AMN - SIERRA LEONE: Two drill rigs arrive at Ferensola

Two diamond drill rigs have arrived at the Dalakuru Exploration Camp of Sula Iron & Gold’s Ferensola Gold Project in Sierra Leone. The rigs are being prepared by drilling contractor, Equity Drilling, in order to commence the planned drill program designed by Sula’s technical director.

The two drill rigs and associated support equipment arrived at Freetown Port on February 10 and were subsequently transported to the Dalakuru Exploration Camp.

While the original plans contemplated the use of a single rig, Equity Drilling has mobilised two rigs for use at Ferensola, at no additional cost to Sula. Accordingly, Sula remains confident that the planned program, originally envisaged to be 2400 metres, will be completed expeditiously.

Furthermore, Equity Drilling is taking a significant portion of its payment for the drill contract in the form of new ordinary shares in Sula, which will serve to assist the company in conserving its cash resources.

Sula continues to anticipate that, as a result of this financing deal and the additional rig, it will be able to drill more than 2400m, thereby potentially enabling a larger JORC exploration target to be identified. Sula’s geologists have planned additional holes to capitalise on this opportunity.

Sula’s CEO Roger Murphy said, “I’m very pleased that the drill rigs have now arrived on-site at our Dalakuru Exploration Camp. Both our team and Equity Drilling will now work together to prepare the rigs for the forthcoming drill program.

“We are keen to start drilling at both Sanama Hill, where we already have a JORC-compliant exploration target of 5-7 million tonnes at 4-8g/t for 0.8-1.5 million ounces, and at the 4km-long, high conviction Eastern Target, that has not yet been drilled and which therefore currently has no confirmed gold mineralisation.

www.sulaironandgold.com