Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 18 January 2013 Sula Iron & Gold plc (��Sula�� or ��the Company��) Exploration Update - Iron and Gold Licence Area in Sierra Leone Sula Iron & Gold plc, an iron ore and gold exploration company focussed on Sierra Leone, is pleased to announce an exploration update at its 153 sq km iron ore and gold licence area (��the Project��) in Sierra Leone, which is contiguous to African Minerals�� operational Tonkolili iron mine which hosts a 12.8 billion tonne resource. Overview: Iron * Completed detailed mapping and reconnaissance work at the Project - presence of banded iron formation (��BIF��) confirmed at surface over a strike length of 3.1km and drill-ready * BIF presence located at Area 1 in the south-west of the licence area - orebody extends NE from Tonkolili��s 12.8 billion tonne mine * 2,000 metre diamond drilling programme planned to commence before the end of Q1 2013 to test the strike continuity, thickness and iron grade of BIF - a rig contract will be signed shortly * Exploration target of 500Mt at 30.4% iron for magnetite and 55% iron for haematite, given by independent mining consultants SRK Gold * Significant greenstone-style gold mineralisation at the Dalakuru and Lagunda prospects identified following field work, re-logging of historic drill core and data review * Diamond drilling by previous operators at Dalakuru intercepted significant quartz-sulphide breccias in three holes: �� 8.72 m @ 10.46 g/t gold (89.40 to 98.10 m, SDD004); �� 1.55 m @ 11.68 g/t gold (171.00 to 173.00 m, SDD016) and �� 9.03 m @ 6.63 g/t gold (161.37 to 170 m, SDD033) �� Mineralisation at Dalakuru remains open in all directions �� Further work including a ground magnetic survey and follow-up geochemical sampling planned to ascertain economic potential of both target areas Sula��s Chief Executive Nick Warrell said: ��Detailed mapping and reconnaissance work at our flagship iron and gold project in Sierra Leone has returned highly positive results, which confirm outcropping banded iron formation over a 3.1km strike, and advances the project to a drill ready status.

From here we plan to implement a 2,000 metre drilling programme and are due to sign a drill contract shortly to commence work.

The drilling work will further test the strike continuity, thickness and DSO grade potential of the Project and it is our intention to delineate a JORC compliant resource in terms of the iron at the Project in 2013.

In addition, we are highly excited by the gold prospectivity of the Dalakuru and Lagunda target areas having analysed past drilling data where results returned best intersections of 8.72m @ 10.46 g/t gold.

We look forward to commencing further work over these two target areas including a ground magnetic survey and follow-up geochemical sampling and will report on these developments in due course.�� Further Information The Project is located in the northern part of the Sula-Kangari greenstone belt in Sierra Leone, and is contiguous to African Minerals�� operational Tonkolili iron mine which hosts a 12.8 billion tonne resource.

The Sula-Kangari greenstone belt is also host to AIM quoted Amara Mining��s (previously named Cluff Gold Plc) 2.91 Moz Baomahun greenstone-style gold deposit, and the Project is considered prospective for similar styles of iron and gold mineralisation to Tonkolili and Baomahun respectively. Iron Exploration Area 1 is a priority iron target, located in the south-western part of the Project area and directly along strike from an undrilled magnetic high within the Tonkolili licence.

The target comprises a 2.7 km long, northeast trending, linear magnetic high.

Recent detailed mapping and reconnaissance work has been undertaken by the Company at Area 1 and has defined BIF outcrop and Banded Iron Formation (��BIF��) fragments in duricrust over a strike length of 3.1 km coincident with this magnetic high. A 2,000 metre diamond drill programme has now been designed to test the strike continuity, thickness and iron grade of BIF at Area 1, with the ultimate aim of testing the potential for an iron deposit in excess of 0.5 Bt.

The drilling programme will comprise eight drill collars spaced 320 metres apart over a strike length of 2.2 km.

Each hole will be drilled at an azimuth of 140�� and a dip of 50��, to a downhole depth of 250 metres. Following this first phase of diamond drilling, shallow vertical holes are required to test the potential for direct shipping ore (DSO) +60% grade iron mineralisation. Initial field mapping has indicated that BIF outcrops are variably oxidised to higher grade haematite mineralisation.

Such supergene processes are responsible for the formation of the higher grade DSO ores.

The Company look forward to reporting on its iron focussed drilling programme over Area 1 in due course. Gold Exploration Artisanal miners have exploited placer gold within the Project area for more than 60 years, and active workings are observed in at least five separate areas.

Gold mineralisation observed at the Project is associated with quartz-sulphide, greenstone-style veins, lenses and breccias.

This style of mineralisation is very common in West African greenstone belts and is recognised elsewhere in greenstone belts of Sierra Leone.

Greenstone-style deposits are typically located on or proximal to regional scale, deep seated faults and lineaments.

Mineralisation occurs in shoots and lenses on second and third order structures at low angles to the main structure, and is associated with quartz sulphide mineralisation and disseminated to massive sulphide. Following reconnaissance work completed in December 2012, which included field work, re-logging of historic drill core and data review, the Dalakuru and Lagunda target areas are considered the most prospective for hard rock gold mineralisation. Additionally, previous operators on the Project completed 3,406 metres of RAB drilling and 5,392 metres of diamond drilling at three prospects considered prospective for gold.

Nineteen diamond drill holes totalling 3,402 metres were completed at Dalakuru and intercepted significant quartz-sulphide breccias in three holes: �� 8.72 m @ 10.46 g/t gold (89.40 to 98.10 m, SDD004); �� 1.55 m @ 11.68 g/t gold (171.00 to 173.00 m, SDD016); and �� 9.03 m @ 6.63 g/t gold (161.37 to 170 m, SDD033) Mineralisation at the Dalakuru target area comprises steeply dipping quartz-sulphide breccias hosted in amphibolite.

As there is no outcrop, and no more than one hole intercepted each mineralised structure, the dip and strike direction of the structure is not known. Historic drilling at Dalakuru did not adequately test the mineralised system.

Therefore, despite the historic drilling at the Project gold mineralisation is open in all directions, and further work to include re-logging and sampling of drill core and ground magnetic surveys are required to explore the size potential and morphology of Dalakuru. The Lagunda prospect comprises a large, active, artisanal alluvial gold field striking northeast over at least 2 km.

The alluvial gold field is coincident with and parallel to the contact between a magnetic high and magnetic low identified from regional airborne magnetic data.

This magnetic signature is considered significant as it potentially represents a fault zone or lithological contact, which act as conduits for hydrothermal fluids and are excellent traps for gold mineralisation in greenstone-style environments. Lagunda is considered an attractive exploration target for greenstone-style mineralisation and further work including a ground magnetic survey and follow-up geochemical sampling is planned. The information in this announcement has been reviewed by Dr Christopher Wilson, Technical Director of Sula, a Chartered Professional Geologist with 24 years experience, a Qualified Person (NI43-101 and JORC), Fellow of the Australian Institute of Mining and Metallurgy and a Fellow of the Society of Economic Geologists. **ENDS** For further information please visit www.sulairongold.com or contact the following:
Brian Moritz Sula Iron & Gold plc + 44 (0) 7976 994300 James Caithie / Avi Robinson Cairn Financial Advisers LLP +44 (0) 20 7148 7900 John-Henry Wickes / Alice Lane Northland Capital Partners Limited +44 (0) 20 7796 8800 Chris Rourke / Guy Wheatley Beaufort International Associates Limited +44 (0) 20 7382 8387 Felicity Edwards/ Charlotte Heap St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 18 January 2013 Sula Iron & Gold plc (��Sula�� or ��the Company��) Appointment of Joint Broker and Issue of Equity Sula Iron & Gold plc, an iron ore and gold exploration company focussed on Sierra Leone, has appointed Beaufort International Associates Limited as joint broker to the Company, alongside Northland Capital Partners Limited, with immediate effect. In order to maintain cash balances for exploration purposes the Company has issued 300,000 new Ordinary Shares of 1p each in consideration of advisory fees.

Application will be made for the new Ordinary Shares to be admitted to AIM and dealings are expected to commence on 25 January 2013. Following Admission, the Companys enlarged issued share capital will comprise 121,966,674 ordinary shares with voting rights.

The Company does not hold any shares in treasury.

This figure of 121,966,674 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSAs Disclosure and Transparency Rules. **ENDS** For further information please visit www.sulairongold.com or contact the following:
Brian Moritz Sula Iron & Gold plc + 44 (0) 7976 994300 James Caithie / Avi Robinson Cairn Financial Advisers LLP +44 (0) 20 7148 7900 John-Henry Wickes / Alice Lane Northland Capital Partners Limited +44 (0) 20 7796 8800 Chris Rourke / Guy Wheatley Beaufort International Associates Limited +44 (0) 20 7382 8387 Felicity Edwards St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Charlotte Heap St Brides Media and Finance Ltd +44 (0) 20 7236 1177
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