroy holds 23 Claim Reservations in Finland, 12 of which are highly
prospective for diamonds. The initial selection of these areas was based on
examination of extensive geological and geophysical databases. Particular
emphasis was placed on the targeting of 'bulls-eye' aeromagnetic and
electromagnetic anomalies displaying signatures frequently associated with
kimberlite pipes.

Each Claim Reservation covers an area of up to 9km2 and gives the holder
exclusivity in applying for Exploration Claims within that area. No financial
commitment is attached to a Claim Reservation.

Commenting on the initial results, Chairman Professor Richard Conroy said:
'This is a very promising beginning to the Company's exploration programme for
diamonds in Finland. The recovery of a G9 garnet at such an early stage is
particularly good news and suggests our selection of target areas is
well-founded.'

Further Information:

Professor Richard Conroy,

353 (0) 1 661 8958