Investigation Results

Conroy Diamonds & Gold PLC
8 March 2001


                       CONROY DIAMONDS AND GOLD P.L.C.


              INDEPENDENT EUROPEAN RESEARCH TEAM'S INVESTIGATION

                   POINTS TO MORE EXTENSIVE MINERALISATION

                     AT CONROY'S PROMISING GOLD DISCOVERY


  * British Geological Survey-Led Team's New Findings At Tullybuck/
    Lisglassan


  * Results Relevant To Exploration Of Entire Armagh-Monaghan Gold Belt


AIM-listed Conroy Diamonds and Gold P.l.c. reports that a European Research
Team led by the British Geological Survey (BGS) has found 'a new structural
orientation not previously observed' at Conroy's Tullybuck/Lisglassan gold
deposit and believes 'that mineralisation is more extensive' than previously
indicated.

The research project was designed to investigate 'new technologies for
predicting the occurrence of high grade ore' and involved a consortium of
European research teams, co-financed by the European Commission.


The research team compared several gold deposits in Europe, including
Tullybuck/Lisglassan, with studies of quartz vein and sulphide geochemistry,
three dimensional modelling of the deposit, three dimensional visualisation of
gold grades and occurrences, and geostatistical analysis of the gold grades
and indicators.


Conroy recently announced the discovery of a new gold find in County Armagh,
6.5km along strike from the Tullybuck/Lisglassan deposit. This discovery has
provided firm evidence that Tullybuck/Lisglassan is not an isolated deposit
but is part of the much larger Armagh-Monaghan Gold Belt. It also points to
the possibility that a number of economic gold deposits may be located within
the 1,300 sq. km area over which Conroy holds exploration licences. Within
this licence area the Company has identified numerous other geochemical
anomalies which may indicate mineralised zones of similar potential.


Welcoming the conclusions of the research, Conroy's Chairman, Professor
Richard Conroy, described them as 'highly encouraging'. He added: 'We were not
surprised by the findings but it is pleasing to have independent confirmation
of the potential at Tullybuck/Lisglassan. The research findings are not only
relevant to Tullybuck/Lisglassan but to optimization of future exploration
plans for the entire Armagh-Monaghan Gold Belt'.