News Column

Extension to Magnetic Survey

July 1, 2014



Sula Iron and Gold plc ("Sula" or the "Company") Extension to Magnetic SurveySula Iron and Gold plc, a multi-commodity exploration company focussed on Sierra Leone, is pleased to announce that following a detailed review of the geology and existing geophysics, a new ground-based magnetometer survey will be completed at its Ferensola Project in Sierra Leone (`Ferensola" or the `Project') later this year. Overview * Geological interpretation and regional magnetic data suggest that there is potential for the banded iron formation ("BIF") to continue in a north easterly direction * A 20km2 region to the north east of the current drilling area will be surveyed using the same equipment and methodology as employed in the 2013 survey programme * Field crews have recently commenced grid surveying and line cutting in preparation for the magnetometer survey later in the year Sula CEO Nick Warrell said, "The results of earlier geophysical programmes successfully identified the BIF horizon, which we have just finished drilling with good precision. I look forward to receiving the results of this new geophysical programme towards the end of this calendar year. We anticipate that additional targets will be identified which we will follow up on the ground". 2014 Geophysical Programme A total of 100km of lines will be surveyed and cut within a 20km2 area of the Ferensola Licence with the magnetometer survey to commence during the dry season later in the calendar year. It is anticipated that Mineral Exploration Network Ltd will complete the magnetometer survey, as they carried out the previous survey and are familiar with the terrain in the area to be surveyed. A line spacing of 200m orientated northwest - southeast will be used, which is the same orientation as the previous surveys, and is perpendicular to the interpreted strike of geology. Enquires: Sula Iron & Gold plc +44 (0) 20 7583 8304 Nick Warrell / Matt Woodwww.sulaironandgold.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 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 high grade iron mineralisation. 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 & 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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