Update Following JORC Compliant MRE

14 January 2015

                              Sula Iron & Gold plc                              

                           ("Sula" or the "Company")                           

                      UPDATE FOLLOWING JORC COMPLIANT MRE                       

Sula Iron & Gold, the exploration and development company focused on iron ore,
gold and coltan in Sierra Leone, announces that following the declaration of a
maiden mineral resource at its Ferensola Project by SRK on 12 December 2014 of
a total oxide resource of 55.5Mt @ 45.39% with a total resource of 514.5Mt @
31.8%, the Company is now awaiting the updated valuation of its assets from SRK
which is expected to be received in mid-February 2015.

                                   **ENDS**                                    

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

Sula Iron & Gold plc                                       [phone]
Nick Warrell / Matt Wood                                                       
                                                                               
Cairn Financial Advisers LLP (Nominated Adviser)           [phone]
James Caithie / Avi Robinson                                                   
                                                                               
VSA Capital Limited (Broker)                               [phone]
Bhavesh Patel / Richard Buckle                                                 
                                                                               
Strand Hanson (Financial Adviser)                          [phone]
Simon Raggett / James Harris                                                   
                                                                               
Yellow Jersey PR (Financial PR)                            [phone]
Dominic Barretto / Kelsey Traynor                                              

Notes:

Sula Iron & Gold plc is a multi-commodity exploration company focused in West
Africa. The Company's main objective is to explore and advance its 153 sq. km
Ferensola Project in Northern Sierra Leone, which is highly prospective for
iron, gold and coltan.

The information in this release that relates to Exploration Results has been
reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron and
Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and
Mining, a Registered Professional Geologist with the Australian Institute of
Geoscientists and a Competent Person as defined in the Australasian Code for
Reporting of Exploration Results and Mineral Resources and Ore Reserves.