Update Following JORC Compliant MRE

14 January 2015 Sula Iron & Gold plc ("Sula" or the "Company") UPDATE FOLLOWING JORC COMPLIANT MRE Sula Iron & Gold, the exploration and development company focused on iron ore,gold and coltan in Sierra Leone, announces that following the declaration of amaiden mineral resource at its Ferensola Project by SRK on 12 December 2014 ofa total oxide resource of 55.5Mt @ 45.39% with a total resource of 514.5Mt @31.8%, the Company is now awaiting the updated valuation of its assets from SRKwhich is expected to be received in mid-February 2015. **ENDS** For further information please visit www.sulaironandgold.com or contact thefollowing: Sula Iron & Gold plc +44 (0) 20 7583 8304Nick Warrell / Matt Wood Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 7148 7900James Caithie / Avi Robinson VSA Capital Limited (Broker) +44 (0) 20 3617 5177Bhavesh Patel / Richard Buckle Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494Simon Raggett / James Harris Yellow Jersey PR (Financial PR) +44 (0) 7768 537 739Dominic Barretto / Kelsey Traynor Notes: Sula Iron & Gold plc is a multi-commodity exploration company focused in 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, gold and coltan. 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.