Change of Adviser

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

                               Change of Adviser                               

Sula Iron & Gold plc, an iron ore and gold exploration company focussed on
Sierra Leone, today announces that Merchant Securities Limited no longer acts
for the Company as joint broker.

Following this change, Northland Capital Partners Limited is sole broker to the
Company.

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 Wicks / Alice    Northland Capital Partners     [phone]
Lane                        Limited                                            
                                                                               
Felicity Edwards /          St Brides Media and Finance    [phone]
Charlotte Heap              Ltd