Renewal of Exploration Licence

RNS Number : 4383O

Sula Iron & Gold PLC

07 November 2016

 

7 November 2016

         Sula Iron & Gold plc

("Sula" or the "Company")

Renewal of Exploration Licence for up to a further 5 years

Sula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, is pleased to announce the renewal of the mineral Exploration Licence held by Sula's 100% owned Sierra Leone subsidiary, Blue Horizon (S.L.) Limited ("Blue Horizon"), covering all of the Company's historic, existing and planned exploration activities and sites. 

The Government of Sierra Leone has renewed Blue Horizon's mineral Exploration Licence EL54/2011 (the "Licence") for an initial period of approximately 3 years to 22 August 2019 and upon the expiration of this initial term, the Company may then further extend the Licence for an additional 2 years to 22 August 2021.

The Licence, which comprises the Company's principal asset, includes its 153km² Ferensola Gold project, is located within the Northern Province of the Republic of Sierra Leone and is identical in terms of area covered to the licence granted to Blue Horizon in August 2011, as outlined in Sula's AIM Admission Document dated 2 October 2011.

Subsequent renewals following the aggregate 5 year period outlined above will be subject to further negotiations with the Government of Sierra Leone at the appropriate time.

Sula's CEO, Roger Murphy, commented:

"This Licence renewal is a significant step for the Ferensola Gold project, recognising the progress that we've made to date and underpinning our proposed work programme for this excellent project. The efficiency of the Government of Sierra Leone is to be applauded as it provides further investor certainty for the ever developing Sierra Leone mining sector."

**ENDS**

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

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

Sula Iron & Gold plc Roger Murphy [phone] Strand Hanson Limited (Financial and Nominated Adviser) James Harris / Matthew Chandler / James Dance [phone] VSA Capital Limited (Broker) Andrew Raca [phone]

 

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