Existing Iron Ore and new Tantalum and Niobium ...

10 September 2014

                             Sula Iron & Gold plc                              

                           ("Sula" or the "Company")                           

                 Recommenced exploration of existing Iron Ore                  

             New Tantalum and Niobium mineralisation target areas              

Sula Iron and Gold plc, a multi-commodity exploration company focused on Sierra
Leone, is pleased to announce that it has recommenced work on its Ferensola
Project targeting both Iron Ore in the BIF 2 Target area, and a new Tantalum
and Niobium mineralisation target which was recently identified within the
licence area.

To view a full version of the announcement, including figures, please visit the
Company's website at: www.sulaironandgold.com.

Overview of BIF 2 Target Area Exploration:

 

  * Geological interpretation and regional magnetic data suggest that there is
    potential for the banded iron formation ("BIF") to continue in a north
    easterly direction;
   
  * BIF 2 Target is a 20km2 region to the north east of the known iron
    mineralisation, BIF 1, which was drilled in 2013 and 2014 and over which
    work on a maiden mineral resource estimate has commenced;
   
  * Field crews have completed the grid surveying and line cutting, which
    commenced in July 2014, in preparation for a magnetometer survey over BIF
    2; and
   
  * SEMS Technical Services Ltd will complete the survey using the same type of
    equipment as used in the previous two surveys. A line spacing of 200m
    orientated northwest - southeast will be used, which is perpendicular to
    the interpreted strike of geology.
   
Overview of tantalum - niobium exploration

  * Columbite-tantalite (also known as "coltan") is a metallic ore which
    contains varying amounts of niobium and tantalum. The primary source of
    this mineralisation is within pegmatites which are proximal to magmatic
    bodies (usually granitic in composition). These pegmatites are much more
    prone to weathering than the host granitic bodies or hosting country rocks
    that they are intruded into, causing the coltan mineralisation to be
    liberated into the soil horizon and alluvial system;
   
  * Due to the high density of coltan, at around 8g/cm3, it tends to remain
    relatively close to its source within the alluvial system; and
   
  * Recent exploration by Sula and its consultants has confirmed the existence
    of Tantalum and Niobium within the Blue Horizon licence. To gather an
    understanding of the coltan's distribution within the licence, an initial
    reconnaissance survey is planned.
   
CEO Nick Warrell commented: "We are delighted to be resuming our exploration of
our licence area on schedule and without any delays caused by the weather or
thecurrentEVD outbreak in Sierra Leone.

Further, we are pleased to update the market following confirmation that
pegmatites within the Sula Mountains region potentially host both Tantalum and
Niobium mineralisation, commonly referred to as coltan. We look forward to
updating the market on this development as we progress.

This, together with our ongoing exploration of the BIF 2Target area, augurs
well for the enhancement of value for our shareholders.

In addition to our field programmes, and as part of our ongoing CSR programme,
we are assisting two local EVD Task Forces in Dalakuru and Kabala by providing
them with medical equipment for screening people at their two check points."

Enquires:

Sula Iron & Gold plc [phone]
Nick Warrell / Matt Wood
www.sulaironandgold.com

Cairn Financial Advisers LLP (Nominated Adviser) [phone]
James Caithie / Avi Robinson

Daniel Stewart & Company Plc (Broker) [phone]
Martin Lampshire

Strand Hanson (Financial Adviser) [phone]
Simon Raggett / James Harris

Yellow Jersey PR [phone]
Dominic Barretto / Kelsey Traynor

Notes:

Sula Iron & Gold plc is a multi-commodity exploration company focused on West
Africa. The Company's main objective is to explore and advance its Ferensola
project in Northern Sierra Leone, which is highly prospective for iron and
gold. Sula is currently focused on delineating a maiden JORC compliant iron ore
resource estimate and evaluating the gold prospectivity. 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 iron mineralisation.

Exploration work at Ferensola has confirmed the presence of BIF at surface,
which has a known strike length of 3.1km. The BIF is proven to extend NE from
the Tonkolili licence and into Sula's licence area. A 2,000m scout drilling
programme conducted over a 2.2km section of BIF, confirmed the licence area's
prospectivity for high grade iron mineralisation.

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.

The information in this release that relates to Exploration Results has been
reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron &
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.