AGM Results and Update on Drilling Programme

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

31 March 2014

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

                 AGM Results and Update on Drilling Programme                  

Sula Iron and Gold plc, a multi-commodity exploration company focussed on
Sierra Leone, announces that all resolutions were duly passed at the annual
general meeting of the Company held earlier today.

In addition, the Company wishes to announce that it has completed the
establishment of its drilling base camp at the Company's flagship Ferensola
Iron Project located in the mineral rich Sula-Kangari Greenstone Belt in Sierra
Leone on schedule.

Sula's drill programme, prepared by SRK Exploration Services, is anticipated to
commence in the coming days, with regular news flow and drilling updates
throughout the 2014 field season as the Company works towards estimating a
maiden JORC compliant Direct Shipping Ore (`DSO') resource.

The Company expects to receive the results from its gold exploration programme,
which was completed at the end of February, before the end of April 2014. The
Company intends to use these results to identify future drill targets,
targeting gold mineralisation.

Sula CEO Nick Warrell said, "I am delighted with the progress achieved in
establishing our drilling base camp. With the necessary infrastructure in
place, we are well set to commence drilling on our prospective licence, as we
work towards estimating a JORC compliant DSO resource by the end of the year."

                                   **ENDS**                                    

 

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

Nick Warrell                Sula Iron & Gold plc           [phone]
                                                                               
Matt Wood                   Sula Iron & Gold plc           [phone]
                                                                               
James Caithie / Avi         Cairn Financial Advisers LLP   [phone]
Robinson                                                                       
                                                                               
Martin Lampshire / David    Daniel Stewart & Company Plc   [phone]
Hart                                                                           
                                                                               
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 153 sq km
Ferensola Project, in Northern Sierra Leone, which is highly prospective for
iron and gold. An exploration target of 500 million tonnes at 30.4% iron for
magnetite has been given by exploration consultants SRK Exploration Services
Ltd.

Exploration work at Ferensola has confirmed the presence of Banded Iron
Formation ("BIF") at surface, which has a known strike length of 3.1km.
Significantly, the BIF is proven to extend NE from African Mineral's 12.8
billion tonne operational Tonkolili iron mine, into Sula's licence area, which
is located contiguously to Tonkolili. Furthermore, a 2,000m scout drilling
programme conducted over a 2.2km section of BIF in July 2013, confirmed
consistently high grade iron mineralisation at Ferensola. The Company is
focussed on delineating a maiden JORC compliant iron resource on the DSO in
2014, and proving up the gold mineralisation in order to maximise the
Ferensola's value potential.

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. Field work has been carried out recently and, following the
processing and interpretation of all geophysical and assay results, Sula will
be able to define robust drill targets at two principal target areas - the
Lagunda and Yanfarina prospects. Further targets are yet to be explored.