5 February 2009
Conroy Diamonds and Gold Plc
("Conroy" or "the Company")
AIM: CDG
New gold-in-soil anomaly discovery
* Highest value of 1.5g/tonne gold; average gold-in-soil values twice those
previously recorded at Clontibret and highest recorded by the Company to
date
* Anomaly could be the source of the Clay Lake gold nugget discovered in the
1980s
* Located approximately 7km north-east of the Clontibret resource which was
over one million ounces
Conroy is pleased to announce the discovery of an extensive new gold-in-soil
anomaly at its Clay Lake target in Co. Armagh, Ireland. Gold-in-soil Values
ranging up to 1,531 parts per billion ("ppb") gold (1.53g/tonne) have been
returned, the highest values reported from the Company's Irish exploration
licences to date.
The new find is located some 7km north-east of the Company's Clontibret
discovery in Co Monaghan, Ireland where a JORC-compliant resource of over one
million ounces of gold has been identified across 20 per cent. of the target
area. The anomaly measures about 2km by 1km (141 ha), which is larger than
Clontibret, and the average gold-in-soil values are twice the average recorded
at Clontibret to date.
More than 80 soil samples were collected at Clay Lake, returning average
gold-in-soil values of over 50ppb, with six greater than 100ppb and a highest
value of 1,531ppb. These results are higher than known anomalous gold-in-soil
values in this terrain.
The anomaly is named after the Clay Lake nugget containing 28g of gold, found
in a stream bed in the 1980s. The source of this nugget has not yet been found
and identifying the source of this nugget has been one of the main objectives
of the Company's exploration programme in the area for some time. The directors
are hopeful that the new discovery may be the source of the Clay Lake nugget.
Commenting today, Chairman, Professor Richard Conroy said:
"We have long held the view that the Clay Lake nugget is clear evidence of the
area's gold potential, and we have actively been seeking the source of this
nugget for a number of years. These latest results, with the highest
gold-in-soil values encountered anywhere in our licence area, may well indicate
that the source of the nugget lies within the new anomaly. It could well be the
Jewel in the Crown for the Company."
The new discovery lies within the 50km-long gold bearing trend delineated by
the Company on its 1,200km2 licence area which straddles the border between
Northern Ireland and the Republic of Ireland. The licences extend from Co.
Armagh, through Co. Monaghan and into Co. Cavan, following the surface
expression of the Orlock Bridge Fault, a major geological structure believed to
have influenced mineralisation in the area.
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.
Further enquiries:
Conroy Diamonds and Gold Plc Tel: 00 353 1 661 8958
Professor Richard Conroy
John East & Partners Limited Tel: 020 7628 2200
Simon Clements/Virginia Bull
City Capital Corporation Limited Tel: 020 3178 3399
Charles Dampney
Lothbury Financial Limited Tel: 020 7011 9411
Ron Marshman / Michael Padley
Visit website at: www.conroydiamondsandgold.com
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