Conroy Gld&nres Regulatory News (CGNR)

8 Dec 2005 08:43

DECEMBER 8, 2005 Conroy Diamond and Gold Plc ("Conroy" or "the Company") CONROY'S ONGOING SAMPLING PROGRAMME YIELDS TWO NEW GOLD-BEARING STRUCTURES SOUTH OF TULLYBUCK-LISGLASSAN * Gold Values Of Up To 10g/t Returned From Deep Overburden Sampling * Three New Mineralised Structures Now Found In Area Pinpointed By SRK Review * Systematic Evaluation Continues Of Remaining Targets Conroy Diamonds and Gold Plc is pleased to announce that the company hasdiscovered two further gold-bearing structures, one of which returned a valueof 10 gram/tonne ("g/t") gold, on its Longford-Down Massif licences.The new finds resulted from the company's ongoing programme of systematicclosely-spaced overburden sampling over the ten targets identified on theselicences and first announced in April this year.The two new structures have been identified on Targets 3&4, respectively 2kmsouth-west and 1.5km south-east of Tullybuck-Lisglassan in County Monaghan.They complement the company's earlier discovery, announced in September, of a250m long mineralised linear feature on Target 2, situated about 1km east ofTullybuck. All three mineralised features show a special relationship to theOrlock Bridge Fault, believed to be a controlling factor on gold mineralisationwithin the company's licences.The latest deep overburden sampling, mostly to bedrock, encountered anomalousgold values over wide areas, with Target 3 returning particularly high valuesof up to 10,105 parts per billion ("ppb") gold (10.1g/t) and Target 4 peakingat 395ppb gold. The Company considers these are very high values when viewedagainst a background of less than 4ppb and where 10ppb gold is consideredanomalous. Further results are awaited.A programme of closer spaced sampling will now be carried out over the two newstructures to test the extent of gold mineralisation within the individualareas and define drill targets.Commenting today, Professor Richard Conroy, Chairman, said: "We are verypleased that our programme of progressively testing the targets identifiedearlier this year continues to yield excellent results. The peak value of over10g/t gold from Target 3 is exceptional in the context of overburden samplingand gives an indication of the wider potential of the area aroundTullybuck-Lisglassan as suggested by SRK. Consulting"The company's April announcement indicated that the ten new targets hadoriginally been defined by shallow regional soil geochemistry in a 20km2section of the Armagh-Monaghan Gold Belt which also includes the company'sTullybuck-Lisglassan and Glenish gold discoveries. Conroy continues itssystematic evaluation of the remainder of these ten targets with a programme ofdeep overburden sampling and bedrock chip sampling.All of the targets lie within one of the three areas identified by SRKConsulting in its review of Conroy's gold properties as being "highlyprospective" because they relate to intersections of major deep-seatedlineaments and the Orlock Bridge Fault. Such lineaments are particularlyimportant because economic gold deposits elsewhere in the world frequentlyoccur on or close to such structures.Further Info:Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc.Tel: 00-353-1-661-8958Charles Dampney, City Capital Securities Ltd. Tel: 020-7822-7107Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: 020-7628-5518Visit website at: www.conroydiamondsandgold.comENDCONROY DIAMONDS & GOLD PLC