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')
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 gold.
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 forward."
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:
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 www.sulairongold.com or contact the following:
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 Robinson
Martin Lampshire / David Daniel Stewart & Company Plc +44 (0) 20 7776 6550 Hart
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 orientation.
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