Mr. Keith Henderson reports

VELOCITY DEFINES MULTIPLE SURFACE SOIL ANOMALIESA AT EKUZYA GOLD EXPLORATION, SOUTHEAST BULGARIA

Velocity Minerals Ltd. has received laboratory results from a soil sampling program at the Ekuzya project, southeast Bulgaria. A total of 401 soil samples were collected on a 50-metre-by-50-metre grid covering the eastern portion of the property. Results range from below detection to up to 3.16 grams per tonne gold and confirm Velocity's interpretation that Ekuzya contains widespread gold mineralization and that the property is part of the Chala mine mineralizing system.

Soil gold anomalies

The company has now established eight targets that are prospective for gold mineralization. These include Ekuzyata, zone 5 and zone 5a, which were established as targets using historical drilling and historical base metal mining records where available. Five additional and previously unknown anomalies have also been detected. The eight targets together constitute over 30 hectares.

Trench sampling at the Ekuzyata target, extending into soil anomaly zone 5, has been completed, and results are pending. On receipt of trench results, the company will continue trenching the untested soil anomalies, with a view to drilling targets in early 2018.

Historical drilling

Only 3 per cent of historical drill core samples at Ekuzya were assayed for gold. Ekuzyata and zone 5 include several holes with gold analysis, although it is notable that the best part of the larger Ekuzyata anomaly has not been drill tested and analyzed for gold. Zone 5a has no historical holes with gold analysis.

Anomaly 1 is located between zone 5a and zone 5 and was historically drilled for base metal mineralization, but has not been analyzed for gold. Anomalies 2 to 5 are undrilled and have had little if any previous exploration.

Ekuzya project background

Ekuzya is contiguous with the Chala gold mine, operated by Gorubso Kardzhali AD, and the project is located within the Chala mining concession. The Ekuzya project was first explored in the early 1980s as a base metal (lead and zinc) play, including 122 drill holes for 38,000 metres; only 3 per cent of historical drill core samples were analyzed for gold. Where such analysis exists, gold mineralization has generally been recorded. Historical exploration after the collapse of the Soviet Union focused on gold exploration in the north, resulting in the discovery of the Chala gold mine, and little if any gold exploration was conducted within the Ekuzya property.

Velocity's interpretation is that Ekuzya is part of an intermediate-sulphidation gold and base metal mineralizing system and that the project is prospective for gold mineralization similar to that currently mined at Chala. Underground development at Chala comes within 100 metres of the Ekuzya property boundary.

Quality assurance/quality control

The work program at Ekuzya was designed and is supervised by Stuart A. Mills, CGeol, the company's vice-president, exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples, which are then security sealed and shipped to Eurotest Control EAD in Sofia. Soil samples were collected as bulk samples and sieved in the Eurotest laboratory to 80 per cent passing 200 microns. The samples were analyzed by fire assay using a 30-gram charge in compliance with industry standards. Field duplicate samples and blanks are added to every batch.

Qualified person

The technical content of this release has been approved for disclosure by Stuart A. Mills, BSc, MSc, CGeol, a qualified person as defined by National Instrument 43-101 and the company's vice-president, exploration. Mr. Mills is not independent of the company.

About Velocity Minerals Ltd.

Velocity is a gold exploration and development company focused on eastern Europe. The company's management and board include mining industry professionals with over 100 years of combined experience spanning Europe, Asia and the Americas as employees of major mining companies, as well as founders and senior executives of junior to mid-tier public companies. The company's portfolio of advanced gold exploration assets is currently in Bulgaria, which is a member of the European Union (2007) and is an attractive destination for mining investment.

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