Power Metal Regulatory News (POW)

Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 31 December 2013 Sula Iron & Gold plc (`Sula' or `the Company') Directorate Changes Sula Iron & Gold plc, a multi-commodity exploration company focussed on SierraLeone, is pleased to announce the appointment of Mr Andrew Dacey asNon-Executive Technical Director with immediate effect. Additionally, Mr GarethO'Donovan will step down from the Board in order to focus on his other workcommitments. The appointment of Mr Dacey strengthens the Board as the Companycontinues to develop its wholly owned 153 sq km Ferensola Project, located inthe northern part of the Sula-Kangari Greenstone Belt in Sierra Leone(`Ferensola' or the `Project'), which is highly prospective for both iron andgold. 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 hasworked throughout the world for numerous junior resource companies; in 2002 hediscovered the Golden Hills 3.3Moz Au-equivalent project in Mongolia and in2005 he co-founded Lydian International (TSX:LYD). He graduated with a degreein Geology from Victoria University, New Zealand and completed a Masters ofEconomic Geology at CODES, Tasmania, Australia. He is a Fellow of the IOM3, aRegistered Professional Geologist and on the committee of the Association ofMining Analysts. As a Managing Director of mining consultancy company SRK Exploration ServicesLtd., (`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 willcontinue to provide technical assistance to the Project and the Company. It isas a result of these commitments to SRK that Mr O'Donovan has to step down fromthe Board of Sula. Chief Executive Nick Warrell commented: "I am delighted to welcome Andrew tothe Board of Sula at what is a very exciting time for the Company. Following agold exploration programme in November 2013 at our flagship Ferensola Projectin Sierra Leone, which aimed to prove up the mineralisation potential bytargeting the source of placer gold, we are on track to announce these resultsin Q1 2014 and hope to utilise these to plan future exploration work.Furthermore, we continue to maintain a dual exploration programme and remainfocussed on delineating a maiden JORC compliant resource in 2014, targetingiron mineralisation which is proven to extend from African Minerals Limited's12.8Btn Tonkolili iron mine. With significant activity planned for 2014, I amconfident that Andrew's depth of experience in the gold and iron ore sectorscoupled 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 tothe Company. Gareth has proved instrumental in helping us to define theresource potential of the Project, by identifying five target areas for hardrock gold mineralisation in addition to underpinning the consistently highgrade iron mineralisation present in our licence area. I wish him well for hisfuture endeavours and look forward to continuing to work with SRK goingforward." 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, thefollowing directorships or partnerships: Current Previous Aoraki Investments Ltd Nordic Graphite Ltd Carthage Resources Ltd Momentum Advisors (UK) LLP Plexus Resources Ltd Solaia Resources Ltd Troika Strategies Ltd **ENDS** For further information please visit www.sulairongold.com or contact thefollowing: 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 7900Robinson Martin Lampshire / David Daniel Stewart & Company Plc +44 (0) 20 7776 6550Hart Felicity Edwards / St Brides Media and Finance +44 (0) 20 7236 1177Charlotte Heap Ltd Notes Sula Iron & Gold plc is a multi commodity exploration company focussed on WestAfrica. The Company's main objective is to explore and advance its FerensolaProject, in Northern Sierra Leone, which is highly prospective for iron andgold. Sula is currently focussed on delineating a maiden JORC compliant ironresource and proving up the gold mineralisation in 2014, by conducting soilgeochemistry and ground geophysics prior to a diamond drilling programme, inorder to maximise the Licence area's value potential. The 153 sq km licencearea is contiguous to African Minerals' operational Tonkolili Iron Mine, whichhas a JORC compliant resource of 12.8 billion tonnes Fe. Exploration work at the project has confirmed the presence of Banded IronFormation (`BIF') at surface, which has a known strike length of 3.1km. The BIFis proven to extend NE from the Tonkolili licence into Sula's licence area. A2,000m scout drilling programme conducted over a 2.2km section of BIF,confirmed the Licence area's prospectivity for consistently high grade ironmineralisation. An exploration target of 500 million tonnes at 30.4% iron formagnetite and 55% iron for hematite has been given by exploration consultantsSRK Exploration Services Ltd. Significant Greenstone Belt-style gold mineralisation has also been identifiedat various prospects within the licence area. Five target areas for hard rockgold mineralisation have been identified based on the location of historicdrill intercepts, the source areas for alluvial gold deposits, and the positionof major structures as defined by airborne magnetic data and drainageorientation.