Conroy Gld&nres Regulatory News (CGNR)

21 Jan 2005 07:00

Conroy Diamonds & Gold PLC21 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 10,000,000ordinary shares (13.98%) of AIM-listed Conroy Diamonds and Gold through aplacement 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 beenvery impressed by the company's achievements in exploring its 1,500km2 licencearea in the Longford-Down Massif. This success was confirmed late last year inthe report prepared by international mining consultants SRK Consulting which,amongst other things, supported Conroy's belief that substantial gold depositslay within its Irish licences. The SRK report concurred with Conroy's broad approach to exploration and statedthat one small area drilled had "potential to contain over 100,000oz gold" withmuch larger anomalies covering 200 times the size of that drilled considered tohave "far better potential" to contain commercial deposits. The consulting firm also interpreted three major deep-seated lineaments passingthrough Conroy's licences, the significance being that major economic golddeposits elsewhere in the world have often been found on such lineaments. Welcoming Mr Rowan, Conroy's chairman, Professor Richard Conroy, said he wasdelighted that someone of his experience and success in the mining industry wasmaking such a significant personal investment in the company. Application has been made for the 10,000,000 ordinary shares to be admitted totrading on AIM and dealings are expected to commence on 27 January 2005. Further Information: Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc. Tel: 00-353-1-661-8958 Ron Marshman/John Greenhalgh, City of London PR Limited.Tel: 020-7628-5518 Visit website at: www.conroydiamondsandgold.com This information is provided by RNS The company news service from the London Stock Exchange