Confirmation of Preliminary Economic Assessment

15 January 2014 Conroy Gold and Natural Resources plc Confirmation of Preliminary Economic Assessment * Metallurgical Review Confirms Preliminary Economic Assessment * Sulphur Head Grade Lower * Capital and Process Operating Costs Reduction Conroy Gold and Natural Resources plc ("Conroy") (AIM: CGNR, ESM: CGNR.I), thegold mining company which is planning to develop its first operational goldmine at Clontibret in Co. Monaghan, Ireland, is pleased to announce that areview by independent consultants Tetra Tech Inc. ("Tetra Tech") of the resultsof the final mineralogical and metallurgical testwork programme on the oregrade material sent to Gold Fields/Biomin in South Africa, has validated thePreliminary Economic Assessment ("PEA") (Scoping Study) process design criteriaand operating costs. The final mineralogical and metallurgical testwork results were analysed andevaluated by Tetra Tech in advance of an anticipated prefeasibility study (PFS)enabling Tetra Tech to confirm the preliminary estimates for the processingplant. The review of the metallurgical testwork results confirmed the key processdesign parameters, including the amenability of the ore to bio-oxidativepre-treatment, and the suitability of the proposed BIOX® oxidation process.Other than a lower sulphur grade in concentrate, results were as anticipated inthe PEA. The decreased sulphur grade implies savings in both capital andoperating costs. In relation to these savings the capital cost for the proposed processing plantis now estimated by Tetra Tech at US$ 18.5 million compared with the US$ 20.16million in the PEA and the process operating costs are estimated to fall fromUS$ 13.64/t to US$ 12.26/t. This release has been approved by Eur.Ing. Andrew J. Carter C.Eng, MIMMM,MSAIMM, SME, Competent Person for Mineral Processing, an employee of Tetra Techwhich is independent of Conroy. Professor Richard Conroy, Chairman commented: "I am delighted by Tetra Tech's independent confirmation thatthe testworkresults on the ore grade material sent to GoldFields/Biominvalidate the processdesign criteria. I am especiallypleased at the significantreduction in capitaland operating costs forboth the development and operation of the mine." For further information please contact: Conroy Gold and Natural Resources plc. Tel: +353-1-661-8958 Professor Richard Conroy, Chairman Sanlam Securities UK Limited (Nomad) Tel: +44-20-7628-2200 Virginia Bull/Simon Clements Hybridan LLP (Broker) Tel: +44-20-7947-4350/ 4361 Claire Louise Noyce/William Lynne IBI Corporate Finance Limited (ESM Adviser) Tel: +353-766-234-800 Ger Heffernan Lothbury Financial Services Tel: +44-20-3440-7620 Michael Padley/Michael Spriggs Hall Communications Tel: +353-1-660-9377 Don Hall

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