Completion of DSO and Magnetite Drill Programmes

9 July 2014 Sula Iron &Gold plc ("Sula" or the "Company") Completion of DSO and Magnetite Drill Programmes Sula Iron and Gold plc, a multi-commodity exploration company focussed onSierra Leone, is pleased to announce that it has completed the direct shippingore ("DSO") and magnetite drilling programmes at the Ferensola Project inSierra Leone (`Ferensola" or the "Project"). Overview * A total of 6,835m of diamond drilling has been completed at the Company's Ferensola Project in Sierra Leone: * 73 holes for 5,422m were completed as part of the DSO exploration programme * 3 holes for 1,462m were completed as an addition to the original DSO programme and designed to investigate the magnetite mineralisation at depth and along the strike * Out of a total of 12 batches of samples, 5 have already been received and reported, with the final 7 batches expected by the end of September. Sula CEO Nick Warrell said, "We are very pleased to report that this year'smajor exploration drilling programme at Ferensola has now been completed. Theteam in Sierra Leone have done a tremendous job in completing this on time andunder budget and we are very grateful for their tireless hard work. Aspreviously announced we anticipate receiving all analytical results bySeptember and completing a maiden JORC compliant mineral resource estimate onboth the DSO and magnetite iron by the end of the year."" 2014 Drilling Programme Sula commissioned SRK Exploration Services ("SRK ES") to prepare and implementthe second drilling programme at Ferensola; this commenced on 9 April 2014. Thedrilling programme targeted sub-cropping iron oxide mineralisation within anidentified 3.1km Banded Iron Formation ("BIF") unit proven to extend fromAfrican Minerals Limited's 12.8Bt Tonkolili iron mine in Sierra Leone. The current exploration programme followed a nine hole 2,000m drillingprogramme, completed in September 2013, which demonstrated consistently highgrade iron, with highs of 14.59m @ 55.54% iron (`Fe') and 29.7m at 52.25% Fe. As a result of better than expected progress on the DSO drilling, an additional3 deep holes targeting the magnetite iron mineralisation were completed. Enquires: Sula Iron & Gold plc +44 (0) 20 7583 8304 Nick Warrell / Matt Wood www.sulaironandgold.com Cairn Financial Advisers LLP +44 (0) 20 7148 7900 James Caithie / Avi Robinson Daniel Stewart & Company Plc +44 (0) 20 7776 6550 Martin Lampshire / David Hart Yellow Jersey PR +44 (0)7768 537 739 Dominic Barretto / Kelsey Traynor 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 FerensolaProjects, in Northern Sierra Leone, that are highly prospective for iron andgold. Sula is currently focussed on delineating a maiden JORC compliant ironresource estimate and evaluating the gold prospectivity. The 153 sq km licencearea is contiguous to African Minerals' operational Tonkolili Iron Mine, whichhas a JORC compliant resource of 12.8 billion tonnes iron mineralisation. Exploration work at the project has confirmed the presence of BIF at surface,which has a known strike length of 3.1km. The BIF is proven to extend NE fromthe Tonkolili licence and into Sula's licence area. A 2,000m scout drillingprogramme conducted over a 2.2km section of BIF, confirmed the licence area'sprospectivity for high-grade iron mineralisation. 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. The information in this release that relates to Exploration Results has beenreviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron &Gold 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.