Update on valuation of Ferensola Project by SRK ES

3 February 2015

                             Sula Iron & Gold plc                              

                           ("Sula" or the "Company")                           

           Update on valuation of Sula's Ferensola Project by SRK ES           

 Technical valuation increased by more than 50% to US$ 56 million in 12 months 

Following the publication of a maiden mineral resource estimate by SRK and
published in the report entitled "Mineral Resource Estimate for the Ferensola
Iron Project, Sierra Leone, December 2014", Sula Iron & Gold plc commissioned
SRK Exploration Services ("SRK ES") to update the technical valuation of the
Company's exploration asset in Sierra Leone, namely the Ferensola Licence EL54/
2011 held by a 100% subsidiary company, Blue Horizon (SL) Ltd.

SRK ES has combined several valuation methods to arrive at a Technical Value
for the property, the Technical Value being a value that SRK ES considers to be
a fair and reasonable value for the property, based upon the geological
information available and their view on the status of the assets and their
probability of success. SRK ES considers that the work conducted by the Company
over the past year has increased the Technical Value to US$ 56 Million, and the
maximum Potential Value of the property to US$ 210 Million.

This does not address the market sentiment of such investments and as such a
potential investor's valuation may differ greatly from the technical valuation
as the result of their view of the current or future status of the mining
industry and the Company's financial position.

The Ferensola Licence covers an area of 153 km2 and is located in the central
part of the Sula Mountains of Sierra Leone; an elongated chain some 120 km long
by 16 km wide which forms an open, northerly-trending arc and contains Sierra
Leone`s richest and most historic gold fields.

SRK ES considers that the Ferensola Licence has potential to host mineral
deposits of iron, gold and coltan.

Iron

Following a reconnaissance drilling programme in 2013, diamond core drilling
continued with an oxide and fresh BIF resource drilling programme in 2014. A
total of 8,873 m in 85 holes have been drilled to date. This has led to the
completion of a maiden resource on the iron target.

Iron mineralisation exists as both primary magnetite BIF hosted in thinly
bedded silica pelitic sediments and weathered oxidised BIF occurring below the
oxidised cap and above the base of oxidation.

On the 16th December, 2014, SRK declared a Maiden Mineral Resource Estimate at
Ferensola of an Indicated Mineral Resource of 17.6 Mt grading 45.6% Fe, 15.6%
SiO2, 9.7% Al2O3 and 0.07% P and an Inferred Mineral Resource of 496.9 Mt
grading 31.3% Fe, 41.88% SiO2, 5.27% Al2O3 and 0.05% P. Indicated material has
only been reported from the oxide zones with both BIF and oxide being
classified as Inferred. SRK has also identified an Exploration Target
comprising potential for an additional 100 to 250 Mt, with a grade range of 29
to 35% Fe that lies below the optimised pit shell. SRK considers that a minimum
of four holes at an approximate length of 800 m would be required to test the
below-pit potential.

Gold

The area has numerous artisanal gold workings lying within a prominent
structure approximately 9 km long and 5 km wide, referred to previously as the
Yanfarina-Dalakuru-Sende (YDS) gold zone. Historical trenching in this zone
identified a series of northwest trending high grade tourmaline and
gold-bearing narrow veins. Significant intersections were reported from
historic drill holes and mineralisation has been observed by SRK ES.

SRK ES suggests that Ferensola could host a similar style of gold
mineralisation to that seen at Amara Mining Plc's Baomahun deposit, as
Ferensola lies within a similar geological setting.

Current resource and reserve estimates at the Baomahun gold deposit (southern
Sula-Kangari greenstone belt) are 23.3 Mt @ 1.62g/t Au (1.21 Moz Au) in the
Probable Resource category out of a total Indicated Resource of 38.4 Mt @ 1.82g
/t Au (2.24 Moz Au), an additional Inferred Resource of 6.6Mt @ 2.52g/t Au
(0.54Moz Au) has been estimated

Coltan

SRK ES is of the opinion that there is potential for alluvial, eluvial and
primary pegmatite-hosted columbite-tantalite ("coltan") mineralisation within
the Ferensola Licence area. Sula commenced a reconnaissance field work
programme in September 2014. Samples were obtained from alluvial gravels from
46 locations. The samples were concentrated and analysed at an ALS laboratory.
The results for all 46 samples have been used to provide an initial indication
of prospective areas for coltan mineralisation. Due to the nature of pan
concentrate sampling, the results are indicative only and do not provide values
for in-situ grade. The results for tantalum show nine samples with elevated
concentrations (>0.1% tantalum) and some samples with high grades. One sample
in the southeast quadrant of the licence area grades at more than 3% tantalum
and provides strong evidence for the presence of coltan mineralisation in the
vicinity. Other high grade samples are found near the eastern boundary of the
licence but are found along streams that flow from deeper within the licence
area, suggesting that further alluvial and primary coltan mineralisation maybe
found in this part of the licence.

Commenting Nick Warrell, CEO of Sula, said:

"I am delighted with both the Technical and Potential values that SRK ES has
given to Sula's assets at our Ferensola Project. We have demonstrably unlocked
and enhanced shareholder value during 2014 and are determined to replicate that
during 2015"

SRK ES Managing Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is an
independent Qualified Person, for Sula's project in Sierra Leone. Mr. O'Donovan
has reviewed the content of this press release, and consents to the information
provided and the form and context in which it appears.

The information in this release that relates to Exploration Results has been
reviewed by Andrew Dacey, Non-Executive Technical Director of Sula Iron & 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.

Indaba

Andrew Dacey will be attending the Mining Indaba in Cape Town between 9 and 12
February 2015 and able to meet with investors and interested parties, please
contact Sula below to arrange a meeting.

For further information on the Company and to view the 2014 MRE announcement
and others, please visit the Company's website at: www.sulaironandgold.com .

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