Conroy Gld&nres Regulatory News (CGNR)

27 Feb 2007 07:00

To be embargoed until 7.00am on 27 February 2007 Conroy Diamonds and Gold Plc Unaudited Interim Results for the six months ended 30 November 2006.

CHAIRMAN'S STATEMENT

I have great pleasure in presenting your Company's Interim Report for the six months ended 30 November 2006, a period in which your Company continued to make further progress with its gold exploration programmes in both Ireland and Finland.

First Resource Estimates For Clontibret Gold Deposit:

A major step forward in your Company's gold exploration programme in the Longford-Down Massif in Ireland was the announcement of the first JORC-compliant resource estimate for part of your Company's Clontibret gold deposit in Co. Monaghan.

CSA, the international mining consultants, calculated a series of inferred and indicated resource scenarios for one closely-drilled area covering less than 20p.c. of the Clontibret target anomaly. The estimates show an inferred resource of 500,000oz contained gold (12m tonnes grading 1.3grams/tonne using a 1gram/tonne cut-off). This includes an indicated resource of 1.3m tonnes grading 1.4grams/tonne (64,000oz contained) at 1g/t cut-off.

The estimates have been calculated to an average depth approximately 150m below surface, and the mineralisation remains open at depth and along strike. If repeated in the remainder of the target it would suggest the deposit is much larger than originally anticipated.

Clontibret is 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.

This JORC-compliant estimate represents the first step in the Company's economic assessment of its gold discoveries in the Massif. The estimates are highly encouraging, not only in relation to Clontibret, but also with regard to the Company's other gold discoveries in the Longford-Down Massif.

Extensive Gold Target Outlined In Finland

Your Company has also discovered an extensive gold-bearing area in Finland following soil sampling on its recently acquired Sodankyla licences in the Central Lapland Greenstone belt. which outlined an anomaly measuring over 750m by 300m. The sampling also returned elevated chrome values of up to 2,270ppm (0.23p.c.), together with some elevated nickel values.

Studies by the Geological Survey of Finland have highlighted the high potential for gold mineralisation within the Central Lapland Greenstone Belt where Canada's Agnico-Eagle Mines Ltd is currently developing its +2m ounce Suurikuusikko gold deposits.

Your Company has also been granted a claim reservation covering a further 9km‚² in the Sodankyla area. A drilling programme is now being planned to test the extent of the gold mineralisation within your Company's area and to further investigate the elevated chrome and nickel values.

This is early confirmation that there are exciting gold exploration opportunities in this area of Finland, a mining-friendly country with a rapidly growing gold mining and exploration industry. Your Company is very encouraged by its early success in this new area and looks forward to building on it as the programme develops.

Finance:

The results for the half-year are set out below. The loss for the period was ¢â€š¬ 144,914 (2005 profit ¢â€š¬484,823). The net assets in the balance sheet have increased from ¢â€š¬5,774,325 to ¢â€š¬6,610,712 due to the acquisition of gold assets in Finland and the continuing exploration programme in Ireland.

Your Company's first JORC-compliant resource estimate of 500,000oz contained gold in one closely drilled area covering less than 20p.c. of the Clontibret target anomaly, together with your Company's other gold discoveries, indicate the potential and scale of the Longford-Down Massif project. Your board is considering the various financial 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 success of the Company. I look forward to the future with confidence.

Professor Richard ConroyChairman.27 February 2007UNAUDITED BALANCE SHEETAt 30 November 2006 30 30 November 31 2005 November 2006 May 2006 (Unaudited) (Unaudited) (Audited) ¢â€š¬ ¢â€š¬ ¢â€š¬ Fixed Assets Mineral interests 7,233,917 5,507,278 5,781,855 Financial fixed asset 2 - - Tangible assets 37,870 54,271 43,635 7,271,789 5,561,549 5,825,490 Current Assets Debtors 45,290 43,521 55,835 Cash in hand 18,838 5,100 312,397 64,128 48,621 368,232 Creditors: Amounts failing due within one (206,902) (512,934) (419,397)year Net Current Liabilities (142,774) (464,313) (51,165) Total Assets less Current 7,129,015 5,097,236 5,774,325Liabilities Creditors: Amounts failing due after more (518,303) - -than one year Net Assets ¢â€š¬6,610,712 ¢â€š¬5,097,236 ¢â€š¬5,774,325 Capital and Reserves Called up share capital 3,170,649 2,146,320 2,591,820 Capital conversion Reserve Fund 30,617 30,617 30,617 Share premium account 5,472,337 4,707,607 5,069,866 Profit and loss account (2,062,891) (1,787,308) (1,917,978)

Shareholders' Funds - all equity ¢â€š¬6,610,712 ¢â€š¬5,097,236 ¢â€š¬5,774,325

UNAUDITED PROFIT AND LOSS ACCOUNTFor half year ended 30 November 2006 Six months Six months Year ended ended Ended 30 November 30 November 2006 2005 31 May 2006 (Unaudited) (Unaudited) (Audited) ¢â€š¬ ¢â€š¬ ¢â€š¬ Operating expenses - recurring (146,177) (122,485) (254,316) - Non-recurring 607,197 607,197 Other income 1,263 111 1,272

(Loss)/Profit on ordinary activities (144,914) 484,823 354,153

Tax on loss/profit on ordinary - - -activities

Retained (Loss)/Profit for period (144,914) 484,823 354,153

Profit and loss account at beginning of (1,917,978) (2,272,131) (2,272,131) period

Profit and Loss account at end of (2,062,892) (1,787,308) (1,917,978) period

(Loss)/earnings per share - basic (¢â€š¬0.0016) ¢â€š¬0.0068 ¢â€š¬0.0048

- fully diluted ¢â€š¬0.0044CASH FLOW STATEMENTFor half year ended 30 November 2006 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) ¢â€š¬ ¢â€š¬ ¢â€š¬ Net Cash Inflow/(Outflow) from (341,098) 224,703 (1,951)Operating Activities

Capital Expenditure and Financial (1,452,063) (282,292) (556,100) Investments

Net Cash Outflow before financing (1,793,161) (57,589) (558,051)

Financing 1,499,603 - 807,759 (Decrease)/Increase in Cash (¢â€š¬293,558) (¢â€š¬57,589) ¢â€š¬249,708

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 earnings per ordinary share (2005 - earnings per ordinary share ¢â€š¬0.068) is based on the loss for the half year of ¢â€š¬144,914 (2005 - profit ¢â€š¬484,823) and the weighted average number of ordinary shares on a basic and fully diluted basis during the period of 88,001,036 (2005 - 71,544,011). Share options and warrants are not included in the calculation of fully diluted shares since the Company incurred a loss in 2006 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, 2006.

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 ConroyConroy Diamond and Gold plc 00 353 1 661 8958Jeffrey CoburnJohn East & Partners Limited 020 7628 2200Charles DampneyCity Capital Limited 020 7822 7107