Change of Adviser

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

2 September 2013

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

                               Change of Adviser                               

Sula Iron & Gold plc, a multi commodity exploration company focussed on Sierra
Leone, announces that Beaufort Securities Limited no longer acts as joint
broker to the Company. Northland Capital Partners Limited is now sole broker to
the Company.

                                   **ENDS**                                    

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

Gavin Burnell               Sula Iron & Gold plc           [phone]
                                                                               
James Caithie / Avi         Cairn Financial Advisers LLP   [phone]
Robinson                                                                       
                                                                               
John Howes / Alice Lane     Northland Capital Partners     [phone]
                            Limited                                            
                                                                               
Felicity Edwards /          St Brides Media and Finance    [phone]
Charlotte Heap              Ltd                                                

Notes

Sula Iron & Gold plc is a multi commodity exploration company focussed on West
Africa. The Company's main objective is to explore and advance its key
Exploration Licence EL54/2011, in Northern Sierra Leone, which is highly
prospective for iron and gold. Sula is currently focussed on delineating a
maiden JORC compliant iron resource and prove up the gold mineralisation in
2014, in order to maximise the Licence area's value potential. The 153 sq km
licence area is contiguous to African Minerals' operational Tonkolili Iron
Mine, which has a JORC compliant resource of 12.8 billion tonnes Fe.

Exploration work at the project has confirmed the presence of Banded Iron
Formation (`BIF') at surface, which has a known strike length of 3.1km. The BIF
appears to extend NE from the Tonkolili licence into Sula's licence area. In
August 2013 Sula completed a 2,000m scout drilling programme over a 2.2km
section of BIF, which confirmed the Licence area's prospectivity for
consistently high grade iron mineralisation with best results of 11.10m @
54.41% Fe and 69.70m @ 37.28% Fe. An exploration target of 500 million tonnes
at 30.4% iron for magnetite and 55% iron for hematite has been given by
independent exploration consultants SRK Exploration Services Ltd.

Significant Greenstone Belt-style gold mineralisation has also been identified
at various prospects within the licence area. Five target areas for hard rock
gold mineralisation have been identified based on the location of historic
drill intercepts, the source areas for alluvial gold deposits, and the position
of major structures as defined by airborne magnetic data and drainage
orientation.