Interim Results

Conroy Diamonds & Gold PLC
27 February 2003
  

                          Conroy Diamonds and Gold plc

            Interim Report for the six months ended 30 November 2002


Chairman's Statement

Your Company continued to make major progress during the period covered by this
report. In particular, the Longford-Down Massif in Ireland, within which your
Company has discovered the Armagh-Monaghan Gold Belt, continues to yield good
exploration results, thus adding to your Company's conviction that the Massif
has the potential to become a new gold province of global significance.
Exploration for diamonds in Finland is also progressing well.

The discovery of a third mineralised zone, at Tivnacree in Co. Armagh, some
1.2km southwest of your Company's previous discovery at Cargalisgorran, together
with the identification of a broad zone of gold mineralisation at
Tullybuck-Lisglassan in Co. Monaghan, demonstrate the success of your Company's
exploration strategy. Geochemical soil sampling to identify anomalous areas,
followed by trenching to bedrock and finally diamond drilling, led to the
discovery of both Cargalisgorran and Tivnacree.

This exploration strategy continues to add new areas of interest. The most
recent soil geochemistry programme within the Gold Belt not only highlighted a
number of new areas of anomalous gold values but also substantially increased
the size of other, previously identified, gold anomalies. Both developments are
highly encouraging, and follow-up trenching and drilling are planned.

Drilling to date at Tullybuck-Lisglassan, Cargalisgorran and Tivnacree has shown
gold mineralisation to be structurally related to a regional geological
structure known as the Orlock Bridge Fault. According to your Company's
geological model, the interaction of this fault with deep-seated geological
features is the controlling influence on mineralisation in the region.
Cross-faulting has divided the regional feature into a number of blocks and each
of the three areas of gold mineralisation so far identified lies within an
individual fault block. Many other such fault blocks are present and have yet to
be fully explored.

Elsewhere in the Longford-Down Massif, exploration continues at Slieve Glah in
Co. Cavan, some 45km to the southwest of Tullybuck-Lisglassan, where the Orlock
Bridge Fault shows a marked deviation to the south. This deviation in the Fault
is particularly interesting as large-scale mineral development is sometimes
associated with such deviations. Your Company has defined extensive gold in soil
anomalies in this area and some preliminary trenching has identified gold in
bedrock. Exploration is also ongoing over the intervening block of ground
between Slieve Glah and the Armagh-Monaghan Gold Belt, all of which is traversed
by the Orlock Bridge Fault.

Your Company's exploration programme for diamonds in Finland continues to
progress well with further kimberlitic indicator minerals, including the
important diamond indicator minerals, G9 and G10 garnets, reported.



Finance

The cash in hand at 30 November 2002 was €50,110. In December 2002 your Company
raised £450,000 (€700,000 approx), 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. These 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
continued support and dedication. They have made the further success of the
Company possible. The future continues to be both interesting and exciting.


Professor Richard Conroy
Chairman



Enquiries:

Website: www.conroydiamondsandgold.com
Phone: [phone]
Fax: [phone]
Address: 10 Upper Pembroke Street, Dublin 2




Balance Sheet as at 30 November 2002
                                                            30 November       30 November            31 May
                                                                   2002              2001              2002
                                                            (Unaudited)       (Unaudited)         (Audited)
                                                                      €                 €                 €
Fixed Assets
Intangible - Mineral Interests                                4,712,748         3,761,820         4,250,337
Tangible fixed assets                                            60,350            74,492            66,746
                                                        ---------------    --------------    --------------
                                                              4,773,098         3,836,312         4,317,083
Current Assets
Debtors                                                          10,781            21,068            19,449
Cash at hand                                                     50,110           236,384           208,549
                                                         --------------    --------------    --------------
                                                                 60,891           257,452           227,998
Creditors:
Amounts falling due within one year                         (1,078,304)         (789,200)       (1,059,486)
                                                         --------------    --------------    --------------
Net Current Assets/(Liabilities)                            (1,017,413)         (531,748)         (831,488)
                                                         --------------    --------------    --------------
Total Assets less Current Liabilities                         3,755,685         3,304,564         3,485,595
Creditors:
Amounts falling due after more than one year                          0         (222,204)                 0
                                                         --------------    --------------    --------------
                                                             €3,755,685        €3,082,360        €3,485,595
                                                         ==============    ==============    ==============
Capital and Reserves
Called up share capital                                         710,732           526,832           620,732
Capital Conversion Reserve Fund                                  30,617            30,617            30,617
Share premium account                                         4,267,056         3,418,155         3,925,901
Profit and loss account                                     (1,252,720)         (893,244)       (1,091,655)
                                                         --------------    --------------    --------------
Shareholders' Funds                                          €3,755,685        €3,082,360        €3,485,595
                                                         ==============    ==============    ==============




Profit and Loss Account for the six months ended 30 November 2002

                                                              November          November               May
                                                                  2002              2001              2002
                                                           (Unaudited)       (Unaudited)         (Audited)
                                                                     €                 €                 €

Operating Expenses                                           (161,098)         (155,913)         (355,245)
Other income                                                        33             6,463             7,384
                                                        --------------    --------------    --------------
Loss on Ordinary Activities before Taxation                  (161,065)         (149,450)         (347,861)
Tax on loss on ordinary activities                                   -                 -                 -
                                                        --------------    --------------    --------------
Loss for period                                              (161,065)         (149,450)         (347,861)
Profit and Loss account at 1 June, 2002                    (1,091,655)         (743,794)         (743,794)
                                                        --------------    --------------    --------------
Profit and Loss account at 30 November 2002               (€1,252,720)        (€893,244)      (€1,091,655)
                                                        ==============    ==============    ==============
Loss per share                                                (€0.007)          (€0.011)          (€0.019)





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