News Column

Operational Update

May 29, 2014



30 May 2014Sula 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 on Sierra Leone, is pleased to provide shareholders with an update on progress regarding the iron ore resource estimate of its Ferensola Project, located in the mineral rich Sula-Kangari Greenstone Belt in Sierra Leone (`Ferensola' or the `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 progressing well, with good penetration rates and higher than anticipated core recovery and the Company is pleased with the progress made at Ferensola. We believe the project is on track to estimate a maiden JORC compliant iron oxide Mineral Resource by the end of the year. Your Company looks forward to updating the market with the first assay results in June." Sula commissioned SRK Exploration Services ("SRK ES") to prepare and implement the second drilling programme at Ferensola; this commenced on 9 April. The drill programme is targeting subcropping iron oxide mineralisation within an identified 3.1km BIF unit proven to extend from African Minerals Limited's 12.8Bt 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 update shareholders on re-launch. Enquires: Sula Iron & Gold plc +44 (0) 20 7583 8304 Nick Warrell / Matt Woodwww.sulairongold.comCairn Financial Advisers LLP +44 (0) 20 7148 7900 James Caithie / Avi RobinsonDaniel Stewart & Company Plc +44 (0) 20 7776 6550 Martin Lampshire / David Hart Yellow Jersey PR +44 (0) 7768 537 739 Dominic Barretto / Kelsey Traynor Notes: Sula Iron & Gold plc is a multi-commodity exploration company focussed on West Africa. The Company's main objective is to explore and advance its Ferensola Projects, in Northern Sierra Leone, that are highly prospective for iron and gold. Sula is currently focussed on delineating a maiden JORC compliant iron resource estimate and evaluating the gold prospectivity. The 153 sq. km licence area is contiguous to African Minerals' operational Tonkolili Iron Mine, which has a JORC compliant resource of 12.8 billion tonnes iron mineralisation. Exploration work at the project has confirmed the presence of Banded Iron Formation (`BIF') at surface, which has a known strike length of 3.1km. The BIF is 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 iron mineralisation. An exploration target of 500 million tonnes at 30.4% iron for magnetite and 55% iron for hematite has been given by exploration consultants SRK Exploration Services Ltd. Significant Greenstone Belt-style gold mineralisation has also been identified at various prospects within the licence area. Five target areas for hard rock gold mineralisation have been identified based on the location of historic drill intercepts, the source areas for alluvial gold deposits, and the position of major structures as defined by airborne magnetic data and drainage orientation. The information in this release that relates to Exploration Results has been reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron and Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and Mining, a Registered Professional Geologist with the Australian Institute of Geoscientists and a Competent Person as defined in the Australasian Code for Reporting of Exploration Results and Mineral Resources and Ore Reserves. END The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.




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