Drilling Report

Conroy Diamonds & Gold PLC
28 May 2003







                                                                    May 28, 2003

               CONROY STRIKES FOURTH ZONE OF GOLD MINERALISATION

                          IN ARMAGH-MONAGHAN GOLD BELT

   •All Four Discoveries Lie Along Same Geological Trend

   •Trench Intersections Include 12m Of 4.92g/t Gold And 23m Of 2.25g/t

   •Drilling Confirms Zone Of Mineralisation Similar To That At
    Tullybuck-Lisglassan


Conroy Diamonds and Gold Plc, the AIM listed mineral exploration Company, today
announces the discovery of a fourth area of gold mineralisation in the
Armagh-Monaghan Gold Belt, at Corcaskea in Co. Monaghan. It lies approximately 1
km north of the Company's Tullybuck-Lisglassan gold deposit and about 5.5 km to
the south west of Conroy's other discoveries at Cargalisgorran and Tivnacree in
Co. Armagh. All four areas of mineralisation lie along the same NNE-SSW
geological trend, the Longford-Down Massif.

Soil sampling at Corcaskea, has outlined a gold in soil anomaly measuring
approximately 400 metres long, orientated in a NNW-SSE direction. Four trenches
totalling 136 metres have been completed over the central part of the anomaly as
part of the follow up programme.

This trenching to bedrock has successfully established the presence of
significant gold mineralisation in the Corcaskea area. Three of the four
trenches intersected a wide fault zone with gold mineralisation associated with
fault gouge and breccia and disseminated sulphides. Better results from this
trenching include 12m of 4.92 g/t gold (trench CKT2) and 23m of 2.25 g/t (trench
CKT4).

Subsequent drilling at Corcaskea has confirmed that gold mineralisation is
associated with a NNW trending flat lying fault zone similar to those known to
host high-grade gold mineralisation at Tullybuck-Lisglassan. The style of
mineralisation is also the same, with gold seen to be associated with fault
breccia, wallrock alteration and the development of sulphide mineralisation.
Drillhole CKD1 cut this fault zone at a down hole depth of 6.35 metres and
returned an intersection of 1.76 g/t over 3.65 metres. Further drilling is
planned at Corcaskea in order to better define the limits of gold mineralisation
in the area.

The Company sees this new development as highly encouraging. Not only does it
reinforce the validity of its exploration model, it also adds further weight to
the theory that the Longford Down Massif, of which the Armagh-Monaghan Gold Belt
is part, could be host to a number of separate gold deposits. This latest
discovery, allied with the previous ones at Tullybuck-Lisglassan,
Cargalisagorran and Tivnacree, is yet another demonstration of the vast
potential of the Armagh-Monaghan Gold Belt, and on a broader scale, the Longford
Down Massif. It is the Company's firm view that the Longford-Down Massif has the
potential to become a new gold mining province and recent results would seem to
substantiate such a belief.

Further Information:


Professor Richard Conroy, Chairman Conroy Diamonds and Gold P.l.c

Telephone:[phone] www.conroydiamondsandgold.com








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