Definitive Mining Plan in Development at Clontibret

19 September 2014 Conroy Gold and Natural Resources plc ("Conroy" or "the Company") A DEFINITIVE MINING PLAN IS IN THE COURSE OF DEVELOPMENT AT CLONTIBRET * Phase 1 To Comprise Starter Pit And Pit Extension * Phase 2 To Comprise Underground Mining And / Or Further Surface Pit(s) * Advantage Of Favourable Metallurgy And Infrastructure * In-house Preliminary Estimates of Capital Costs of US$41,493,000 And Operating Cash Costs of US$35/tonne ore Conroy Gold and Natural Resources plc (AIM: CGNR, ESM: CGNR.I), the goldexploration and development company focused on Ireland, is pleased to announcethat a definitive mining plan is in the course of development at its Clontibretgold project. Phase 1 to comprise a starter pit and pit extension. Phase 2 tocomprise underground mining and/or further surface pit(s). The Phase 1 starter pit will concentrate within a high grade, densely drilledportion of the resource and should result in accelerated total project capitalpayback within year 2 of the operation and a positive cash flow. Currentmetallurgical testwork is indicating very favourable flotation and downstreamprocessing characteristics which together with favourable infrastructure andlogistical support will be important in reducing project capital and operatingcosts. Phase 2 will comprise underground mining and/or further surface pit(s). For theunderground mining option there are favourable grades and widths at depth thathave been identified in drilling, such as 12.25 metres at 2.6 g/t goldincluding 6 metres at 2.95 g/t gold. This ore could be accessed by a spiralramp at the base of the Phase 1 pit and mined by a high volume mining methodsuch as sublevel block caving. The mining plan is set in the context of the remaining 80 per cent of theClontibret target where significant gold intersections outside the planned minearea for Phase 1 have been previously intersected, including 11metres at 5.34g/t gold and 21metres at 1.82g/t gold. In-house preliminary estimates of capital costs for Phase 1 are US$41,493,000.This includes Working Capital of US$3,579,000 and Sustaining Capital ofUS$2,391,000. The latter of which is anticipated to be paid for by cash flowover years 2-5 of the mine production Preliminary operating cash costs are estimated at US$35.79/tonne ore with totaloperating cash costs for the starter pit estimated at US$544/oz gold andoverall total operating cash costs for Phase 1 estimated at US$693/oz gold.Total production costs for the starter pit are estimated at US$1,002/oz goldand US$947/oz gold overall for Phase 1. These figures are expected to fallfurther as future resource drilling and detailed feasibility and developmentwork proceeds. Elsewhere on the Company's licences exploration continues along the 30 milegold trend discovered by the Company, which stretches from County Armagh acrossCounties Monaghan and Cavan. Exploration is ongoing at the Clay Lake gold target (7km, 4.5 miles) to theNorth East of Clontibret where gold-in-soil values (up to 1.53g/t gold), doublethose seen at Clontibret, have been recorded and where drilling intersectionsof 98.6 metres at 0.57g/t gold (including 11.5 metres at 1.49g/t gold) and 5metres on surface of 3.02g/t gold have been made. A recent detailed structuralstudy by independent consultants suggests potential for high tonnage andoverall gold content. Zinc exploration on the licences is also proceeding following the discovery ofa very large (100 Km²) zinc anomaly to the south of the Company's Clay Lakegold discovery, and also the discovery, in rock samples, at the historicCornanurney lead workings, of exceptionally high zinc levels of 30 per centzinc and 18.40 per cent zinc. This release has been approved by members of the Company's technical staff,Michael Brennan (MSc, SAIMM) and Kevin McNulty PGeo, who holds a BSc/MSc inGeology and Remote Sensing, in accordance with the guidance note for Mining,Oil & Gas Companies issued by the London Stock Exchange in respect of AIMCompanies, which outlines standards of disclosure for mineral projects. Professor Richard Conroy, Chairmancommented: "The definitive mining plan using a starter pit underwrites and de-risks theproject and is set within what we believe is the beginning of a new Europeangold mining district with exploration and conceptual studies by the Companysuggesting the potential for 15 - 20+ million ounces of gold within the 30 milegold trend and also possibly zinc and other mineral potential." For further information please contact: Conroy Gold and Natural Resources plc Tel: +353-1-661-8958Professor Richard Conroy, Chairman Sanlam Securities UK Limited (Nomad) Tel: +44-20-7628-2200Virginia Bull/Simon Clements Hybridan LLP (Broker) Tel: +44-20-3713-4580Claire Louise Noyce/William Lynne IBI Corporate Finance Limited (ESM Adviser) Tel: +353-766-234-800Ger Heffernan Lothbury Financial Services Tel: +44-20-3440-7622Michael Padley/Michael Spriggs Hall Communications Tel: +353-1-660-9377Don Hall

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