Sula Iron & Gold emphasises focus on gold, believes more to be found at Ferensola

Shares in Sula Iron & Gold are up more than 5% after it emphasised its focus on exploration for the yellow metal, proposed a name change and commented that it believed there was a lot more gold to be found at the Ferensola Project.

Chief executive Roger Murphy said the company believed that there was a "lot more gold to be found at Ferensola and your board and operational team is focused on that process."

As a consequence, he said, Sierra Leone-focused Sula intended to seek approval from shareholders in the coming months to change the company's name to Sula Gold plc.

He said this was to emphasise and reinforce this focus on gold exploration.

Murphy added that the the drill programme at Dalakuru exploration camp at Ferensola was ongoing, as was processing of the core generated from such drilling.

"We will submit this core for assays to a laboratory in Ireland, and will report the results of the assays as soon as they become available," he said in a statement.

At 14:18 GMT, shares in AIM-traded Sula were up 5.2% to 0.4p each.