Results from drill holes at Clay Lakes

 
TIDMCDG 
 
18 January 2010 
 
                        Conroy Diamonds and Gold P.l.c. 
 
                          ("Conroy" or "the Company") 
 
       Successful result from first drill holes at Clay Lake gold target 
 
  * 63 metres of 0.62 grammes per tonne ("g/t") gold and 1g/t silver, including 
    9 metres of 1.48g/t gold and 1g/t silver 
 
  * 310 metres drilled in north-western corner of 141 hectare soil anomaly 
 
  * Wide zone of mineralisation and quartz stockwork intersected 
 
  * Potentially larger than the Clontibret gold discovery 
 
Conroy (AIM: CDG; IEX: CDG.I) is pleased to announce that it has completed two 
inclined diamond drill holes, totalling 310 metre, in the north-western corner 
of its Clay Lake gold anomaly in Co. Armagh which returned positive gold 
results and demonstrated the presence of a broad zone of mineralisation. 
 
The Clay Lake anomaly covers an area of approximately 141 hectares ("ha") and 
has returned the highest gold-in-soil values ever recorded by the Company on 
its Irish exploration licences. It is larger than the Clontibret anomaly 
(125ha), 7km to the south-west in Co. Monaghan, where the Company has 
established a JORC-compliant gold resource of over one million ounces. 
 
One of the drill holes at Clay Lake was 157 metres long and reached a vertical 
depth of approximately 110 metres. It intersected 3 metres of 1.57g/t gold from 
22.5 metres, followed by a 63 metres intersection of 0.62g/t gold and 1g/t 
silver from 90.5 metres, the first 9 metres of which averaged 1.48g/t gold and 
1g/t silver. Arenites and argillites (shales) were the main lithologies in this 
hole. 
 
The 63 metres zone of mineralisation in this hole occurred in a sequence of 
argillites with quartz stockwork. The highest gold value over a single metre 
was 3.07g/t, and the lowest was 0.15g/t. 
 
The intersection also carried elevated silver values of up to 2.5g/t. This is 
significant in its own right and also enhances the Company's understanding of 
the Clay Lake target and how it differs from the other major targets the 
Company has discovered on its licences. It also indicates that the gold at Clay 
Lake has different characteristics to that found in the Clontibret deposit. 
 
The other hole, 153 metres long which also reached a vertical depth of 
approximately 110 metres, intersected 8 metres of 0.93g/t gold from 34 metres, 
including 3 metres of 2.13g/t from 35 metres. This was followed by 2 metres of 
0.77g/t gold from 98.7 metres. The main lithology in this hole was arenites 
(sandstones). 
 
Last November, the Company announced that it had identified an 18 metres wide 
zone of gold mineralisation with elevated silver values following rock chip 
sampling in a stream bed at Clay Lake. This zone is similar to and in the same 
lithology as the 63 metres intersection mentioned above and is located some 450 
metres away from the two drill holes. 
 
This release has been approved by Kevin McNulty PGeo, who is a member of the 
Company's technical staff, who holds a BSc/MSc in Geology and Remote Sensing, 
in accordance with the guidance note for Mining, Oil & Gas Companies issued by 
the London Stock Exchange in respect of AIM Companies, which outlines standards 
of disclosure for mineral projects. 
 
Commenting today, Chairman, Professor Richard Conroy said: 
 
"I am very pleased that the first drill holes at Clay Lake have returned such 
positive results from a location some distance along strike from the zone of 
gold mineralisation we identified in a stream bed late last year. The drill 
intersections indicate that the mineralisation continues both at depth and for 
several hundred metres along strike from the stream bed zone and remains open 
in all directions. 
 
"We have, however, done little more than scratch the surface of just a small 
part of this very large target, which extends over an area of more than 1.4 
million square metres, yet the results achieved at such an early stage, we 
believe, are quite outstanding and encourage us that much more is yet to be 
revealed. 
 
"In addition, relative to Clontibret, the Clay Lake target is much larger and 
has returned significantly higher gold-in-soil sample values." 
 
Enquiries: 
 
Conroy Diamonds and Gold Plc 
 
Professor Richard Conroy, Chairman                              [phone] 
 
City Capital Corporation Limited 
(Broker) 
 
Charles Dampney                                                [phone] 
 
Merchant John East Securities Limited (Nomad) 
 
Simon Clements/Virginia Bull                                   [phone] 
 
IBI Corporate Finance Limited 
 
John Tuite                                                      [phone] 
 
Lothbury Financial 
 
Ron Marshman/Michael Padley                                    [phone] 
 
Hall Communications 
 
Don Hall                                                        [phone] 
 
Further details on Conroy Diamonds and Gold can be found on its website at: 
www.conroydiamondsandgold.com 
 
Conroy Share Price 
 
 
 
END