Initial Field Work to Target Gold Mineralisation

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

19 November 2013

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

 Initial Field Work to Target Gold Mineralisation at Ferensola Project, Sierra 
                                     Leone                                     

Sula Iron & Gold plc, a multi-commodity exploration company focussed on Sierra
Leone, is pleased to announce that is has commenced further exploration work to
prove up the gold mineralisation at its wholly owned 153 sq km Ferensola
Project, located in the northern part of the Sula-Kangari Greenstone Belt in
Sierra Leone (`the Licence'), which is prospective for both iron and gold.

  * Field work has commenced over several gold target zones located within the
    Licence area, which appear to host source areas of placer gold - five
    target areas for hard rock gold mineralisation identified to date
   
  * Detailed ground work comprising a geochemical soil sampling programme and a
    ground magnetic survey is currently being conducted to delineate geological
    structures on two target areas - the Yanfarina and Lagunda prospects
   
  * Exploration focussed on locating optimum sites for diamond drilling
    programme targeted to commence in 2014
   
  * Areas prospective for gold are located in the highly prospective
    Sula-Kangari greenstone belt rocks - hosts Amara Mining Plc's 2.91Moz Au
    Baomahun deposit
   
  * Additional gold targets have been identified and remain to be explored
   
  * 
      + Historic drilling intercepted hard rock mineralisation that is open in
        all directions at the Dalakuru prospect. Historic diamond drilling
        intercepted:
       
      + 
          o 2.00m @ 8.76g/t gold (83.14 to 85.10m, SDD004)
           
          o 8.72m @ 10.46g/t gold (89.40 to 98.10m, SDD004)
           
          o 1.55m @ 11.68g/t gold (171.00 to 173.00m, SDD016)
           
          o 9.03m @ 6.63g/t gold (161.37 to 170.00m, SDD033)
           
Sula Chief Executive Nick Warrell said, "I am delighted to announce that we
have commenced further exploration at our highly prospective Ferensola Project
in Sierra Leone. With defined development strategies in place to prove up our
understanding of the gold mineralisation within the Licence area, I believe we
are well set to advance Ferensola up the value development curve. In addition,
we maintain a dual exploration focus and are committed to delineating a maiden
iron resource in 2014, having already identified a banded iron formation, with
a strike length of 3.1km, which is proven to extend from a magnetic anomaly in
African Minerals Limited's 12.8 billion tonne Tonkolili iron project. I look
forward to updating the market with our progress regarding both our iron and
gold exploration activity in due course, as we continue to develop the
Project."

                                   **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.