Final Results

    To be embargoed until 7.00am on 15 November 2006

                     Conroy Diamonds and Gold Plc ("CDG")                      

                 Final results for the year ended 31 May 2006                  

Chairman's Statement

I have great pleasure in presenting your Company's Annual Report and Financial
Statements for the twelve months ended 31 May 2006, a period which has
continued to bring exploration success in Ireland. Since the year-end your
Company has acquired gold exploration assets in Finland from Conroy P.l.c. and
now has active exploration programmes in place in both Ireland and Finland.

The primary objective of your Company is to establish a new gold province in
Ireland through the discovery and bringing into production of one or more gold
deposits. Our exploration to date in the Longford-Down Massif has established a
gold trend extending for at least fifty miles along strike from Co. Armagh,
through Co. Monaghan and into Co. Cavan. A detailed multi-component airborne
geophysical survey has now been completed over approximately 90 per cent. of
your Company's licences - an area of about 500 square miles. The results of the
survey are expected to complement your Company's extensive database of results
from soil sampling, trenching and drilling programmes, together with its
Landsat Enhanced Thematic Mapper (ETM) and Digital Terrain Model (DTM) data.
Together, this information will provide a more comprehensive geological picture
of the entire licence area, enhance your Company's understanding of the area
and highlight its potential to host one or more major gold deposits.

As part of a programme to focus on the gold discoveries it has made on its
licences, your Company is undertaking a detailed review of the
Tullybuck-Lisglassan sector of the gold trend in County Monaghan, the location
of your Company's first discovery in the Armagh-Monaghan Gold Belt. Amongst
other things, this review is expected to assist the Company in refining its
geological model for that sector. The Company has also enjoyed further
exploration success in this sector since the initial discovery was made and as
a result the Tullybuck-Lisglassan represents just a small part of the larger
Clontibret gold target. The Clontibret target covers an area measuring 2.5
square kms and also takes in several other gold discoveries made by your
Company.

The assets acquired in Finland from Conroy P.l.c. on a share exchange basis
include nine exploration licences in the Central Lapland Greenstone Belt,
together with an extensive geological and geophysical database. Your directors
believe that Finland has excellent prospects for gold and these prospects are
underdeveloped by world standards.

The gold exploration assets acquired in Finland supplement the Company's
existing gold interests in the Longford-Down Massif and will, in the directors'
opinion, expose the Company to new and exciting gold exploration opportunities
in an area that is highly prospective Finland, is a mining friendly country
with a well-developed infrastructure, and geological potential for large gold
deposits.

Most of Finland lies on the so-called Baltic Shield - the ancient cratonic mass
forming the core of North Western Europe. However, this has not been subjected
to the same exploration effort seen in other shield areas of the world (e.g.
Southern Africa, Western Australia, Canada) and gold in Finland has been
largely produced as a by-product of mining operations in massive base metal
sulphide deposits.

Studies by the Geological Survey of Finland (GTK) have resulted in a
reappraisal of Finland's overall mineral endowment. These studies have
indicated a high potential for gold in central Lapland. By 1991, the first gold
mine in Finland was in operation, and this was followed by the discovery of the
Suurikuusikko gold deposit in the central Lapland Greenstone Belt, which is
estimated to have a resource of over 2 million oz of gold and is now under
development by the Canadian gold mining company Agnico-Eagles Mines Limited.

The previous owner of the assets has carried out an active exploration
programme for gold in Finland and has acquired a significant knowledge of the
style of gold deposition and mineralisation, particularly in the central
Lapland Greenstone Belt. It has built up an extensive database on gold
occurrences in the area, including a comprehensive overview, detailed
aeromagnetic data, and a review of the entire GTK geochemical database ( sample
per 4 square kilometres). The analysis of the data was followed by the
collection and analysis of over 2,300 geochemical samples. This was undertaken
by the GTK on behalf of the previous owner and resulted in the identification
of four areas of particularly attractive prospectivity for gold in the central
Lapland Greenstone Belt.

The Company proposes to continue with the exploration programme over the
prospective areas, which have been identified and will also continue to employ,
under contract, the services of the GTK.

The strategy of the Company in Finland will be to identify economic gold
deposits and ultimately increase shareholder value.

As I am the largest shareholder in Conroy P.l.c., and other directors of the
Company are also shareholders and directors of both companies, an Extraordinary
General Meeting was held on Wednesday 1 November 2006, which resolved to
proceed with the acquisition of the gold exploration assets in Finland of
Conroy P.l.c. These have been independently valued at Euro1 million by The CSA
Group, a worldwide exploration management consultancy.

These assets were acquired by your Company for Euro1 million (£675,300), which was
satisfied by the issue of 19,294,286 new Ordinary Shares, valued at 3.5p per
share (the average middle market share price of the Company's Ordinary Shares
in the 3 months prior to the date of the transaction). Following this
transaction, Conroy P.l.c. holds 18.26 per cent. of the issued share capital of
the Company.

Financials

The profit after taxation for the year ended 31 May 2006 was Euro354,153 (2005: Loss
(Euro513,247)) and the net assets as at 31 May 2006 were Euro5,774,325 (2005: Euro4,612,413).

Auditors

On 13 June 2006 Deloitte & Touche were appointed as auditors to the Company.

Directors, Consultants and Staff.

I would like to express my deep appreciation of the support and dedication of
the directors, consultants and staff, which has made possible the continued
progress and success which your Company has achieved.

I am very pleased to welcome David Wathen to our Board. His extensive
experience in stockbroking and corporate finance, which includes the natural
resources sector, will be a valuable asset in helping the Company develop and
implement plans to advance our gold projects in Ireland.

I regret to report with deep sadness the death of Dr Pamela Conroy. Dr Conroy
was a founding director of the Company. Her dedication, experience, advice and
support, contributed significantly to the success of your Company.

Future Outlook

The Company will continue with its asset exploration programmes with a view to
establishing a new gold province in Ireland, through the discovery and bringing
into production of one or more gold deposits, and developing the gold interests
in Finland.

Professor Richard Conroy
Chairman
15 November 2006



Profit and Loss Account
For the Year Ended 31 May 2006

                                                               2006        2005
                                                                               
                                                                  Euro           Euro
                                                                               
Operating Expenses - recurring                            (254,316)   (515,205)
                                                                               
- non-recurring                             (Note 3)        607,197           -
                                                                               
Other Income                                                  1,272       1,958
                                                                               
Profit/(loss) on ordinary activities                        354,153   (513,247)
                                                                               
Profit/(loss) retained for the Year                         354,153   (513,247)
                                                                               
Earnings/(loss) per ordinary share - Basic                  Euro0.0048    (Euro0.008)
                                                                               
- Fully Diluted                                             Euro0.0048           -
                                                                               

There are no recognised gains or losses other than the profit for the year. The
above all result from continuing operations.



Balance Sheet
As at 31 May 2006

                                                              2006         2005
                                                                               
                                                                 Euro            Euro
                                                                               
Fixed Assets                                                                   
                                                                               
Mineral interests                            (Note 3)    5,781,855    6,043,726
                                                                               
Tangible assets                                             43,635       53,015
                                                                               
                                                         5,825,490    6,096,741
                                                                               
Current Assets                                                                 
                                                                               
Debtors                                                     55,835       39,020
                                                                               
Cash at bank and in hand                                   312,397       62,689
                                                                               
                                                           368,232      101,709
                                                                               
Creditors: amounts falling due within one year           (419,397)  (1,586,037)
                                                                               
Net current liabilities                                   (51,165)  (1,484,328)
                                                                               
Net Assets                                               5,774,325    4,612,413
                                                                               
Capital and Reserves                                                           
                                                                               
Called up share capital                                  2,591,820    2,146,320
                                                                               
Capital conversion reserve fund                             30,617       30,617
                                                                               
Share premium                                            5,069,866    4,707,607
                                                                               
Profit and loss account                                (1,917,978)  (2,272,131)
                                                                               
Shareholders' Funds - all equity                         5,774,325    4,612,413



Cash Flow Statement
For the year ended 31 May 2006

                                                             2006          2005
                                                                               
                                                                Euro             Euro
                                                                               
Net cash (outflow)/inflow from operating activities       (1,951)        73,638
                                                                               
Capital expenditure and financial investment            (556,100)     (888,353)
                                                                               
Net cash outflow before financing                       (558,051)     (814,715)
                                                                               
Financing                                                 807,759       359,542
                                                                               
Increase/(decrease) in cash                               249,708     (455,173)
                                                                               

Notes to the Financial Statements

1. Publication of non-statutory accounts

The financial information set out in this preliminary announcement are

abbreviated accounts as defined in Section 19 of the Companies (Amendment) Act
1986.

The financial information for the period ended 31 May 2005 have been extracted
from the Company's financial statements to that date which have received an
unqualified auditors' report but have not yet been delivered to the Registrar
of Companies.

2. Earnings per share

The calculation of the basic earnings per ordinary share of Euro0.0048 (2005 -
Loss Euro0.008) is based on the profit for the financial year of Euro354,153 (2005 -
Loss (Euro513,247)) and the weighted average number of ordinary shares in issue
during the year of 73,257,473 (2005 - 64,487,011).

The calculation of the fully diluted earnings per ordinary share of Euro0.0044 is
based on the profit for the financial year of Euro354,153 and the weighted average
number of ordinary shares in issue on a fully diluted basis during the year of
80,658,217. Since the Company incurred a loss in 2005 the effect of share
options and warrants would be anti-dilutive.

3. Non-recurring credit to Profit and Loss account and Mineral Interests

During the year the directors considered the financial position of the Company
and in particular the level of current liabilities which mainly arose from the
accrual of unpaid directors' fees and remuneration since incorporation. The
relevant individual directors agreed to waive their entitlement to all amounts
accruing from incorporation up to 31 August 2005, amounting to Euro1,422,782. The
amount that had been allocated to the gold exploration programme, Euro815,585 was
credited to mineral interests and the balance of Euro607,197 was treated as a
non-recurring credit to the profit and loss account.

4. Dividends

No dividends were paid or are proposed in respect of the period ended 31 May,
2006.

5. Copy of Accounts

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



END