Appointment of Joint Broker and Issue of Equity

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources   

18 January 2013

                Sula Iron & Gold plc (`Sula' or `the Company')                 

                Appointment of Joint Broker and Issue of Equity                

Sula Iron & Gold plc, an iron ore and gold exploration company focussed on
Sierra Leone, has appointed Beaufort International Associates Limited as joint
broker to the Company, alongside Northland Capital Partners Limited, with
immediate effect.

In order to maintain cash balances for exploration purposes the Company has
issued 300,000 new Ordinary Shares of 1p each in consideration of advisory
fees. Application will be made for the new Ordinary Shares to be admitted to
AIM and dealings are expected to commence on 25 January 2013.

Following Admission, the Company's enlarged issued share capital will comprise
121,966,674 ordinary shares with voting rights. The Company does not hold any
shares in treasury. This figure of 121,966,674 ordinary shares may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under the FSA's
Disclosure and Transparency Rules.

                                   **ENDS**                                    

For further information please visit www.sulairongold.com or contact the
following:

Brian Moritz                Sula Iron & Gold plc           + 44 (0) 7976 994300
                                                                               
James Caithie / Avi         Cairn Financial Advisers LLP   [phone]
Robinson                                                                       
                                                                               
John-Henry Wickes / Alice   Northland Capital Partners     [phone]
Lane                        Limited                                            
                                                                               
Chris Rourke / Guy Wheatley Beaufort International         [phone]
                            Associates Limited                                 
                                                                               
Felicity Edwards            St Brides Media and Finance    [phone]
                            Ltd                                                
                                                                               
Charlotte Heap              St Brides Media and Finance    [phone]
                            Ltd