Vela Minerals Terminates Transaction with Standard Uranium

VELA MINERALS LTD.

Suite 2200, 885 West Georgia Street

Vancouver, British Columbia

V6C 3E8

NEWS RELEASE

VELA MINERALS TERMINATES TRANSACTION WITH STANDARD URANIUM

February 14, 2019 – Vancouver, British Columbia – Vela Minerals Ltd. (the “Company”)

announces that the definitive purchase agreement entered into with Standard Uranium Ltd.

(“Standard Uranium”), and its shareholders, has been terminated. I n connection with the

proposed acquisition of Standard Uranium, no funds were advanced to Standard Uranium or

any of its related parties and the Company did not assume any contingent liabilities or

guarantees. For further information concerning the definitive purchase agreement entered into

with Standard Uranium, readers are encouraged to review the Company’s news release of April

19, 2018.

The Company has requested that trading in its common shares resume on the TSX Venture

Exchange, and will issue a further news release once the effective date for the resumption has

been confirmed.

Following the resumption of trading, the Company expects to initiate development work at its

mineral resource project located near Cree Lake in the Province of Saskatchewan. Initially, the

Company plans to conduct surveying and clearing work for the purposes of obtain the

necessary data to identify potential test drilling sites for the next phase of development at the

project.

For further information, contact Richard Grayston at [email protected].

On behalf of the Board,

Vela Minerals Ltd.

Richard Grayston, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements

within, other than statements of historical fact, are to be considered forward looking. Although the Company believes

the expectations expressed in such forward-looking statements are based on reasonable assumptions, such

statements are not guarantees of future performance and actual results or developments may differ materially from

those in forward-looking statements. T here can be no assurances that such statements will prove accurate and,

therefore, readers are advised to rely on their own evaluation of such uncertainties. W e do not assume any

obligation to update any forward-looking statements except as required under the applicable laws.