Change of Adviser

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

10 October 2013

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

                             Appointment of Broker                             

The Company is pleased to announce the appointment of Daniel Stewart & Company
plc as sole corporate broker to the Company with immediate effect.

                                   **ENDS**                                    

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

Nick Warrell                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 Ferensola
Project, 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 proving up the gold mineralisation in 2014, by conducting soil
geochemistry and ground geophysics prior to a diamond drilling programme, 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
is proven to extend NE from the Tonkolili licence 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 consistently high grade iron
mineralisation. An exploration target of 500 million tonnes at 30.4% iron for
magnetite and 55% iron for hematite has been given by 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.