Extension to Magnetic Survey

Sula Iron and Gold plc ("Sula" or the "Company")                

                         Extension to Magnetic Survey                          

Sula Iron and Gold plc, a multi-commodity exploration company focussed on
Sierra Leone, is pleased to announce that following a detailed review of the
geology and existing geophysics, a new ground-based magnetometer survey will be
completed at its Ferensola Project in Sierra Leone (`Ferensola" or the
`Project') later this year.

Overview

  * Geological interpretation and regional magnetic data suggest that there is
    potential for the banded iron formation ("BIF") to continue in a north
    easterly direction
   
  * A 20km2 region to the north east of the current drilling area will be
    surveyed using the same equipment and methodology as employed in the 2013
    survey programme
   
  * Field crews have recently commenced grid surveying and line cutting in
    preparation for the magnetometer survey later in the year
   
Sula CEO Nick Warrell said, "The results of earlier geophysical programmes
successfully identified the BIF horizon, which we have just finished drilling
with good precision. I look forward to receiving the results of this new
geophysical programme towards the end of this calendar year. We anticipate that
additional targets will be identified which we will follow up on the ground".

2014 Geophysical Programme

A total of 100km of lines will be surveyed and cut within a 20km2 area of the
Ferensola Licence with the magnetometer survey to commence during the dry
season later in the calendar year. It is anticipated that Mineral Exploration
Network Ltd will complete the magnetometer survey, as they carried out the
previous survey and are familiar with the terrain in the area to be surveyed. A
line spacing of 200m orientated northwest - southeast will be used, which is
the same orientation as the previous surveys, and is perpendicular to the
interpreted strike of geology.

Enquires:

Sula Iron & Gold plc [phone]

Nick Warrell / Matt Wood

www.sulaironandgold.com

Cairn Financial Advisers LLP [phone]

James Caithie / Avi Robinson

Daniel Stewart & Company Plc [phone]

Martin Lampshire / David Hart

Yellow Jersey PR [phone]

Dominic Barretto / Kelsey Traynor

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 Ferensola
Projects, in Northern Sierra Leone, that are highly prospective for iron and
gold. Sula is currently focussed on delineating a maiden JORC compliant iron
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 the project 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.