News Column

Completion of DSO and Magnetite Drill Programmes

July 8, 2014



9 July 2014Sula Iron &Gold plc ("Sula" or the "Company") Completion of DSO and Magnetite Drill Programmes Sula Iron and Gold plc, a multi-commodity exploration company focussed on Sierra Leone, is pleased to announce that it has completed the direct shipping ore ("DSO") and magnetite drilling programmes at the Ferensola Project in Sierra Leone (`Ferensola" or the "Project"). Overview * A total of 6,835m of diamond drilling has been completed at the Company's Ferensola Project in Sierra Leone: * 73 holes for 5,422m were completed as part of the DSO exploration programme * 3 holes for 1,462m were completed as an addition to the original DSO programme and designed to investigate the magnetite mineralisation at depth and along the strike * Out of a total of 12 batches of samples, 5 have already been received and reported, with the final 7 batches expected by the end of September. Sula CEO Nick Warrell said, "We are very pleased to report that this year's major exploration drilling programme at Ferensola has now been completed. The team in Sierra Leone have done a tremendous job in completing this on time and under budget and we are very grateful for their tireless hard work. As previously announced we anticipate receiving all analytical results by September and completing a maiden JORC compliant mineral resource estimate on both the DSO and magnetite iron by the end of the year."" 2014 Drilling Programme Sula commissioned SRK Exploration Services ("SRK ES") to prepare and implement the second drilling programme at Ferensola; this commenced on 9 April 2014. The drilling programme targeted sub-cropping iron oxide mineralisation within an identified 3.1km Banded Iron Formation ("BIF") unit proven to extend from African Minerals Limited's 12.8Bt Tonkolili iron mine in Sierra Leone. The current exploration programme followed a nine hole 2,000m drilling 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. As a result of better than expected progress on the DSO drilling, an additional 3 deep holes targeting the magnetite iron mineralisation were completed. 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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