Conroy Gld&nres Regulatory News (CGNR)

25 Feb 2008 07:00

To be embargoed until 7.00am on Monday 25th February, 2008. Conroy Diamonds and Gold Plc Unaudited Interim Results for the six months ended 30 November 2007.

CHAIRMAN'S STATEMENT

I have great pleasure in presenting your Company's Interim Report for the six months ended November 2007, a period during which your Company made further progress with its exploration programmes for gold in both Ireland and Finland.

Indicated Resource Estimate For Clontibret Gold Deposit Tripled to 200,000 ounces

Your Company has tripled its indicated gold resources at Clontibret to 200,000 ounces. The indicated tonnes and grade have increased by 108 per cent and 64 per cent respectively and total inferred resources are now 6 million tonnes grading 2.4 grammes/tonne ("g/t") gold. These JORC-compliant resources relate to one closely drilled area amounting to less than 20 per cent of the Clontibret target anomaly.

Using a 1g/t cut-off, the Indicated Resources now stands at 2.7m tonnes, grading 2.3 g/t gold for 200,000 ounces contained. Inferred resources, also at a 1g.t cut-off, amount to 6m tonnes grading 2.4 g/t for 460,000 ounces contained. The estimates have been calculated to an average depth of approximately 150m below surface and the mineralisation remains open at depth and along strike.

The revised resource estimates are based on the generation of a new detailed 3-dimensional orebody model, incorporating all existing data and utilizing refined geological wire-frames and geostatistical correlations, including archive core and new assay results.

Your Company's gold target at Clontibret is but one of a series of gold occurrences in the Longford-Down Massif where your Company has identified a gold-bearing trend that extends for at least 50 miles along strike from Co. Armagh in Northern Ireland, through Co. Monaghan and into Co. Cavan in the Republic of Ireland.

Further geological modelling of the overall target area at Clontibret has also given your Company a better understanding of the orebody, both in the immediate vicinity of the JORC-compliant resource and over the remaining 80 per cent of the target anomaly.

Your Company's ongoing evaluation work at Clontibret has already paid dividends with this substantial upgrade in the tonnes and grade of the Indicated Resource. It must also be remembered that this relatively shallow mineralisation is open at depth and is confined to only a small part of the target anomaly.

The upgrade in itself represents further significant progress at Clontibret, but your Directors believe that additional work on the target area, including drilling, will result in a substantial increase in the total size of the resource.

Furthermore, your Company is also now taking the first steps to implement a scoping and pre-feasibility study on the Clontibret target with the aim of converting present and anticipated future. Indicated Resources into the Reserve category with the ultimate objective of demonstrating the feasibility of an economically viable start-up mining operation.

Exploration also continues in Finland on your Company's Sodankyla licences in the Central Lapland Greenstone Belt, an area highlighted by the Geological Survey of Finland as having strong potential for gold mineralisation.

Finance:

The results for the half-year are set out below. The loss for the period was ¢â€š¬ 166,698. (2006 loss ¢â€š¬172,363).

Your Board is considering various options to finance and gain the maximum benefit from its exploration success.

Directors and Staff

I would like to thank my fellow directors, staff and consultants for their support and dedication, which has enabled the continued outstanding progress of the Company. I look forward to the future with confidence.

Yours faithfully,Professor Richard ConroyChairman.25 February 2008UNAUDITED BALANCE SHEETAt 30 November 2007 30 November 30 November 31 May 2007 2007 2006 (Unaudited) (Unaudited) (Audited) ¢â€š¬ ¢â€š¬ ¢â€š¬ Fixed Assets Mineral interests 7,337,620 7,233,917 7,136,877 Financial fixed asset 2 2 2 Tangible assets 30,934 37,870 32,104 _________ _________ _________ 7,368,556 7,271,789 7,168,983 Current Assets Debtors 35,264 45,290 37,707 Cash in hand 50,606 18,838 105,954 _________ _________ ________ 85,870 64,128 143,661 Creditors: Amounts falling due within one (97,463) (206,902) (104,960)year _________ _________ _________

Net Current Assets/(Liabilities) (11,593) (142,774) 38,701

_________ _________ _________ Total Assets less Current 7,356,963 7,129,015 7,207,684Liabilities Creditors: Amounts failing due after more (942,413) (518,303) (687,168)than one year _________ _________ _________ Net Assets 6,414,550 6,610,712 6,520,516 _________ _________ _________ Capital and Reserves Called up share capital 3,170,649 3,170,649 3,170,649 Capital conversion reserve fund 30,617 30,617 30,617 Share premium account 5,491,037 5,472,337 5,491,037 Share based payments reserve 181,982 93,150 121,250 Profit and loss account (2,459,735) (2,156,041) (2,293,037) _________ _________ _________

Shareholders' Funds - all equity 6,414,550 6,610,712 6,520,516

_________ _________ _________

UNAUDITED PROFIT AND LOSS ACCOUNT

For half year ended 30 November 2007

Six months Six months Year ended ended Ended 30 November 30 November 2007 2006 31 May 2007 (Unaudited) (Unaudited) (Audited) ¢â€š¬ ¢â€š¬ ¢â€š¬ Operating expenses (166,698) (173,624) (376,320) Other income - 1,261 1,261 ________ ________ ________ Loss on ordinary activities (166,698) (172,363) (375,059) Tax on loss on ordinary activities - - - Loss for period (166,698) (172,363) (375,059)

Profit and loss account at beginning of (2,293,037) (1,983,678) (1,917,978) period

Profit and Loss account at end of period (2,459,735) (2,156,041) (2,293,037)

Loss per share (¢â€š¬0.0016) (¢â€š¬0.0020) (¢â€š¬0.0038)

UNAUDITED CASH FLOW STATEMENT

For half year ended 30 November 2007

30 November 30 November 31 May 2007 2006 2007 (Unaudited) (Unaudited) (Audited) ¢â€š¬ ¢â€š¬ ¢â€š¬ Net Cash Outflow from Operating (165,744) (341,098) (385,743)Activities Capital Expenditure and Financial (205,581) (1,452,063) (1,520,936)Investments ________ ________ _________ Net Cash Outflow before financing (371,325) (1,793,161) (1,906,679) Financing 315,977 1,499,603 1,700,236) ________ ________ ________ Decrease in Cash (55,348) (293,558) (206,443)

Notes to the Financial Statements

1. Publication of non-statutory accounts

The financial information set out in this document does not comprise the statutory accounts of the Company.

2. Loss per share

The calculation of the loss per ordinary share of ¢â€š¬0.0016 (2006 - ¢â€š¬0.0020) is based on the loss for the half year of ¢â€š¬166,698 (2006 - ¢â€š¬172,363) and the weighted average number of ordinary shares on a basic and fully diluted basis during the period of 105,688,297 (2006 - 88,001,036). Share options and warrants are not included in the calculation of fully diluted shares since the Company incurred a loss in 2007 which results in these potential shares being anti-dilutive.

3. Dividends

No dividends were paid or are proposed in respect of the period ended 30 November, 2007.

4. A copy of the Interim Report will be sent to all shareholders shortly and will be available from the Company's registered office, 10 Upper Pembroke Street, Dublin 2.

Further enquiries:Professor Richard Conroy

Conroy Diamond and Gold plc 00 353 1 661 8958

Jeffrey Coburn

John East & Partners Limited 020 7628 2200

Charles Dampney

City Capital Limited 020 7822 7107