Mr. Keith Henderson reports

VELOCITY SOLIDIFIES EAST ZONE DISCOVERY AT ROZINO GOLD PROJECT, SOUTHEAST BULGARIA

Velocity Minerals Ltd. has received the first assay results of the 2018 drill program. Positive results from drill hole RDD-044 include 30.8 metres grading 1.55 grams per tonne gold from surface and 66.5 metres grading 1.32 grams per tonne gold (see attached table).

Drill hole RDD-044 stepped 50 metres southeast from previous drill hole RDD-040, which intersected 144.7 metres grading 1.52 grams per tonne gold. Results are pending from an additional five drill holes that have been completed at East zone, and the company continues to drill.

"Last year's drill hole RDD-040 discovered [the] East zone and was the thickest intersection of gold mineralization at Rozino to date. All drilling since then has been focused in and around [the] East zone, and all drill holes have returned significant intersections of gold mineralization," stated Keith Henderson, Velocity's president and chief executive officer. "Drill hole RDD-044 is the first from the 2018 drill program and has started off the year's work with approximately 95 metres of near-continuous mineralization from surface."

       HIGHLIGHTS FROM DRILL HOLE RDD-044    
                                               
Drill hole    From       To    Thickness      Gold^ 
                (m)      (m)          (m)     (g/t) 
                          
RDD-044        1.4     32.2         30.8      1.55      
Including      3.4     19.9         16.5      2.40      
And           36.3    102.8         66.5      1.32      
Including     61.9     68.9          7.0      4.88      
Including     73.9     85.8         12.0      1.91      

^ The current exploration model has not had 
sufficient drill testing to be able to 
determine true thickness of mineralization.  

Quality assurance/quality control

The work program at Rozino was designed and is supervised by Stuart A. Mills, CGeol, the company's vice-president of exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site staff at the project rigorously collect and track samples, which are then security sealed and shipped to ALS Global laboratory in Romania. Samples used for the results described herein are prepared and analyzed by fire assay using a 30-gram charge in compliance with industry standards. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch. Drill intersections in this news release are calculated using a 0.2-gram-per-tonne-gold trigger, a minimum 0.5-gram-per-tonne-gold composite and a maximum of three metres of consecutive waste.

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 portfolio of advanced gold exploration assets is currently in Bulgaria.

Velocity Minerals has entered into an exploration and mining alliance with Gorubso Kardzhali AD, an established and respected mining company in Bulgaria. Gorubso currently operates the underground Chala gold mine (2006) and the Kardzhali carbon-in-leach (CIL) processing plant (2011), which produces gold dore.

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