Coltan Update

16 January 2015 Sula Iron & Gold plc ("Sula" or the "Company") Coltan Update Strong evidence for the presence of coltan mineralization Sula Iron & Gold plc, the exploration and development company focused on ironore, gold and coltan, is pleased to announce the results of a period ofreconnaissance fieldwork for coltan carried out by Sula's technical team whichcommenced in September 2014. This programme was designed by SRK ExplorationLtd and included Sula's technical staff visiting most of the artisanal miningareas within the exploration licence and assessing whether coltan was beingproduced as a by-product of artisanal gold mining or as the main product.Samples were obtained from alluvial gravels at 46 locations. The samples were screened with a 2 mm sieve and the < 2 mm fraction panned to aheavy mineral concentrate and analysed at an ALS laboratory. The results forall 46 samples have been used to provide an initial indication of prospectiveareas for coltan mineralisation. Due to the nature of pan concentratesampling, the results are indicative only and do not provide values for in-situgrade. The results for tantalum show 9 samples with elevated concentrations (>0.1%tantalum) and some samples with high grades. One sample in the southeastquadrant of the licence area grades at more than 3% tantalum and providesstrong evidence for the presence of coltan mineralisation in the vicinity.Other high grade samples are found near the eastern boundary of the licence butare found along streams that flow from deeper within the licence area,suggesting that further alluvial and primary coltan mineralisation may be foundin this part of the licence. The results of this reconnaissance work, whilst only indicative, provide usefulguidance as to the main prospective areas within the exploration licence andprovide further support to this area's potential to host deposits of coltanmineralisation. The results will be used to guide the on-going pittingprogramme for coltan, which will provide more quantitative data. Nick Warrell, CEO, commented: "We are pleased to be rapidly progressing ourcoltan exploration project since its discovery last year. We are excited by theconfirmation that there is coltan mineralization along the streams that flowdeeper within the licence area, further proving the high prospectivity of thearea. This is also positive news as we progress our talks with a potentialoff-taker for the project." **ENDS** For further information please visit www.sulaironandgold.com or contact thefollowing: Sula Iron & Gold plc +44 (0) 20 7583 8304Nick Warrell / Matt Wood Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 7148 7900James Caithie / Avi Robinson VSA Capital Limited (Broker) +44 (0) 20 3617 5177Bhavesh Patel / Richard Buckle Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494Simon Raggett / James Harris Yellow Jersey PR (Financial PR) +44 (0) 7768 537 739Dominic Barretto / Kelsey Traynor Notes: Sula Iron & Gold plc is a multi-commodity exploration company focused in WestAfrica. The Company's main objective is to explore and advance its 153 sq. kmFerensola Project in Northern Sierra Leone, which is highly prospective foriron, gold and coltan. In December 2014, the Company achieved a corporatemilestone in delivering its JORC MRE for the BIF 1 iron ore project in whichtotal resource of 514.5Mt @ 31.8% Fe was identified and total oxide resource of55.5Mt @ 45.26% Fe. The information in this release that relates to Exploration Results has beenreviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron andGold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals andMining, a Registered Professional Geologist with the Australian Institute ofGeoscientists and a Competent Person as defined in the Australasian Code forReporting of Exploration Results and Mineral Resources and Ore Reserves. Coltan Columbite-Tantalite also known as `coltan' is a dull black metallic ore fromwhich the metals niobium and tantalum are extracted. There is a high demand fortantalum in the technology industry.