Mr. Keith Henderson reports

VELOCITY EXERCISES OPTION TO ACQUIRE 70% INTEREST AT THE ROZINO GOLD PROJECT, TINTYAVA PROPERTY, BULGARIA

Velocity Minerals Ltd. has delivered notice of option exercise to Gorubso-Kardzhali AD for the Tintyava property, which includes the Rozino gold project. The option notice was delivered together with the preliminary economic assessment entitled "Preliminary Economic Assessment -- Rozino Project, Tintyava Property, Bulgaria" (dated Oct. 26, 2018) prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and filed on SEDAR (see previous news releases dated Sept. 17, 2018, and Oct. 29, 2018). With delivery of the PEA, Velocity is deemed to have earned a 70-per-cent interest in the Tintyava property and to be in joint venture with Gorubso for the further development of the property.

Complete set of Chala mine underground exploration drill hole results.

"Exercise of the option at Rozino through delivery of the PEA is a major milestone for the company that has been achieved 14 months after initiating exploration at Rozino," stated Keith Henderson, Velocity's president and chief executive officer. "The company looks forward to updating shareholders as we ramp up exploration activities at Rozino project in joint venture with Gorubso."

Appointment of vice-president, corporate communications

The company also announces that it has appointed Joyce Musial to the position of vice-president, corporate communications.

Ms. Musial has over 35 years of investor relations and corporate development experience with various junior and senior resource companies including Teck Resources Ltd., Lundin Group, Hunter Dickinson Group, Viceroy Resources Ltd. and 10 years at Placer Dome Inc. More recently, Ms. Musial was manager of investor relations at Cumberland Resources Ltd., vice-president of corporate development at Batero Gold Corp., and is currently vice-president of corporate affairs at InZinc Mining Ltd.

Ms. Musial's role at Velocity will focus on developing institutional, investment banking and analyst relationships, as well as developing general corporate communications strategies.

Chala withdrawal

Since beginning exploration at the Chala mine in June, 2018, the company has completed exploration work including 23 diamond drill holes for a total of 3,016 metres with 1,009 samples sent for analysis. Velocity has now received results for drill holes CDD-016 to CUD-023. A summary of all Chala drill results is included in the attached table. Management has decided to withdraw from the Chala option, allowing the company to focus on potential resource expansion at Rozino. Notice of withdrawal from the Chala option has been delivered to Gorubso.

Stock option grant

The company also announces that it has granted 1.55 million common share stock options to various employees and consultants of the company and its affiliates. The options entitle the holder to purchase shares at a price of 17 cents per share for a period of 24 months from the issue date.

Note that results from drill holes CUD-001 to CUD-015 were disclosed previously (news release dated Sept. 13, 2018).

About Velocity Minerals Ltd.

Velocity Minerals is a gold exploration and development company focused on Eastern Europe. The company's management and board include mining industry professionals with 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 team's experience includes all aspects of mineral exploration, resource definition, feasibility, finance, mine construction and mine operation, as well as a record in managing publicly listed companies.

About the Rozino gold project

Velocity has been exploring and drilling at Rozino since August, 2017, publishing a maiden inferred mineral resource estimate in Q1 2018: 17 million tonnes of 1.15 grams per tonne gold for 629,000 ounces at a 0.5-gram-per-tonne cut-off grade with 8.2 million tonnes of 1.68 grams per tonne gold for 443,000 ounces at a 0.8-gram-per-tonne cut-off grade. Approximately 90 per cent of estimated resources at depths of less than 110 metres from surface and less than 1 per cent below 150 metres from surface. Mineralization remains open for expansion. The company has completed the 2018 drill program with a view to publishing an updated mineral resource estimate and PEA before year-end. On completion of the PEA, the company will exercise its option for a 70-per-cent interest in the project and will move forward in joint venture with its Bulgarian partner.

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