Extension to Magnetic Survey

Sula Iron and Gold plc ("Sula" or the "Company") Extension to Magnetic Survey Sula Iron and Gold plc, a multi-commodity exploration company focussed onSierra Leone, is pleased to announce that following a detailed review of thegeology and existing geophysics, a new ground-based magnetometer survey will becompleted at its Ferensola Project in Sierra Leone (`Ferensola" or the`Project') later this year. Overview * Geological interpretation and regional magnetic data suggest that there is potential for the banded iron formation ("BIF") to continue in a north easterly direction * A 20km2 region to the north east of the current drilling area will be surveyed using the same equipment and methodology as employed in the 2013 survey programme * Field crews have recently commenced grid surveying and line cutting in preparation for the magnetometer survey later in the year Sula CEO Nick Warrell said, "The results of earlier geophysical programmessuccessfully identified the BIF horizon, which we have just finished drillingwith good precision. I look forward to receiving the results of this newgeophysical programme towards the end of this calendar year. We anticipate thatadditional targets will be identified which we will follow up on the ground". 2014 Geophysical Programme A total of 100km of lines will be surveyed and cut within a 20km2 area of theFerensola Licence with the magnetometer survey to commence during the dryseason later in the calendar year. It is anticipated that Mineral ExplorationNetwork Ltd will complete the magnetometer survey, as they carried out theprevious survey and are familiar with the terrain in the area to be surveyed. Aline spacing of 200m orientated northwest - southeast will be used, which isthe same orientation as the previous surveys, and is perpendicular to theinterpreted strike of geology. 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.