Operational Update

30 May 2014 Sula Iron and Gold plc ("Sula" or the "Company") Operational Update 3,000 metres of drilling completed; first assay results expected in June Sula Iron and Gold plc, a multi-commodity exploration company focussed onSierra Leone, is pleased to provide shareholders with an update on progressregarding the iron ore resource estimate of its Ferensola Project, located inthe mineral rich Sula-Kangari Greenstone Belt in Sierra Leone (`Ferensola' orthe `Project'). Highlights: * Drilling for the JORC DSO Mineral Resource Estimate commenced on 9 April; * 3,000 metres of drilling completed by 22 May; * Five batches of drill core representing 3,000 metres of drilling have been dispatched to ALS Global Laboratories ("ALS") for preparation and assaying; and * First assay results expected from ALS in June. Commenting, Sula CEO Nick Warrell said: "The drill programme is progressingwell, with good penetration rates and higher than anticipated core recovery andthe Company is pleased with the progress made at Ferensola. We believe the projectis on track to estimate a maiden JORC compliant iron oxide Mineral Resource bythe end of the year. Your Company looks forward to updating the market with thefirst assay results in June." Sula commissioned SRK Exploration Services ("SRK ES") to prepare and implementthe second drilling programme at Ferensola; this commenced on 9 April. Thedrill programme is targeting subcropping iron oxide mineralisation within anidentified 3.1km BIF unit proven to extend from African Minerals Limited's12.8Bt Tonkolili iron mine in Sierra Leone. The current exploration programme follows a nine hole 2,000m drill programme,completed in September 2013, which demonstrated consistently high grade iron,with highs of 14.59m @ 55.54% iron (`Fe') and 29.7m at 52.25% Fe. The Company will be updating its website in due course and will updateshareholders on re-launch. Enquires: Sula Iron & Gold plc +44 (0) 20 7583 8304Nick Warrell / Matt Woodwww.sulairongold.com 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 / 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 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 BIFconfirmed 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 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.