Final Results

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources   

28 March 2013

                Sula Iron & Gold plc (`Sula' or `the Company')                 

                                 Final Results                                 

Sula Iron & Gold plc, an iron ore and gold exploration company focussed on
Sierra Leone, announces its final results for the period from incorporation on
6 October 2011 to 30 September 2012.

Highlights

  * Admitted to AIM in October 2012 raising £1.15 million and raised a further
    £0.45m in November 2012 to advance its 153 sq km iron and gold licence area
    in Sierra Leone
   
  * Licence area is located in the Sula-Kangari Greenstone Belt and contiguous
    to African Minerals' operational Tonkolili Iron Ore Mine which has a JORC
    compliant resource of 12.8 billion tonnes
   
  * Defined development programmes in place with the aim to delineate a JORC
    compliant iron resource and prove up gold mineralisation in 2013
   
  * Exploration target of 500Mt at 30.4% iron in magnetite and 55% iron in
    haematite, given by mining consultants SRK Exploration Services
   
  * Gold prospectivity highlighted by extensive artisanal mining - identified
    five target areas where further exploration including detailed ground
    magnetic surveys and soil sampling is planned
   
  * Experienced board and management team with in depth knowledge of Sierra
    Leone and a proven track record in developing African resource projects
   
Chairman's Statement

In the short space of time since listing on AIM in October 2012, when the
Company successfully raised £1.15 million, I am delighted to report that Sula
has made solid progress towards achieving its objective of establishing itself
as a leading iron and gold exploration company.

Since admission, Sula has focussed on proving up the resource potential of its
100% owned 153 sq km exploration licence (`the Licence' or `the Project') in
Sierra Leone. The Licence area is located in the Sula-Kangari Greenstone Belt
in Sierra Leone and is contiguous to the Tonkolili Iron Ore Mine (`Tonkolili'),
which has a JORC compliant resource of 12.8 billion tonnes and is operated by
AIM's biggest miner, African Minerals Limited (AIM:AMI). Other nearby
operations include Amara Mining plc's (AIM:AMA) 2.91Moz Au Baomahun
greenstone-style gold deposit. Significantly, Sula's Licence is considered to
be prospective for styles of iron ore and gold mineralisation similar to
Tonkolili and Baomahun respectively. As a result, we are concurrently operating
dual commodity focussed exploration programmes in order to maximise the
resource potential of the Licence.

I am confident that our established Board and management team, with a proven
track record in developing African resource projects, have the necessary skills
to advance our highly prospective Project up the value development curve. CEO
Nick Warrell has over 22 years' mining experience in Sierra Leone having
discovered various gold and platinum deposits and founded Golden Prospect
Mining, a former AIM company. Nick is also an Honorary Paramount Chief of the
Diang Chiefdom, which controls the concession area, demonstrating Sula's strong
in-country relations.

Post-period end we appointed Gareth O'Donovan to the Company as non-executive
technical director. Gareth is a Corporate Consultant Geologist (Exploration)
with over 27 years' experience in mining and exploration projects, and
specialises in the design, implementation and management of exploration
projects from grassroots to pre-feasibility. For the past ten years he has been
Managing Director of SRK Exploration Services Ltd (`SRK'), which undertook
early exploration work at Sula's Licence area resulting in the Competent
Person's Report. I am confident that Gareth's knowledge and experience will be
of great value as we look to prove up the resource potential of our Licence.

Sula intends to undertake further exploration as we work towards proving up a
significant multi commodity resource. On listing in October 2012 we raised £
1.15 million, and a further equity placing in November 2012, to satisfy market
demand, raised an additional £450,000. The funds raised are being used to
execute the defined development programmes in place to unlock the Licence's
iron ore and gold resource potential. 2013 promises much activity, starting
with a 2,000 metre diamond drilling programme in Q2 2013 to test the strike
continuity, thickness and iron grade as we work towards delineating a JORC
compliant iron resource later this year. In addition, we will continue to prove
up the gold resource potential through ground magnetic surveys and soil
sampling aimed at understanding better the gold structures and identifying the
location of the most prospective targets for hard rock gold mineralisation,
with the Dalakuru and Lagunda prospects marked as high priority targets.

Financials

The period to 30 September 2012 has resulted in a loss of £563,000. As is
normal for an exploration company, no income has been generated. The loss
results from administrative costs, primarily incurred in Sierra Leone.

Corporate Social Responsibility

In tandem with Sula's defined exploration work, the Company maintains a solid
corporate social responsibility programme (`CSR') in the Chiefdoms of Diang and
Samia Bendugu, the principal areas of exploration of Blue Horizon (SL) Limited,
the Company's wholly owned subsidiary.

Since listing on AIM, Sula has completed the rebuilding of a 35 mile road
network in the Diang Chiefdom and constructed a 30 mile road and four bridges
in the Samia Bendugu Chiefdom. In addition to facilitating our exploration and
drilling programmes, these road networks have revitalised the local economy and
the Honourable Member of Parliament in both Chiefdoms has commended Sula's work
to the Sierra Leone Government at the highest level.

Sula has also built a school in Dalakuru Town, Diang Chiefdom, complete with a
toilet block, tables, chairs, and blackboards. In recognition of the Company's
contribution to the education of the children of the town, the Dalakuru Town
Chief and his Elders have named the school `The Blue Horizon RC School' after
our operating subsidiary. The school is presently educating 144 children.

Furthermore, Sula has provided schools in Kondembaia and Badalla in the Diang
Chiefdom with books and writing materials, the Diang Youth Association who
repaired the RC Church in Kondembaia and the Mosque in Dalakuru with sand and
cement, and the clinics in Kondembaia and Dalakuru with medical supplies.

Outlook

Sula's growth strategy is focussed on developing the Licence to create a
leading iron ore and gold exploration company and, in the process, look to
create value uplift for shareholders. I believe the Company presents a
compelling investment opportunity and in this I am not alone. Mining
consultant, SRK, has at this early stage already assigned an exploration target
of 500Mt at 30.4% iron for magnetite and 55% iron for haematite.

With an experienced Board and management team, and a highly prospective Licence
that boasts a dual commodity focus, I am confident that we have the foundations
in place to enhance the Project's attributable value.

Finally, I would like to take this opportunity to thank my fellow directors,
management and advisors for their dedication and help, as well as our
shareholders for their continuing support.

B Moritz
Chairman

Operations Review

Sula's Licence, EL54/2011, is a renewable four year licence comprising 153 sq
km and located within the Northern Province of Sierra Leone, 55 km south of
Kabala, the nearest town, and 290 km north east of the capital Freetown. Good
infrastructure connects the Project to Freetown via a tarred road followed by
80km on bush roads, to the west of the Licence. A new 44 km road network has
been constructed to the east of the Project, which links the Licence to African
Minerals Limited's (`AML') road at Bumbuna. The Licence area also contains the
outflow of Lake Sonfon, which dominates the local geography draining down
through the centre of the area, flowing eventually into the Sende River and
southwest towards the Atlantic Ocean.

The Licence area contains an exploration camp adjacent to the village of
Dalakuru. The exploration camp was completely renovated by the Company in Q2
2012 with the installation of running water, sanitation, cooking and multiple
air-conditioned accommodation facilities, all of which are powered by fully
integrated diesel generators. The camp is ideally situated and equipped to
facilitate future exploration work within the Licence area.

Local geology is composed of a mixture of greenstone volcano-sedimentary
metamorphosed units of the Sula-Kangari Greenstone Belt as well as the Late and
Syn-kinematic granites. The Directors believe that the region is highly
prospective for iron ore and gold, as demonstrated by the work completed to
date by the Company, historical work completed by previous operators, the work
of SRK, and by the presence of a number of operators in the region.

Iron

  * Exploration target of 500Mt at 30.4% iron in magnetite and 55% iron in
    haematite, given by SRK
   
  * Presence of Banded Iron Formation (`BIF') confirmed at surface over a
    strike length of 3.1km and drill-ready following detailed mapping and
    reconnaissance work completed January 2013
   
  * Channel sampling of BIF intercepted 18 metres at 51.83 % Fe and 22 metres
    at 56.22 % Fe
   
  * BIF presence located at Area 1 in the south-west of the Licence area
    -mineralisation extends NE from AML's Tonkolili 12.8 billion tonne Iron Ore
    Mine (`Tonkolili')
   
  * 2,000 metre diamond drilling programme planned to commence before the end
    of Q2 2013 to test the strike continuity, thickness and iron grade of BIF
   
  * Aim to delineate JORC compliant iron resource in 2013
   
The prospectivity for iron mineralisation in the form of BIF supergene enriched
oxidised zones is very strong within Sula's Licence area. In order to prove up
the resource potential of the iron ore, the Company has a defined exploration
programme in place focussed on Area 1 (`the target'), which is located in the
south-western part of the Licence 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. Detailed mapping and reconnaissance
work completed by the Company at Area 1 in January 2013 defined BIF outcrop and
BIF fragments in duricrust over a strike length of 3.1km, coincident with this
magnetic high. These findings in turn advanced the Project to a drill ready
status.

Channel sampling completed in February 2012 confirmed the presence of
high-grade iron mineralisation at Area 1, with two channel samples returning
intercepts of 18 metres at 51.83% iron and 22 metres at 56.22% iron. Channel
samples were taken across a 50 metre wide BIF outcrop; a 10 metre wide break in
outcrop could not be sampled. Importantly, the samples revealed that grades
were consistent across the outcrop, confirming field observations that the BIF
does not suffer from dilution by non-ferrous bands.

A 2,000 metre diamond drill programme is scheduled before the end of Q2 2013 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 0.5Bt,
and delineating a JORC compliant resource in 2013. The drilling programme will
comprise eight drill collars spaced 320 metres apart over a strike length of
2.2km. Each hole will be drilled at an azimuth of 140Ëš and a dip of 50Ëš, 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') grade iron
mineralisation. Initial field mapping completed in December 2012 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 Board's confidence in the Project's iron ore prospectivity is further
underpinned by local operators in the region. AML wholly owns the Tonkolili
licence, which adjoins the Sula Licence to the south and hosts the BIF
mineralisation proven to extend from Tonkolili into Sula's Project. In December
2010, AML declared a JORC compliant Mineral Resource estimate comprising 12.8Bt
of iron ore. AML has since constructed an integrated mine, rail and port
infrastructure and, in November 2011, announced loading of its first Tonkolili
iron ore shipment.

Gold

  * Areas prospective for gold are focussed on the highly prospective
    Sula-Kangari Greenstone Belt rocks (belt hosts Amara Mining Plc's 2.91Moz
    Au Baomahun deposit)
   
  * Structures within the Licence area display a strong northeast-southwest
    trend - typical of the gold-mineralised greenstone trend throughout West
    Africa
   
  * Five target areas for hard rock gold mineralisation have been identified
    that host source areas of placer gold
   
  * 
      + The Dalakuru and Lagunda prospects are high priority targets where
        further exploration including detailed ground magnetic surveys and soil
        sampling is planned
       
  * Historic drilling intercepted hard rock mineralisation that is open in all
    directions at the Dalakuru prospect. Historic diamond drilling intercepted:
   
  * 
      + 2.00m @ 8.76g/t gold (83.14 to 85.10m, SDD004)
       
      + 8.72m @ 10.46g/t gold (89.40 to 98.10m, SDD004)
       
      + 1.55m @ 11.68g/t gold (171.00 to 173.00m, SDD016)
       
      + 9.03m @ 6.63g/t gold (161.37 to 170.00m, SDD033)
       
  * Additional gold targets identified and remain to be explored
   
Artisanal miners have exploited placer gold within the Sula Licence area for
more than 60 years, and active workings are observed in at least five separate
areas within the Project. As a result, the Licence area is highly prospective
for gold and the Board is confident that the Licence area hosts the source of
primary gold.

In January 2013, Sula acquired Licence-wide GeoEye-1 satellite data with a
resolution of 50cm per pixel. The imagery generated provided detailed
information on the extent of artisanal placer gold workings and indicated the
source of some of the placer gold within the Licence. As a result of this, 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. Of these, the Dalakuru and Lagunda prospects are
marked as high priority targets.

Gold mineralisation observed at the Licence 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
Sierra Leone Greenstone Belts. Greenstone-style deposits are typically located
on or proximal to regional scale, deep seated faults and lineaments, and in
general host all major gold deposits in West Africa, which are commonly
recognised at surface by extensive artisanal workings. 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.

Areas prospective for gold in the Licence are located in the highly prospective
Sula-Kangari Greenstone Belt rocks. The Sula-Kangari belt hosts Amara Mining
Plc's 2.91Moz Baomahun deposit in Sierra Leone. Major structures within the
Sula Licence display a strong northeast-southwest trend, which is typical of
the gold-mineralised greenstone trend throughout West Africa. The structures of
the Sula-Kangari Greenstone Belt pass through the Sula Licence, and smaller
scale sub-parallel northeast-southwest trending structures and contact zones
are also common. Northeast trending lineaments are locally cross-cut and offset
by small northwest-southeast and east-west trending faults. As a result, Sula
consider the association of placer gold workings and major lineaments within
Greenstone Belt rocks at the Licence to be highly significant. Furthermore,
historic drilling in the Licence has discovered hard rock mineralisation which
is open in all directions at the Dalakuru prospect, and also identified
additional gold targets that remain to be explored.

Dalakuru is the most advanced prospect within the Licence. 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:

  * 2.00m @ 8.76g/t gold (83.14 to 85.10m, SDD004)
   
  * 8.72 m @ 10.46g/t gold (89.40 to 98.10m, SDD004);
   
  * 1.55 m @ 11.68g/t gold (171.00 to 173.00m, SDD016); and
   
  * 9.03 m @ 6.63g/t gold (161.37 to 170m, SDD033)
   
Mineralisation is hosted in massive pyrite and pyrite cemented breccia with
quartz fragments and is open in all directions.

Dalakuru is located on a major northeast-southwest trending structure that
juxtaposes a strong magnetic high against a strong magnetic low. This
difference in magnetic response indicates that different lithologies occur
either side of the fault and the resultant competency contrasts are considered
important in focusing mineralising fluids. The Dalakuru structure is at least
5km long but extensive development of laterite masks bedrock geology along its
length. Sula is planning a detailed ground magnetic survey to better constrain
the location of the fault zone, which will then be followed by a soil and
channel sampling programme to assist with drill targeting along strike to
explore the size potential and morphology of Dalakuru. Step-out and step-back
drilling of mineralisation intercepted in historic drill holes is a priority.

Lagunda is defined by extensive artisanal alluvial gold workings which outline
a northeast-southwest trending target that is approximately 6km long and 2km
wide. The northwest boundary of the prospect is marked by a regional
northeast-southwest trending structure that juxtaposes a strongly magnetic unit
against a weakly magnetic unit. The Lagunda target area displays a mottled
mid-range magnetic response which identifies multiple northeast-southwest
trending structures and contact zones. The potential presence of multiple
structures and contact zones, juxtaposing different lithologies, coincident
with the source area of the Lagunda alluvials is considered highly prospective
by the Board. Regional magnetic data suggests that Lagunda is a dilational
zone, where multiple faults and contact zones provide excellent structural
preparation, and competency contrasts between lithological units which act as
conduits for hydrothermal fluids and are excellent traps for gold
mineralisation in greenstone-style environments. Consequently, Sula considers
Lagunda a high priority target. A detailed ground magnetic survey is planned,
in conjunction with reconnaissance soil sampling, in order to better define the
structural architecture and location of prospective targets.

Post period end, Sula evaluated historical exploration work of the Licence area
conducted by Mano River Resources Inc., (`Mano River') and Golden Prospect plc
(`Golden Prospect') in 2003. The work programme included 879 samples covering
an area of approximately 50km sq, which were assayed by SGS Laboratories in
Ghana. Mano River and Golden Prospect defined a 3km long northwest trending
gold-in-soil anomaly termed the Yanfarina-Dalakuru-Sende (`YDS') gold zone. The
YDS zone is coincident with the extensive artisanal workings within the Licence
area, and is located within a prominent structure, approximately 9km long by
5km wide. Mano River and Golden Prospect carried out trenching work which
identified a series of high grade gold-bearing narrow veins that could
represent a highly significant bulk tonnage gold target, with results
including:

  * 3.5m @ 3.6g/t Au
   
  * 0.9m @ 1.6g/t Au
   
  * 1.9m @ 24.9g/t Au, including 0.45m @ 108g/t Au
   
  * 6.0m @ 0.5g/t Au
   
  * 2.0m @ 0.2g/t Au
   
  * 7.3m @7.4g/t Au
   
The mineralised quartz veins identified by Mano River and Golden Prospect trend
north westerly and range between 0.1m and 1m wide and were traced continuously
over a distance of at least 75m. Sula will use this historical data to
supplement its current understanding of the gold mineralisation within the
Licence area and to help target future gold exploration.

The other prospect areas, known as Simbako, Simbako East and Northeast are
located on regional, northeast trending lineaments which define the contact
between magnetic highs and magnetic lows. Localised alluvial workings are
associated with each prospect indicating the potential for hard rock gold
mineralisation. These prospects are not covered by regional magnetic data and
the structural architecture of the projects is unknown. Further work comprising
acquisition of ground magnetic data and reconnaissance geochemical sampling
will be conducted following completion of the Dalakuru and Lagunda work
programmes.

Conclusion

Reconnaissance work completed by Sula combined with historical workings,
independent reviews and local operators in the region demonstrate how
prospective Sula's Licence area is. The Company has numerous value trigger
points ahead thanks to its defined work plan aimed at better understanding the
gold structures and identifying the location of the most prospective gold
targets, and testing the strike continuity, thickness and iron grade of BIF in
order to delineate a JORC compliant iron resource in 2013.

The Project boasts a close proximity to existing producers with solid
infrastructure in place. AML's 12.8Bt Tonkolili iron ore mine is of great
significance for Sula, with BIF mineralisation proven to extend into Sula's
Licence area. Likewise, Amara Mining Plc's 2.91Moz Baomahun gold deposit in
Sierra Leone appears to share the same, highly prospective geology as Sula's
Licence area.

With exposure to both base and precious metals, and defined exploration
programmes in place to accelerate these resources up the value development
curve, Sula offers significant upside potential for investors.

N Warrell
Chief Executive Officer


For further information please visit www.sulairongold.com or contact the
following:

Brian Moritz                Sula Iron & Gold plc           [phone]
                                                                               
James Caithie / Avi         Cairn Financial Advisers LLP   [phone]
Robinson                                                                       
                                                                               
John-Henry Wicks / Alice    Northland Capital Partners     [phone]
Lane                        Limited                                            
                                                                               
Chris Rourke / Guy Wheatley Beaufort International         [phone]
                            Associates Limited                                 
                                                                               
Felicity Edwards/ Charlotte St Brides Media and Finance    [phone]
Heap                        Ltd                                                



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM INCORPORATION ON 6 OCTOBER 2011 TO 30 SEPTEMBER 2012

                                                Note                      2012
                                                                              
                                                                         £'000
                                                                              
Continuing operations                                                         
                                                                              
Revenue                                                                      -
                                                                              
Cost of sales                                                                -
                                                                              
Gross profit                                                                 -
                                                                              
Administrative expenses                                                  (563)
                                                                              
Results from operating activities                                        (563)
                                                                              
Net finance costs                                                            -
                                                                              
Loss before tax                                                          (563)
                                                                              
Taxation                                                                     -
                                                                              
Loss for the period                                                      (563)
                                                                              
Total comprehensive loss for the period                                  (563)
                                                                              
Basic and diluted loss per share                   2                    (1.03)
(pence)                                                                       



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2012

                                                                          2012
                                                                               
                                                                         £'000
                                                                               
Assets                                                                         
                                                                               
Property, plant and equipment                                              270
                                                                               
Intangible assets                                                        3,824
                                                                               
Non-current assets                                                       4,094
                                                                               
Trade and other receivables                                                 28
                                                                               
Cash and cash equivalents                                                   76
                                                                               
Current assets                                                             104
                                                                               
Total assets                                                             4,198
                                                                               
Equity                                                                         
                                                                               
Share capital                                                              820
                                                                               
Share premium                                                            3,226
                                                                               
Convertible notes                                                          520
                                                                               
Retained deficit                                                         (563)
                                                                               
Total equity                                                             4,003
                                                                               
Liabilities                                                                    
                                                                               
Loans and borrowings                                                        93
                                                                               
Trade and other payables                                                   102
                                                                               
Current liabilities                                                        195
                                                                               
Total liabilities                                                          195
                                                                               
Total equity and liabilities                                             4,198




CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM INCORPORATION ON 6 OCTOBER 2011 TO 30 SEPTEMBER 2012

                            Notes   Share    Share Convertible Retained  Total
                                  capital  premium       notes  deficit equity
  
                                    £'000    £'000       £'000    £'000  £'000
                                                                                
Balance at 6 October 2011               -        -           -        -      -  
                                                                                
Loss for the period                     -        -           -    (563)  (563)  
                                                                                
Total comprehensive loss                -        -           -    (563)  (563)  
for the period                                                                  
                                                                                
Issue of ordinary shares              500    3,187           -        -  3,687  
on acquisition of                                                               
subsidiary                                                                      
                                                                                
Issue of ordinary shares              320       39           -        -    359  
                                                                                
Issue of convertible notes              -        -         520        -    520  
                                                                                
                                      820    3,226         520        -  4,566  
                                                                                
Balance at 30 September 2012          820    3,226         520    (563)  4,003  


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM INCORPORATION ON 6 OCTOBER 2011 TO 30 SEPTEMBER 2012

                                                                          2012
                                                                               
                                                                         £'000
                                                                               
Cash flows from operating activities                                           
                                                                               
Loss for the period                                                      (563)
                                                                               
Adjustments for:                                                               
                                                                               
- Depreciation                                                              63
                                                                               
                                                                         (500)
                                                                               
Changes in:                                                                    
                                                                               
- trade and other receivables                                             (28)
                                                                               
- trade and other payables                                               (295)
                                                                               
Cash used in operating activities                                        (823)
                                                                               
Cash flows from investing activities                                           
                                                                               
Acquisition of property, plant and equipment                              (84)
                                                                               
Net cash used in investing activities                                     (84)
                                                                               
Cash flows from financing activities                                           
                                                                               
Proceeds from issue of share capital                                       359
                                                                               
Proceeds from issue of loan notes                                          520
                                                                               
Proceeds from loans and borrowings                                          78
                                                                               
Net cash flows from financing activities                                   957
                                                                               
Net increase in cash and cash equivalents                                   50
                                                                               
Cash and cash equivalents at beginning of period                             -
                                                                               
Cash acquired with subsidiary                                               11
                                                                               
Cash and cash equivalents at 30 September 2012                              61



NOTES TO THE FINANCIAL STATEMENTS

1. Basis of preparation

The financial information set out above does not constitute the Company's
statutory accounts for the period ended 30 September 2012 but are derived from
those accounts. Statutory accounts for 2012 will be delivered to the Registrar
of Companies following the Company's annual general meeting.

2. Loss per share

Basic and diluted loss per share

The calculation of basic and diluted loss per share at 30 September 2012 was
based on the loss attributable to ordinary shareholders of £563,000, and a
weighted average number of ordinary shares outstanding of 54,411,111.

3. Publication of report and accounts

The report and accounts for the period ended 30 September 2012 has been posted
to shareholders and are available from the Company's registered office at 190
High Street, Tonbridge, Kent TN9 1BE and on Sula's website, www.sulairongold.com.