Commenced Drilling to Define DSO Mineral Resource

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 9 April 2014 Sula Iron and Gold plc ("Sula" or the "Company") Commenced Drilling to Define DSO Iron Mineral Resource Estimate Sula Iron and Gold plc, a multi-commodity exploration company focussed onSierra Leone, is pleased to announce that drilling has commenced at itsFerensola Iron Project located in the mineral rich Sula-Kangari Greenstone Beltin Sierra Leone (`Ferensola' or the `Project'), as part of a 2014 explorationprogramme, which aims to define a JORC Direct Shipping Ore (`DSO') Iron MineralResource Estimate by the end of 2014. Overview * Commenced planned drill programme targeting DSO mineralisation contained in a 3.1km Banded Iron Formation, proven to extend from African Minerals Limited's 12.8Bt Tonkolili iron mine in Sierra Leone * Exploration follows 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 * Drill programme prepared by leading mining consultants SRK Exploration Services * Steady news flow expected - first drill cores expected to be sent for analysis May 2014 * Results to help underpin commercial value of Ferensola, which is prospective for both iron and gold Sula CEO Nick Warrell said, "With infill drilling now underway, Sula is set tosignificantly advance the Ferensola project as we look to prove up the ironmineralisation potential with a focus on defining a JORC DSO Iron MineralResource Estimate by the end of 2014. Defining a maiden resource will be amajor milestone for the Company and I am confident that with a fully fundedprogramme, a proven exploration team and established infrastructure we have thenecessary foundations in place to achieve this." To view a full version of the announcement which includes pictures of thedrilling programme please visit the Company's website www.sulairongold.com. **ENDS** For further information please visit www.sulairongold.com or contact thefollowing: Nick Warrell Sula Iron & Gold plc +44 (0) 78 1144 7830 Matt Wood Sula Iron & Gold plc +44 (2) 20 7583 8304 James Caithie / Avi Cairn Financial Advisers LLP +44 (0) 20 7148 7900Robinson Martin Lampshire / David Daniel Stewart & Company Plc +44 (0) 20 7776 6550Hart Felicity Edwards / St Brides Media and Finance +44 (0) 20 7236 1177Charlotte Heap Ltd Notes Sula Iron & Gold plc is a multi-commodity exploration company focussed on 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 and gold. An exploration target of 500 million tonnes at 30.4% iron formagnetite has been given by exploration consultants SRK Exploration ServicesLtd. Exploration work at Ferensola has confirmed the presence of Banded IronFormation ("BIF") at surface, which has a known strike length of 3.1km.Significantly, the BIF is proven to extend NE from African Mineral's 12.8billion tonne operational Tonkolili iron mine, into Sula's licence area, whichis located contiguously to Tonkolili. Furthermore, a 2,000m scout drillingprogramme conducted over a 2.2km section of BIF in July 2013, confirmedconsistently high grade iron mineralisation at Ferensola. The Company isfocussed on delineating a maiden JORC compliant iron resource on the DSO in2014, and proving up the gold mineralisation in order to maximise theFerensola's value potential. Ferensola's ability to host a commercial iron deposit is underpinned by AfricanMinerals Limited's (`African Minerals') 12.8Bt Tonkolili iron mine. AfricanMinerals has an integrated mine, rail and port infrastructure in place, andexported a total of 12.1Mt Fe during 2013, with 3.8Mt Fe exported in Q4 2013and operations on track to achieve a 20Mtpa sustainable run. Significant Greenstone Belt-style gold mineralisation has also been identifiedat various prospects within the licence area. Five target areas for hard rockgold mineralisation have been identified based on the location of historicdrill intercepts, the source areas for alluvial gold deposits, and the positionof major structures as defined by airborne magnetic data and drainageorientation. Field work has been carried out recently and, following theprocessing and interpretation of all geophysical and assay results, Sula willbe able to define robust drill targets at two principal target areas - theLagunda and Yanfarina prospects. Further targets are yet to be explored.