Issue of Equity

Conroy Diamonds & Gold PLC
21 January 2005


               MINING INVESTOR TAKES 13.98% OF CONROY
                AND SHARES IN BELIEF OF POTENTIAL
                   NEW GOLD PROVINCE IN IRELAND


- Placement At 2.50p Includes 2-For-1 Warrants Exercisable At 3.75p
- Initial £250,000 Funds Adds To Working Capital

Professional mining investor Mr. Bruce Rowan has personally bought 10,000,000
ordinary shares (13.98%) of AIM-listed Conroy Diamonds and Gold through a
placement made on 20 January 2005 at 2.50p per share. For each share he also 
receives two warrants exercisable at 3.75p over the next four years.

Mr. Rowan, who has a reputation as a successful mining 'stock-picker', has been
very impressed by the company's achievements in exploring its 1,500km2 licence
area in the Longford-Down Massif. This success was confirmed late last year in
the report prepared by international mining consultants SRK Consulting which,
amongst other things, supported Conroy's belief that substantial gold deposits
lay within its Irish licences.

The SRK report concurred with Conroy's broad approach to exploration and stated
that one small area drilled had 'potential to contain over 100,000oz gold' with
much larger anomalies covering 200 times the size of that drilled considered to
have 'far better potential' to contain commercial deposits.

The consulting firm also interpreted three major deep-seated lineaments passing
through Conroy's licences, the significance being that major economic gold
deposits elsewhere in the world have often been found on such lineaments.

Welcoming Mr Rowan, Conroy's chairman, Professor Richard Conroy, said he was
delighted that someone of his experience and success in the mining industry was
making such a significant personal investment in the company.

Application has been made for the 10,000,000 ordinary shares to be admitted to
trading on AIM and dealings are expected to commence on 27 January 2005.

Further Information:

Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc. 
Tel: [phone]

Ron Marshman/John Greenhalgh, City of London PR Limited.
Tel: [phone]

Visit website at: www.conroydiamondsandgold.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange