Interim Results

Conroy Diamonds & Gold PLC
28 February 2002



                          Conroy Diamonds and Gold PLC

                                ('the Company')

                                Interim Results

                    for the 6 months ended 30 November 2001



Chairman's Statement

Dear Shareholder,

I have great pleasure in presenting your Company's Interim Report.

During the period covered by this interim statement, your Company has continued
to progress exploration of and enhance its knowledge and understanding of, the
Armagh-Monaghan Gold Belt. This has further strengthened your Company's belief
that it has discovered a major new mineral province within its exploration
licences over the Longford-Down Massif in Ireland. In addition, diamond
exploration in Finland is also progressing steadily following the very
encouraging results from the initial reconnaissance programme.



The Armagh - Monaghan Gold Belt

Your Company has confirmed that an extensive gold-bearing system occurs within
its licence area, extending for approximately 20km from County Armagh across the
Republic of Ireland- Northern Ireland boundary into County Monaghan. Two gold
deposits have been found by drilling at Cargalisgorran in Co Armagh, and
Tullybuck-Lisglassan, some 6.5km along strike in Co Monaghan. There is strong
evidence that this system has the potential to host a series of further gold
deposits. This evidence is supplied not only by twenty three holes drilled by
the Company but also by trenching at three additional prospects which has
confirmed the presence of gold in bedrock. Four further gold prospects within
the Armagh-Monaghan Gold Belt have also been outlined by soil geochemical
anomalies.

All of the Armagh-Monaghan Gold Belt, as currently defined, lies within your
Company's licence area.

Three mineralised structures have now been identified in drilling at the
Cargalisgorran gold deposit, all of which contain significant gold
mineralisation. The mineralisation has been outlined over a strike length of
approximately 150m, with the deepest intersection to date at a vertical depth of
around 55m below surface. The mineralised structures are parallel, trend NNE,
and all three are open at depth and along strike.

The Company's proposed Spring 2002 drilling programme will include a further six
holes to test for strike extensions of the three known mineralised structures at
Cargalisgorran. Only a very small part of the very large geochemical anomaly
covering the Cargalisgorran prospect has as yet been drilled.

Another six holes are planned to be drilled at Tullybuck-Lisglassan in Co
Monaghan. The presence of drilling targets adjacent to the deposit were
suggested by the findings of the British Geological Survey/Craft study announced
last March.



Potential New Gold Deposits

However, the most significant and exciting component of the planned Spring
drilling programme comprises six holes which are planned for three additional
targets where trenching has already confirmed the presence of gold in bedrock.
All three targets lie within the Armagh-Monaghan Gold Belt: two are located
between Tullybuck-Lisglassan and Cargalisgorran, and the third is situated
approximately seven kilometres to the south-west of Tullybuck-Lisglassan.

The fact that gold mineralisation has already been identified in bedrock at all
three localities, combined with the known deposits at Cargalisgorran and
Tullybuck-Lisglassan, provides strong confirmation of the presence of a large
mineralised system over a strike length of at least 14km. This gives further
support for Conroy's geological model for the Gold Belt itself and increases the
likelihood that your Company will eventually convert one or more of the
discoveries to date into a major deposit.



Slieve Glah Gold Prospect

Both the Cargalisgorran and Tullybuck/Lisglassan gold deposits together with the
other potential gold deposits in the Armagh- Monaghan Gold Belt are located
within the Longford - Down Massif and are spatially related to the Orlock Bridge
Fault which your Company believes is the geological structure which most
influenced the creation of the Gold Belt and is the main geological control over
mineralisation in the region.

Elsewhere in the Longford - Down Massif near Slieve Glah in Co Cavan, some 45
kilometres to the south west of Tullybuck/Lisglassan, the Orlock Bridge Fault
shows a marked deviation to the south. This type of geological structure is
sometimes associated with large scale mineral development. A detailed soil
geochemistry programme undertaken by your Company at Slieve Glah has defined
three extensive gold anomalies. This will be followed up by trenching to bedrock
over these anomalies in order to define drill targets.



Finland

Your Company's diamond exploration programme in Finland shows continued
progress. A number of classic 'bullseye' aeromagnetic anomalies have been
identified. These anomalies are of the type which may be associated with
diamondiferous kimberlite pipes.

The results of the initial till sampling programme in Finland carried out by the
Geological Survey of Finland on behalf of your Company have also been most
encouraging with kimberlitic indicator minerals, including an all important G9
garnet discovered.

Most diamonds are formed in kimberlite pipes. Certain minerals are unique to
these pipes and are known as kimberlitic indicator minerals. Some of these
minerals are derived from the same source rock within the kimberlite as
diamonds. In this context, G9 and G10 garnets are of particular importance and
are known as diamond indicator minerals. Kimberlitic pipes may also show
magnetic highs or lows characterised by a bullseye pattern in northern
latitudes.

The Company now holds Claims over what it believes to be the most prospective
areas within the Claim Reservations previously held. In Finland a Claim
Reservation gives exclusive rights for the submission of Claims for a period of
twelve months. Further Claim Reservations have also been granted to your
Company.



Finance

Following a further successful fund raising in May your Company continued its
exploration programme in Ireland and Finland with the excellent results
described above. Further encouragement has come from the steady increase in gold
prices in recent months. The cash in hand at 30 November 2001 was € 236,384,
which together with facilities available to the Company is financing the current
phase of the exploration programme. Your directors are considering the various
options for financing its further exploration and development programmes. This
may include bringing in a joint-venture partner or the raising of further
permanent capital.



Directors and Staff

I would like to thank my fellow directors, staff and consultants for their
support and dedication. They have made the continued progress and success of the
Company possible.

The future continues to be most interesting and exciting.


Yours faithfully,


Professor Richard Conroy
Executive Chairman
27 February 2002



Website: www.conroydiamondsandgold.com
Phone: + 353 1 661 8958
Fax: + 353 1 662 1213
Address: 10 Upper Pembroke Street, Dublin 2




                        CONROY DIAMONDS AND GOLD P.l.c.


Balance Sheet at 30 November 2001
                                                                         November            November                May
                                                                             2001                2000               2001
                                                                      (Unaudited)         (Unaudited)          (Audited)
                                                                                €                   €                  €
Fixed Assets
Intangible - Mineral Interests                                          3,761,820           2,408,663          3,261,035
Tangible fixed assets                                                      74,492              67,446             65,863
                                                                        3,836,312           2,476,109          3,326,898
Current Assets
Debtors                                                                    21,068              38,395             45,957
Cash                                                                      236,384             489,834          1,049,695
                                                                          257,452             528,229          1,095,652
Creditors: Amounts falling due within one year                          (789,200)           (499,330)          (968,536)
Net Current Assets/(Liabilities)                                        (531,748)              28,899            127,116
Total Assets less Current Liabilities                                   3,304,564           2,505,008          3,454,014
Creditors:
Amounts falling due after more than one year                            (222,204)                   -          (222,204)
                                                                       €3,082,260          €2,505,008         €3,231,810
                                                                        =========           =========          =========
Capital and Reserves
Called up share capital                                                   526,832             450,283            557,449
Capital Conversion Reserve Fund                                            30,617                   -                  -
Share premium account                                                   3,418,155           2,592,057          3,418,155
Profit and loss account                                                 (893,244)           (537,332)          (743,794)
                                                                       €3,082,260          €2,505,008         €3,231,810
                                                                        =========           =========          =========

Profit and Loss Account for half-year ended 30 November 2001
                                                                         November            November                May
                                                                             2001                2000               2001
                                                                      (Unaudited)         (Unaudited)          (Audited)
                                                                                €                   €                  €
Operating expenses                                                      (155,913)           (107,592)          (320,190)
Other income                                                                6,463               8,685             14,821
Loss on Ordinary Activities before Taxation                             (149,450)            (98,907)          (305,369)
Tax on loss on ordinary activities                                              -                   -                  -
Loss for period                                                         (149,450)            (98,907)          (305,369)
Profit and Loss account at 1 June, 2001                                 (743,794)           (438,425)          (438,425)
Profit and Loss account at 30 November 2001                             (893,244)           (537,332)          (743,794)
                                                                        =========            ========          =========
Loss per share                                                           (€0.009)            (€0.007)           (€0.022)




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