Coltan Update

16 January 2015

                              Sula Iron & Gold plc                              

                           ("Sula" or the "Company")                           

                                 Coltan Update                                 

           Strong evidence for the presence of coltan mineralization           

Sula Iron & Gold plc, the exploration and development company focused on iron
ore, gold and coltan, is pleased to announce the results of a period of
reconnaissance fieldwork for coltan carried out by Sula's technical team which
commenced in September 2014.  This programme was designed by SRK Exploration
Ltd and included Sula's technical staff visiting most of the artisanal mining
areas within the exploration licence and assessing whether coltan was being
produced as a by-product of artisanal gold mining or as the main product.
Samples were obtained from alluvial gravels at 46 locations. 

 
The samples were screened with a 2 mm sieve and the < 2 mm fraction panned to a
heavy mineral concentrate and analysed at an ALS laboratory. The results for
all 46 samples have been used to provide an initial indication of prospective
areas for coltan mineralisation.  Due to the nature of pan concentrate
sampling, the results are indicative only and do not provide values for in-situ
grade. 


The results for tantalum show 9 samples with elevated concentrations (>0.1%
tantalum) and some samples with high grades.  One sample in the southeast
quadrant of the licence area grades at more than 3% tantalum and provides
strong evidence for the presence of coltan mineralisation in the vicinity. 
Other high grade samples are found near the eastern boundary of the licence but
are found along streams that flow from deeper within the licence area,
suggesting that further alluvial and primary coltan mineralisation may be found
in this part of the licence.

 
The results of this reconnaissance work, whilst only indicative, provide useful
guidance as to the main prospective areas within the exploration licence and
provide further support to this area's potential to host deposits of coltan
mineralisation.  The results will be used to guide the on-going pitting
programme for coltan, which will provide more quantitative data.

Nick Warrell, CEO, commented: "We are pleased to be rapidly progressing our
coltan exploration project since its discovery last year. We are excited by the
confirmation that there is coltan mineralization along the streams that flow
deeper within the licence area, further proving the high prospectivity of the
area. This is also positive news as we progress our talks with a potential
off-taker for the project."

                                   **ENDS**                                    

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

Sula Iron & Gold plc                                       [phone]
Nick Warrell / Matt Wood                                                       
                                                                               
Cairn Financial Advisers LLP (Nominated Adviser)           [phone]
James Caithie / Avi Robinson                                                   
                                                                               
VSA Capital Limited (Broker)                               [phone]
Bhavesh Patel / Richard Buckle                                                 
                                                                               
Strand Hanson (Financial Adviser)                          [phone]
Simon Raggett / James Harris                                                   
                                                                               
Yellow Jersey PR (Financial PR)                            [phone]
Dominic Barretto / Kelsey Traynor                                              

Notes:

Sula Iron & Gold plc is a multi-commodity exploration company focused in West
Africa. The Company's main objective is to explore and advance its 153 sq. km
Ferensola Project in Northern Sierra Leone, which is highly prospective for
iron, gold and coltan. In December 2014, the Company achieved a corporate
milestone in delivering its JORC MRE for the BIF 1 iron ore project in which
total resource of 514.5Mt @ 31.8% Fe was identified and total oxide resource of
55.5Mt @ 45.26% Fe.

The information in this release that relates to Exploration Results has been
reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron and
Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and
Mining, a Registered Professional Geologist with the Australian Institute of
Geoscientists and a Competent Person as defined in the Australasian Code for
Reporting of Exploration Results and Mineral Resources and Ore Reserves.

Coltan

Columbite-Tantalite also known as `coltan' is a dull black metallic ore from
which the metals niobium and tantalum are extracted. There is a high demand for
tantalum in the technology industry.