Final Results

Conroy Diamonds & Gold PLC
14 November 2003


                          Conroy Diamonds and Gold plc
                  Final Results for the Year ended 31 May 2003



Chairman's Statement

I have great pleasure in presenting your Company's Annual Report and Financial
Statements for the twelve months ended 31 May 2003. I am also very pleased to be
able to do so against a backdrop of a much-improved gold price, a development
which is greatly welcomed by all in the industry.

Although part of the price rise reflects the weakness of the US dollar, there is
no doubt that much of the improvement reflects renewed investor interest in gold
equities as well as in new vehicles which offer direct investment in the metal
itself.

Against this highly encouraging background, your Company has continued to press
ahead with its gold exploration programmes in Ireland, where the objective is to
establish the Longford-Down Massif as a new mineral province hosting a major
gold producing region. During the year, considerable progress was achieved on
this front, whilst the latest results from your Company's exploration programme
for diamonds in Finland were also encouraging.

Since the end of the financial year, your Company has been able to capitalise on
the improved market sentiment for gold by raising £1.25m through a placement of
shares to institutional investors. This will enable it to progress to the next
stage of drilling within the Armagh-Monaghan Gold Belt, including a more
detailed assessment of one or more of the gold areas it has discovered to date.

The Longford-Down Massif

The Longford-Down Massif is a major geological feature stretching from Co.
Longford in the Republic of Ireland to Co. Down in Northern Ireland that is
currently the focus of gold exploration by your Company. Your Company has
defined an area within the Massif measuring approximately 60 km2, which is
termed the Armagh-Monaghan Gold Belt.

During the past year, two significant new gold discoveries have been made in
this Gold Belt, at Corcaskea and Ballygreany, both in Co. Monaghan. These are in
addition to the previous discoveries at Tullybuck-Lisglassan, also in Co.
Monaghan, and Cargalisgorran and Tivnacree in Co. Armagh. All the prospects and
deposits identified to date are spatially related to a major regional feature,
the Orlock Bridge Fault.

Your Company sees these new discoveries as highly significant as they add
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. These latest discoveries, allied with the previous discoveries at
Tullybuck-Lisglassan, Cargalisgorran and Tivnacree, demonstrate the potential of
the Armagh-Monaghan Gold Belt and, on a broader scale, the Longford-Down Massif.
It is your 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.

At Slieve Glah in Co Cavan, some 45km to the south west of the Armagh-Monaghan
Gold Belt, but also in the Longford-Down Massif, your Company has identified a
large (3.5km by 1.5km) gold in soil anomaly. Preliminary trenching across part
of this soil anomaly has confirmed the presence of gold in bedrock. The trend of
the Orlock Bridge Fault shows a marked deviation to the south at Slieve Glah.
Such deviations can often lead to the formation of dilation zones with which
large-scale mineralisation is sometimes associated.

The importance of the exploration programmes being conducted by your Company
within the Longford-Down Massif and their significance in a global context were
outlined in September in a technical paper by your Company's geological
consultant, Dr Michael Smith, and its senior geologists. This paper was
presented at the third NAMS Conference (North Atlantic Mineral Symposium), which
was held in Dublin.

Your Company has been granted an additional prospecting licence over 250 km2 of
County Armagh, thus increasing it's landholdings over the Longford-Down Massif
to more than 1,500 km2. These licences now comprise a contiguous block of
ground, up to 20 km wide, which extends southwest from County Armagh, through
Counties Monaghan and Cavan in the Republic of Ireland, to the boundary with
County Longford, a distance of approximately 100 km. Your Company is now the
sole explorer of a large block of land in Ireland having enormous mineral
potential.

Finland

The basic exploration process when searching for diamonds in glaciated terrain
is to sample the glacial tills for kimberlitic and diamond indicator minerals
and progressively move 'up-ice' with each subsequent round of sampling in an
attempt to trace the indicator trains back to their possible kimberlitic source.

Indicator minerals of particular significance are the G9 and G10 garnets. These
are formed under the same temperature and pressure conditions as diamonds and
are considered to be particularly good indicators of their likely presence.

Since studies in eastern Finland, where your Company is actively exploring, have
shown the glacial tills have been transported only a relatively short distance,
the source of any indicator minerals found in till sampling may be nearby.

Our latest sampling programmes in eastern Finland, undertaken once again on
behalf of your Company by the Geological Survey of Finland, which is under
contract to your Company, were therefore sited 'up-ice' from our earlier work
which had identified a number of indicator mineral trains.

Further kimberlitic and diamond indicator minerals, including G9 and G10
garnets, were recovered from these latest sampling programmes and,
significantly, in greater numbers than from the earlier locations. This both
confirms and enhances the previous anomalies identified by your Company in the
eastern Finland and suggests we are moving closer to possible kimberlitic
sources.

Diamondiferous kimberlites are largely confined to stable blocks of very ancient
crustal rocks known as cratons. Your Company's licences in eastern Finland are
located within one such crustal block known as the Karelian Craton. This extends
across the border into Russia where it hosts the Grib kimberlite pipe
containing an estimated 67m carats of diamonds.

Your Company's exploration strategy in Finland is based on the belief that
similar world-class diamond deposits may also be present in the Finnish sector
of the Karelian Craton. Although we are still at an early stage of exploration,
these latest sampling results suggest our strategy is valid and that we are
moving in the right direction.

Strategy

Your Company's exploration strategy, which is designed to successfully identify
major geological and prospecting opportunities of economic significance,
continues to be most encouraging with a potentially world class gold mining
discovery in Ireland and excellent results from your Company's diamond
exploration programme in Finland.

Finance

Stock Markets have continued to be weak over the period since my last report.
However, we have succeeded in raising the necessary funds to enable the Company
to proceed with its exploration programmes and to optimise its ongoing
operations.

During the year the Company raised €1,291,304, net of expenses, through the
issue of 15,852,941 new ordinary shares, the details of which are set out in
Note 10 to the accounts. Since the year end a further placing of 25,000,000
shares raising £1,250,000 sterling (approximately €1,700,000 net of expenses)
leaving the Company well funded and in a strong financial position to build on
the excellent results achieved in our exploration to date.

Auditors

I would like to take the opportunity of thanking the partners and staff of KPMG
for their services to your Company.

Directors, Consultants and Staff

I would like to express my continued appreciation of the support and dedication
of the directors, consultants and staff.

I regret to report with great sadness the death of Mr. Henry B. Knott. Mr. Knott
has been a director of your Company since it's foundation. His dedication,
experience, advice and support contributed to a major degree to the success of
your Company.

Future Outlook

Your Company can look to the future with considerable confidence. We have
potentially a new gold mining province in Ireland, together with further
excellent results from our diamond exploration programme in Finland.


Professor Richard Conroy
Chairman



Review of Operations 2003

Introduction

During the past year, Conroy has continued to advance its exploration programmes
in both Ireland and Finland. Significant progress has been made on both fronts,
and in particular in our gold exploration programmes in Ireland. Highlights
include the discovery of a fourth area of gold mineralisation, at Corcaskea in
Co. Monaghan, and the discovery of an exciting new gold prospect at Ballygreany,
also in Co. Monaghan. The Company has also increased its ground holding in the
Longford - Down Massif with the addition of a new licence in Co. Armagh. This
licence is contiguous with Conroy's licences in Northern Ireland and in the
Republic of Ireland, and increases Conroys ground holding to approximately 1500
km2.

The latest discoveries at Ballygreany and Corcaskea, added to previous
discoveries made within the Armagh - Monaghan Gold Belt reinforce the validity
of Conroy's exploration model and 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.

In Finland the Company has discovered further kimberlitic and diamond indicator
minerals 'up ice' from the previously recovered indicator minerals. This
suggests that the company may be closer to a possible kimberlitic source.

In addition, Conroy's technical staff submitted a paper to the 3rd NAMS
Conference in Dublin in September. This paper highlighted the importance of the
exploration programmes being conducted by Conroy in the Longford - Down Massif,
and highlighted their significance in a global context.

Longford - Down Massif - Background

The Longford - Down Massif is a major geological feature stretching from Co.
Longford in the Republic of Ireland to Co. Down in Northern Ireland that is
currently the focus of gold exploration by Conroy Diamonds and Gold P.l.c. It is
an area of Ordovician and Silurian aged, mainly clastic rocks. Within the
Massif, numerous minor deposits of lead, zinc, iron and antimony have been
historically worked. Conroy has defined an area within the Massif measuring
approximately 60 km2, which is termed the Armagh - Monaghan Gold Belt, and
within which, to date, two gold deposits have been identified, namely Tullybuck
- Lisglassan and Cargalisgorran.

The Longford - Down Massif is seen as part of the Appalachian - Caledonian
Orogen, a major feature extending from eastern North America to Scandinavia. The
orogen is seen as a 'two sided symmetrical system' with the Ordovician and
Silurian rocks of the Massif forming a Palaeozoic mobile belt between Pre -
Cambrian / Palaeozoic Platforms. The clastic rocks and ultimately the
mineralisation record the formation, development and destruction of the early
Palaeozoic Iapetus Ocean.

Gold deposition within the Armagh - Monaghan Gold Belt appears to be localised
by structural controls and is associated with sulphides, hydraulic fracturing
and a probable magmatic source that interacted with formation waters.

Conroy has developed a genetic model for gold mineralisation in the Longford -
Down Massif which is linked to the development of an accretionary clastic
sedimentary prism, crustal subduction of the Iapetus Ocean floor, emplacement of
granodioritic magmatic material and the development of regional strike - slip
faulting. The Longford - Down Massif has a high prospectivity for gold that is
only presently being recognised, through the recent discoveries made by Conroy.

Armagh - Monaghan Gold Belt - Exploration

During the past year, two significant new gold discoveries have been made in the
Armagh - Monaghan Gold Belt, at Corcaskea and Ballygreany, both in Co. Monaghan.
These are in addition to the previous discoveries at Tullybuck-Lisglassan in Co.
Monaghan, and Cargalisgorran and Tivnacree in Co. Armagh.

Corcaskea

At Corcaskea, initial soil sampling outlined a gold in soil anomaly measuring
approximately 400 metres long, orientated in a NNW-SSE direction. Four trenches
totalling 136 metres were completed over the central part of the anomaly as part
of the follow up programme. Corcaskea lies approximately 1 km north of
Tullybuck- Lisglassan.

This trenching to bedrock 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
exercise include 12m @ 4.92 g/t (CKT2) and 23m @ 2.25 g/t (CKT4).

Subsequent drilling at Corcaskea confirmed that gold mineralisation is
associated with a NNW trending flat lying fault zone. This fault zone is similar
to those known to host high grade gold mineralisation at Tullybuck - Lisglassan,
and the style of mineralisation is the same, with gold seen to be associated
with fault breccia, wallrock alteration and the development of sulphide
mineralisation. Drillhole CKD1 intersected this fault zone at 6.35 metres down
hole and returned an intersection of 1.76 g/t over 3.65 metres.

Ballygreany

Initial geochemical survey results at Ballygreany indicated gold anomalism in
soils over a widespread area (approximately 3.5 km2). A follow up survey
involving a closely spaced grid based sampling programme was subsequently
carried out over part of this large gold anomaly. The results of this programme
indicated the presence of a well defined, bedding parallel gold anomaly,
measuring approximately 500m x 125m. The gold values recorded in soils in this
area were unusually high and included several samples of over 500 parts per
billion gold. Ballygreany lies less than 1 km due east of Tullybuck -
Lisglassan.

Follow up trenching at Ballygreany has confirmed two separate zones of gold in
bedrock. Grab samples from the trenches returned grades of up to 2.25 g/t Au and
channel sampling returned 8m @ 0.78 g/t Au.

Gold mineralisation is broadly associated with zones of conformable quartz -
ankerite veins hosted within sheared medium grained arenites with interbedded
argillites. Within these zones, gold mineralisation is intimately associated
with sulphide mineralisation, which is present in the form of pyrite
disseminated in the host rocks. The quartz rich zones strike approximately ENE -
WSW, which is parallel to the strike of the 500m long gold in soil anomaly
outlined previously.

The numerous styles and occurrences of gold mineralisation now known in the
Armagh - Monaghan Gold Belt are interpreted as being part of a larger
mineralised system controlled by common structural elements.

The Company sees these new discoveries as highly significant, and adding 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. These
latest discoveries, allied with the previous discoveries at Tullybuck -
Lisglassan, Cargalisgorran and Tivnacree, all demonstrate 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.

Other Exploration

At Slieve Glah in Co Cavan, some 45km to the south west of the Armagh - Monaghan
Gold Belt, the Company has identified a large (3.5km by 1.5km) gold in soil
anomaly. Preliminary trenching across part of this soil anomaly has confirmed
the presence of gold in bedrock. The trend of the Orlock Bridge Fault shows a
marked deviation to the south at Slieve Glah. Such deviations can often lead to
the formation of dilation zones with which large-scale mineralisation is
sometimes associated

Finland

Further kimberlitic and diamond indicator minerals have been recovered in the
Company's latest till sampling programmes in eastern Finland. Significantly, the
total number of indicator minerals recovered is higher than from the previous
programmes completed last year. This suggests the latest sampling points are
located closer to possible kimberlitic sources.

Once again the sampling was undertaken on behalf of Conroy by the Geological
Survey of Finland. Further G9 and G10 garnets were recovered, thus both
confirming and enhancing the previous anomalies identified by Conroy in eastern
Finland. Such garnets are formed under the same temperature and pressure
conditions as diamonds and are considered to be particularly good indicators of
the likely presence of diamonds.

In order to follow the previously identified indicator trains back to their
possible kimberlitic sources, the latest sampling programmes were targeted 'up
ice' from the earlier work. The main ice flow direction in the area is well
established as having been from the NW. Since studies have shown that the
glacial tills in this part of Finland have been transported only a relatively
short distance, the source of the indicator minerals is thought to be nearby.

Conroy's licence areas in eastern Finland are underlain by the Karelian Craton,
a block of ancient Archaean crustal rocks stretching from Finland into Russia
where it hosts the Grib kimberlite pipe containing an estimated resource of 67
million carats of diamonds. Diamondiferous kimberlites are largely confined to
stable cratons of Archaean age which exhibit low heat flow and a thick crustal
zone. The Karelian Craton in Finland is known to have such characteristics.



Profit and Loss Account for the Year Ended 31 May 2003

                                                 2003             2002
                                                    €                €

Operating Expenses                           (342,656)        (355,245)

Other Income                                    1,154            7,383
                                        ---------------  ---------------

Loss for the Year                            (341,502)        (347,862)

Profit and Loss Account at 31 May          (1,091,656)        (743,794)
2002
                                        ---------------  ---------------

Profit and Loss Account at 31 May          (1,433,158)      (1,091,656)
2003
                                            =========        =========



Loss per ordinary share - Basic and          (€0.013)         (€0.019)
fully diluted


There are no recognised gains or losses other than the loss for the year.



Balance Sheet - As at 31 May 2003

                                                 2003             2002
                                                    €                €

Fixed Assets

Mineral interests                           5,198,758        4,250,337

Tangible assets                                56,814           66,746
                                        ---------------  ---------------

                                            5,255,572        4,317,083

Current Assets

Debtors                                         4,919           19,449

Cash at bank and in hand                      302,835          208,549
                                        ---------------  ---------------

                                              307,754          227,998



Creditors: Amounts falling due within      (1,127,929)      (1,059,486)
one year
                                        ---------------  ---------------

Net Current Liabilities                      (820,175)        (831,488)
                                        ---------------  ---------------

Net Assets                                  4,435,397        3,485,595
                                            =========        =========



Capital and Reserves

Called up share capital                     1,096,320          620,732

Capital Conversion Reserve Fund                30,617           30,617

Share premium account                       4,741,618        3,925,902

Profit and loss account                    (1,433,158)      (1,091,656)
                                        ---------------  ---------------
                                                    -

Shareholders' Funds - all equity            4,435,397        3,485,595
                                            =========        =========





Cash Flow Statement for the Year Ended 31 May 2003

                                                 2003             2002
                                                    €                €


Net Cash Outflow from Operating              (239,552)        (199,579)
Activities


Capital Expenditure and Financial            (957,466)      (1,008,031)
Investments
                                        ---------------  ---------------

Net Cash Outflow before Financing          (1,197,018)      (1,207,610)


Financing                                   1,291,304          411,489
                                        ---------------  ---------------

Increase/(Decrease) in Cash                    94,286         (796,121)
                                            =========        =========

Notes:

Loss per ordinary share

The calculation of the loss per ordinary share of €0.013 (2002 - €0.019) is
based on the loss for the financial year of €341,503 (2002 - €347,862) and the
weighted average number of ordinary shares on a basic and fully diluted basis
during the year of 26,512,148 (2002 - 18,343,570). Share options are not
included in the calculation of fully diluted shares since the Company incurred a
loss in 2003 and 2002 which resulted in these shares being anti-dilutive.

Report and Accounts

Copies of the annual report and accounts will be despatched to shareholders in
due course. Further copies will be available from the registered office of the
Company at 10 Upper Pembroke Street, Dublin 2, Ireland.






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