Mr. Keith Henderson reports

VELOCITY RECEIVES ADDITIONAL POSITIVE DRILL RESULTS, FURTHER EXPANDING THE MINERALIZED ENVELOPE AT ROZINO GOLD DEPOSIT, BULGARIA

Velocity Minerals Ltd. has received additional positive drill results from the Rozino gold project located in Bulgaria. Highlights include 24.4 metres from surface of 0.85 gram per tonne gold and 31.8 metres of 0.58 gram per tonne gold, including eight metres of 1.04 grams per tonne gold. Mineralization remains open for expansion.

"The addition of near-surface gold mineralization outside of the PEA base case pit limit was a primary objective of the current drill program," commented Keith Henderson, Velocity's president and chief executive officer. "We have been successful in demonstrating that the Rozino deposit is not fully defined by the PEA results and that there is potentially more to be added in terms of additional mineralization.

"In total, we plan to complete more than 12,000 metres of drilling at Rozino this year. This will include both infill drilling and additional exploration drilling as we seek to define the outer limits of the deposit."

Detailed results

The addition of a near-surface gold intersection from drill hole RDD-066, which collared outside of the preliminary economic assessment base case open-pit design, further expands mineralization to the southeast. The mineralization corresponds with surface soil and trench responses previously reported in Q4 2018 (see the attached table).

Drill hole RDD-063 collared inside the PEA base case open-pit limits and returned significant gold intersections that have the potential to extend the base case open pit at depth (see the attached table).

             RESULTS FROM DRILL HOLES RDD-063 TO RDD-066    
                                              
Drill hole      From (m)      To (m)      Thickness (m)      Gold (g/t)
                                                                       
RDD-063             0.0         8.0                8.0            1.33 
And               125.4       157.2               31.8            0.58 
Including         133.4       141.4                8.0            1.04 
RDD-064                     No significant intercept                   
RDD-065                     No significant intercept                   
RDD-066             0.4        24.8               24.4            0.85 
 
 
The drill intersections disclosed here have not yet been included in a
resource model and true thickness of mineralization has not yet been 
determined. Drill holes are designed to intersect mineralization 
perpendicular or close to perpendicular.

Quality assurance/quality control

The work program at Rozino 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 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 g/t gold composite and a maximum of three metres 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 of 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 envisions staged open-pit mining of satellite deposits and processing in a central, currently operating carbon-in-leach plant.

About Rozino

The Rozino project is one of seven exploration projects located within an exploration and mining alliance with Bulgarian operating partner Gorubso-Kardzhali AD. Velocity began exploring and drilling at Rozino in August, 2017, and completed a preliminary economic assessment in September, 2018. The preliminary economic assessment provides a base case assessment of developing Rozino by open-pit mining and on-site crushing, milling and simple flotation to produce a 30-gram-per-tonne gold concentrate. The concentrate would then be trucked 85 kilometres on existing roads to the currently operating carbon-in-leach plant, where saleable gold dore would be produced. Mineralization remains open for expansion. Having delivered the preliminary economic assessment, the company has exercised its option for a 70-per-cent interest in the project and will move forward in joint venture with Gorubso-Kardzhali AD.

We seek Safe Harbor.