SULA IRON & GOLD PLC: Directorate Changes

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources    
31 December 2013 
            Sula Iron & Gold plc (`Sula' or `the Company')                  
                          Directorate Changes                               
Sula Iron & Gold plc, a multi-commodity exploration company focussed on Sierra
Leone, is pleased to announce the appointment of Mr Andrew Dacey as
Non-Executive Technical Director with immediate effect. Additionally, Mr Gareth
O'Donovan will step down from the Board in order to focus on his other work
commitments. The appointment of Mr Dacey strengthens the Board as the Company
continues to develop its wholly owned 153 sq km Ferensola Project, located in
the northern part of the Sula-Kangari Greenstone Belt in Sierra Leone
(`Ferensola' or the `Project'), which is highly prospective for both iron and
Mr Dacey is an experienced geologist and mining analyst with over 18 years'
experience in the mining sector and is a Partner at Momentum Advisors (UK) LLP,
a management consultancy focused on the natural resource sectors. Mr Dacey has
worked throughout the world for numerous junior resource companies; in 2002 he
discovered the Golden Hills 3.3Moz Au-equivalent project in Mongolia and in
2005 he co-founded Lydian International (TSX:LYD). He graduated with a degree
in Geology from Victoria University, New Zealand and completed a Masters of
Economic Geology at CODES, Tasmania, Australia. He is a Fellow of the IOM3, a
Registered Professional Geologist and on the committee of the Association of
Mining Analysts. 
As a Managing Director of mining consultancy company SRK Exploration Services
Ltd., (`SRK'), which outlined the initial exploration target of 500Mt at 30.4%
iron in magnetite and 55% iron in haematite at Ferensola, Mr O'Donovan will
continue to provide technical assistance to the Project and the Company. It is
as a result of these commitments to SRK that Mr O'Donovan has to step down from
the Board of Sula. 
Chief Executive Nick Warrell commented: "I am delighted to welcome Andrew to
the Board of Sula at what is a very exciting time for the Company. Following a
gold exploration programme in November 2013 at our flagship Ferensola Project
in Sierra Leone, which aimed to prove up the mineralisation potential by
targeting the source of placer gold, we are on track to announce these results
in Q1 2014 and hope to utilise these to plan future exploration work.
Furthermore, we continue to maintain a dual exploration programme and remain
focussed on delineating a maiden JORC compliant resource in 2014, targeting
iron mineralisation which is proven to extend from African Minerals Limited's
12.8Btn Tonkolili iron mine. With significant activity planned for 2014, I am
confident that Andrew's depth of experience in the gold and iron ore sectors
coupled with his understanding at a corporate level will prove invaluable. 
"I would also like to thank Gareth for all of his hard work and contribution to
the Company. Gareth has proved instrumental in helping us to define the
resource potential of the Project, by identifying five target areas for hard
rock gold mineralisation in addition to underpinning the consistently high
grade iron mineralisation present in our licence area. I wish him well for his
future endeavours and look forward to continuing to work with SRK going
Further information pursuant to Schedule 2 (g) of the AIM Rules for Companies 
Andrew William Dacey, aged 41, has, or has held within the last 5 years, the
following directorships or partnerships: 
Current                                 Previous                                
Aoraki Investments Ltd                  Nordic Graphite Ltd                     
Carthage Resources Ltd                                                          
Momentum Advisors (UK) LLP                                                      
Plexus Resources Ltd                                                            
Solaia Resources Ltd                                                            
Troika Strategies Ltd                                                           
For further information please visit or contact the
Nick Warrell                Sula Iron & Gold plc           +44 (0) 78 1144 7830 
Matt Wood                   Sula Iron & Gold plc           +44 (0) 20 7583 8304 
James Caithie / Avi         Cairn Financial Advisers LLP   +44 (0) 20 7148 7900
Martin Lampshire / David    Daniel Stewart & Company Plc   +44 (0) 20 7776 6550
Felicity Edwards /          St Brides Media and Finance    +44 (0) 20 7236 1177
Charlotte Heap              Ltd                                                 
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
Project, in Northern Sierra Leone, which is highly prospective for iron and
gold. Sula is currently focussed on delineating a maiden JORC compliant iron
resource and proving up the gold mineralisation in 2014, by conducting soil
geochemistry and ground geophysics prior to a diamond drilling programme, in
order to maximise the Licence area's value potential. 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 Fe. 
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 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
-0- Dec/31/2013 07:00 GMT
Press spacebar to pause and continue. Press esc to stop.