– UK – Sula Iron & Gold plc, an iron ore and gold exploration company focussed on Sierra Leone, is pleased to announce the appointment of Mr. Matt Wood as a Non-Executive Director with immediate effect.
Mr. Wood brings a broad range of managerial skills to the role, gained during a career spanning more than 15 years in the financial sector. He is the Managing Director and one of the founders of CMS Advisory Group (`CMS’), a City-based multi-disciplined advisory firm founded in 2006, which provides a full suite of plc services to growth companies, utilising the small cap expertise of its staff in the areas of corporate finance, corporate law, management accounts and company secretarial.
Prior to this Mr. Wood, who is a qualified chartered accountant, worked as a Nomad in the corporate finance department of Beeson Gregory (which became Evolution Securities and was later sold to Investec), advising both AIM and Full List companies on a wide range of transactions including IPOs, secondary fundraisings, mergers and acquisitions and corporate restructurings.
Mr. Wood is an experienced Non-Executive Director and is currently a Director of Westminster Group Plc and Avarae Global Coins Plc, where he sits on both their audit and remuneration committees.
Sula Chief Executive Nick Warrell said, “I am delighted to welcome Matt to the Company as our new Non-Executive Director. Matt’s commercial understanding coupled with his extensive corporate finance experience makes him a valuable addition to our team as we continue to develop our Ferensola Project in Sierra Leone, which is highly prospective for iron and gold.”
About Sula Iron & Gold plc
The company is a multi commodity exploration company focussed on West Africa. The Company’s main objective is to explore and advance its Ferensola Project, in Northern Sierra Leone, which is highly prospective for iron and gold. Sula is currently focussed on delineating a maiden JORC compliant iron resource and proving up the gold mineralisation in 2014, by conducting soil geochemistry and ground geophysics prior to a diamond drilling programme, in order to maximise the Licence area’s value potential. The 153 sq km licence area is contiguous to African Minerals’ operational Tonkolili Iron Mine, which has a JORC compliant resource of 12.8 billion tonnes Fe.
Exploration work at the project has confirmed the presence of Banded Iron Formation (`BIF’) at surface, which has a known strike length of 3.1km. The BIF is proven to extend NE from the Tonkolili licence into Sula’s licence area. A 2,000m scout drilling programme conducted over a 2.2km section of BIF, confirmed the Licence area’s prospectivity for consistently high grade iron mineralisation. An exploration target of 500 million tonnes at 30.4% iron for magnetite and 55% iron for hematite has been given by exploration consultants
SRK Exploration Services Ltd.
Significant Greenstone Belt-style gold mineralisation has also been identified at various prospects within the licence area. Five target areas for hard rock gold mineralisation have been identified based on the location of historic drill intercepts, the source areas for alluvial gold deposits, and the position of major structures as defined by airborne magnetic data and drainage orientation.
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