Issue of Equity

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 12 February 2014 Sula Iron & Gold plc (`Sula' or `the Company') Issue of Equity Sula Iron & Gold plc, a multi-commodity exploration company focussed on SierraLeone, announces that it has issued 250,000 new ordinary shares (`New Shares')of 1 pence each in the capital of the Company (`Ordinary Shares') pursuant tothe exercise of 250,000 warrants granted in October 2013. The Company hasreceived a valid notice of exercise in respect of the warrants and has receivedfunds of £7,500 representing the exercise price of 3 pence per share. Following these most recent exercises, a total of 20,840,000 of the 40,000,000warrants granted in October 2013 remain unexercised. The New Shares rank pari passu in all respects with the existing OrdinaryShares. Application has been made to the London Stock Exchange for the NewShares to be admitted to trading on AIM and it is expected that admission ofthe New Shares will become effective and that dealings in the New Shares willcommence at 8.00am on 17 February 2014 (`Admission'). Total Voting Rights Following Admission, the Company's enlarged issued share capital will comprise188,151,686 Ordinary Shares with voting rights. The Company does not hold anyshares in treasury. This figure of 188,151,686 Ordinary Shares may be used byshareholders in the Company as the denominator for the calculations by whichthey will determine if they are required to notify their interest in, or achange in their interest in, the share capital of the Company under the FCA'sDisclosure and Transparency Rules. **ENDS** For further information please visit www.sulairongold.com or contact thefollowing: Nick Warrell Sula Iron & Gold plc +44 (0) 7811 447 830 Matt Wood Sula Iron & Gold plc +44 (0) 20 7583 8304 James Caithie / Cairn Financial Advisers LLP +44 (0) 20 7148 7900Avi Robinson Martin Lampshire / Daniel Stewart & Company Plc +44 (0) 20 7776 6550David Hart Felicity Edwards / St Brides Media and Finance Ltd +44 (0) 20 7236 1177Charlotte Heap 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. The Company is focussed on delineating a maiden JORC compliantiron resource both on the DSO and magnetite in 2014, and proving up the goldmineralisation in order to maximise the Ferensola's value potential. Anexploration target of 500 million tonnes at 30.4% iron for magnetite has beengiven by exploration consultants SRK Exploration Services Ltd. 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. 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.