Operational Update

30 May 2014

                            Sula Iron and Gold plc                             

                           ("Sula" or the "Company")                           

                              Operational Update                               

   3,000 metres of drilling completed; first assay results expected in June    

Sula Iron and Gold plc, a multi-commodity exploration company focussed on
Sierra Leone, is pleased to provide shareholders with an update on progress
regarding the iron ore resource estimate of its Ferensola Project, located in
the mineral rich Sula-Kangari Greenstone Belt in Sierra Leone (`Ferensola' or
the `Project').

Highlights:

  * Drilling for the JORC DSO Mineral Resource Estimate commenced on 9 April;
   
  * 3,000 metres of drilling completed by 22 May;
   
  * Five batches of drill core representing 3,000 metres of drilling have been
    dispatched to ALS Global Laboratories ("ALS") for preparation and assaying;
    and
   
  * First assay results expected from ALS in June.
   
Commenting, Sula CEO Nick Warrell said: "The drill programme is progressing
well, with good penetration rates and higher than anticipated core recovery and 
the Company is pleased with the progress made at Ferensola. We believe the project
is on track to estimate a maiden JORC compliant iron oxide Mineral Resource by
the end of the year. Your Company looks forward to updating the market with the 
first assay results in June."

Sula commissioned SRK Exploration Services ("SRK ES") to prepare and implement
the second drilling programme at Ferensola; this commenced on 9 April. The
drill programme is targeting subcropping iron oxide mineralisation within an
identified 3.1km BIF unit proven to extend from African Minerals Limited's
12.8Bt Tonkolili iron mine in Sierra Leone.

The current exploration programme follows a nine hole 2,000m drill programme,
completed in September 2013, which demonstrated consistently high grade iron,
with highs of 14.59m @ 55.54% iron (`Fe') and 29.7m at 52.25% Fe.

The Company will be updating its website in due course and will update
shareholders on re-launch.


Enquires:

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

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