Geochemical and Magnetic Survey

Sula Iron and Gold plc ("Sula" or the "Company") Geochemical and Magnetic Survey identifies gold anomalies Sula Iron and Gold plc, a multi-commodity exploration company focussed onSierra Leone, is pleased to announce that, following a detailed geochemical andgeophysical survey at its Ferensola Project located in the mineral richSula-Kangari Greenstone Belt in Sierra Leone (`Ferensola' or the `Project'),several gold targets have been identified. Overview * A 15 km2 area was covered by a detailed ground magnetic survey using a 100m line spacing; numerous cross cutting and intersecting structures were identified * More than 6,000 geochemical samples were collected on a 25m x 100m spacing; Sula analysed all samples qualitatively by X-Ray Fluorescence ("XRF") analysis as part of a screening process * All samples were submitted to ALS Global laboratories in Monrovia for sample preparation with 1,194 forwarded to OMAC Laboratories in Ireland for final chemical analysis * Two new gold anomalous areas have been identified with gold values as high as 3,090ppb Sula CEO Nick Warrell said: "The results of the geochemical and geophysicalprogrammes have successfully identified a number of gold anomalies whichrequire further investigation. The survey was carried out over challengingterrain with the presence of a regolith profile which made data collection andinterpretation a complex exercise. The Company's confidence and understandingof the gold mineralisation has advanced significantly and, while two new areashave been identified, further quantitative work is required, either by pitting,trenching or RAB drilling, before any core drilling is completed". November 2013 - February 2014 Exploration Programme Sula's technical consultant, SRK ES, was commissioned by the Company to conducta geochemical sampling programme and geophysical survey of the Lagunda -Yafarina region within the Ferensola exploration licence with the aim oftargeting potential source or "hardrock" gold mineralisation. The commissionentailed the design and implementation of the exploration programme andtraining of the Company's workforce to orientate survey lines and collect soiland chip samples. These survey lines were also used during the geophysicalsurvey conducted by SRK ES. Results from the XRF analysis of over 6,000 samples identified a northeasttrending base metal anomaly through the middle of the Lagunda - Yafarina area. Interpretation of the ground geophysical data revealed two dominant structuraltrends within the surveyed area; a northeast - southwest trend whichapproximates the general strike of the geology and, importantly, anorth-northwest - south-southeast trend which is similar to a structure thoughtto be associated with the Dalakuru prospect. Both regional and prospect scalestructures are thought to be important as they may form conduits for thelocalising of mineralising fluids. Using the geophysics and XRF results to screen the 15km2 surveyed region,geochemical samples on either a 50 x 100m or 50 x 200m spacing were selectedfrom two sub areas. Results highlighted two new areas anomalous in gold whichwere characterised by spot highs of 109, 1,000 and 3,090 parts per billion. Enquires Sula Iron & Gold plc +44 (0) 20 7583 8304Nick Warrell / Matt Wood Cairn Financial Advisers LLP +44 (0) 20 7148 7900James Caithie / Avi Robinson Daniel Stewart & Company Plc +44 (0) 20 7776 6550Martin Lampshire / David Hart Yellow Jersey PR +44 (0) 7768 537 739Dominic Barretto 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 Banded IronFormation (`BIF') at surface, which has a known strike length of 3.1km. The BIFis 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 ironmineralisation. An exploration target of 500 million tonnes at 30.4% iron formagnetite and 55% iron for hematite has been given by exploration consultantsSRK Exploration Services Ltd. 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 andGold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals andMining, a Member a Registered Professional Geologist with the AustralianInstitute of Geoscientists and a Competent Person as defined in theAustralasian Code for Reporting of exploration results and Mineral Resourcesand Ore Reserves.