Initial Field Work to Target Gold Mineralisation

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 19 November 2013 Sula Iron & Gold plc (`Sula' or `the Company') Initial Field Work to Target Gold Mineralisation at Ferensola Project, Sierra Leone Sula Iron & Gold plc, a multi-commodity exploration company focussed on SierraLeone, is pleased to announce that is has commenced further exploration work toprove up the gold mineralisation at its wholly owned 153 sq km FerensolaProject, located in the northern part of the Sula-Kangari Greenstone Belt inSierra Leone (`the Licence'), which is prospective for both iron and gold. * Field work has commenced over several gold target zones located within the Licence area, which appear to host source areas of placer gold - five target areas for hard rock gold mineralisation identified to date * Detailed ground work comprising a geochemical soil sampling programme and a ground magnetic survey is currently being conducted to delineate geological structures on two target areas - the Yanfarina and Lagunda prospects * Exploration focussed on locating optimum sites for diamond drilling programme targeted to commence in 2014 * Areas prospective for gold are located in the highly prospective Sula-Kangari greenstone belt rocks - hosts Amara Mining Plc's 2.91Moz Au Baomahun deposit * Additional gold targets have been identified and remain to be explored * + Historic drilling intercepted hard rock mineralisation that is open in all directions at the Dalakuru prospect. Historic diamond drilling intercepted: + o 2.00m @ 8.76g/t gold (83.14 to 85.10m, SDD004) o 8.72m @ 10.46g/t gold (89.40 to 98.10m, SDD004) o 1.55m @ 11.68g/t gold (171.00 to 173.00m, SDD016) o 9.03m @ 6.63g/t gold (161.37 to 170.00m, SDD033) Sula Chief Executive Nick Warrell said, "I am delighted to announce that wehave commenced further exploration at our highly prospective Ferensola Projectin Sierra Leone. With defined development strategies in place to prove up ourunderstanding of the gold mineralisation within the Licence area, I believe weare well set to advance Ferensola up the value development curve. In addition,we maintain a dual exploration focus and are committed to delineating a maideniron resource in 2014, having already identified a banded iron formation, witha strike length of 3.1km, which is proven to extend from a magnetic anomaly inAfrican Minerals Limited's 12.8 billion tonne Tonkolili iron project. I lookforward to updating the market with our progress regarding both our iron andgold exploration activity in due course, as we continue to develop theProject." **ENDS** For further information please visit www.sulairongold.com or contact thefollowing: Nick Warrell Sula Iron & Gold plc +44 (0) 7811 447830 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 FerensolaProject, in Northern Sierra Leone, which is highly prospective for iron andgold. Sula is currently focussed on delineating a maiden JORC compliant ironresource and proving up the gold mineralisation in 2014, by conducting soilgeochemistry and ground geophysics prior to a diamond drilling programme, inorder to maximise the Licence area's value potential. The 153 sq km licencearea is contiguous to African Minerals' operational Tonkolili Iron Mine, whichhas a JORC compliant resource of 12.8 billion tonnes Fe. 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 into Sula's licence area. A2,000m 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.