Sula Iron and Gold appoints new director

PUBLISHED: Jan 05 2014 @ 11:41 | Comments (0) |

Sula Iron & Gold (LSE:SULA) a multi-commodity exploration company focussed on Sierra Leone, has appointmented of Mr Andrew Dacey as Non-Executive Technical Director with immediate effect. Additionally, Mr Gareth O’Donovan will step down from the Board in order to focus on his other work commitments.

The appointment of Mr Dacey strengthens the Board as the Company continues to develop its wholly owned 153 sq km Ferensola Project, located in the northern part of the Sula-Kangari Greenstone Belt in Sierra Leone, which is highly prospective for both iron and gold.

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 has worked throughout the world for numerous junior resource companies; in 2002 he discovered the Golden Hills 3.3Moz Au-equivalent project in Mongolia and in 2005 he co-founded Lydian International (TSX:LYD). He graduated with a degree in Geology from Victoria University, New Zealand and completed a Masters of Economic Geology at CODES, Tasmania, Australia. He is a Fellow of the IOM3, a Registered Professional Geologist and on the committee of the Association of Mining Analysts.

As a Managing Director of mining consultancy company SRK Exploration Services Ltd., (‘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 will continue to provide technical assistance to the Project and the Company. It is as a result of these commitments to SRK that Mr O’Donovan has to step down from the Board of Sula.

Chief Executive Nick Warrell commented: “I am delighted to welcome Andrew to the Board of Sula at what is a very exciting time for the Company. Following a gold exploration programme in November 2013 at our flagship Ferensola Project in Sierra Leone, which aimed to prove up the mineralisation potential by targeting the source of placer gold, we are on track to announce these results in Q1 2014 and hope to utilise these to plan future exploration work. Furthermore, we continue to maintain a dual exploration programme and remain focussed on delineating a maiden JORC compliant resource in 2014, targeting iron mineralisation which is proven to extend from African Minerals Limited’s 12.8Btn Tonkolili iron mine. With significant activity planned for 2014, I am confident that Andrew’s depth of experience in the gold and iron ore sectors coupled 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 to the Company. Gareth has proved instrumental in helping us to define the resource potential of the Project, by identifying five target areas for hard rock gold mineralisation in addition to underpinning the consistently high grade iron mineralisation present in our licence area. I wish him well for his future endeavours and look forward to continuing to work with SRK going forward.”

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