Velocity Begins Drilling at Rozino Project, Bulgaria
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NR-18-23 December 3, 2018
Velocity Begins Drilling at Rozino Project, Bulgaria
Vancouver, British Columbia – Velocity Minerals Ltd . ( TSXV: VLC) (“ Velocity” or the “ Company”)
announces that it has initiated additional diamond drilling at the Rozino gold project (“Rozino”), located
in Bulgaria. Mineralization at Rozino is open for expansion and the drilling is aimed at increasing mineral
resources outlined in the Rozino Preliminary Economic Assessment (September 2018).
The Company intends to complete approximately 12 to 14 drill holes before the end of December . The
first drill holes will test for depth extensions of mineralization intersected in recent trench sampling
(previous news release, November 20, 2018) . The remainder of the drill program is planned but will be
subject to change as the Company is waiting for results from additional trenching and a new soil sampling
grid. First drill results are expected in late December or early January.
“While the Rozino PEA returned a positive after-tax IRR of 33% and an NPV5% of $129 million, the project
has strong growth potential as the mineralization remains open for expansion,” stated Keith Henderson,
Velocity’s President & CEO. “We believe that any additional resources we can discover through step-out
exploration drilling will potentially have a positive impact on the project economics.”
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
envisions staged open pit mining of satellite deposits and processing in a central, currently operating CIL
plant. The Company’s management and board includes 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 track record in managing publicly listed companies.
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 PEA provides
a base case assessment of developing Rozino by open pit mining and on-site crushing, milling and simple
flotation to produce a 30 g/t gold concentrate. The concentrate would then be trucked 85km on existing
roads to the currently operating CIL plant where saleable gold doré would be produced. Mineralization
remains open for expansion. Having delivered the PEA, the Company has exercised its option for a 70%
interest in the project and will move forward in joint venture with Gorubso-Kardzhali AD.
NR-18-23 Continued December 3, 2018
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About Bulgaria
Bulgaria is a member of NATO (2004) and a member of the European Union (2007). The local currency
(BGN) has been tied to the Euro since 1999 (1.956 BGN/EUR). The country is served by modern European
infrastructure including an extensive network of paved r oads. Bulgaria boasts an exceptionally low
corporate tax rate of only 10%. The country’s education system is excellent with good availability of
experienced mining professionals in a favourable cost environment. Foreign mining companies are
successfully operating in Bulgaria. The country’s mining law was established in 1999 and updated in
2011. Mining royalties are low and compare favourably with more established mining countries.
On Behalf of the Board of Directors
“Keith Henderson”
President & CEO
For further information, please contact:
Keith Henderson
Phone: +1-604-484-1233
E-mail: [email protected]
Web: www.velocityminerals.com
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward -looking statements” under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements with respect to: fut ure exploration and
testing carried out on the Tintyava property; use of funds; and the future business and operations of Velocity. Often,
but not always, forward looking statements can be identified by words such as “pro forma”, “plans”, “expects”,
“may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential”
or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or
results that may, could, would, might or will occur or be taken or achieved. Forward looking information involves
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to differ materially from any future results, performance or achievements expressed
or implied by the forward -looking information. Such risks and other factors include, among others, operating and
technical difficulties in connection with mineral exploration and development and mine development activities for
the Tintyava property, including the geological mapping, prospecting and sampling programs for the projects, the
fact that the Company’s interests in the Tintyava property is only an option and there is no guarantee that the
interest, if earned, will be certain, actual results of exploration activities, including the program, estimation or
realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs
of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a
sufficient supply of water and other materials, requirements for additional capital to fund the Company's business
plan, future prices of precious metals, changes in general economic conditions, changes in the financial markets and
in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures
of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining
industry, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange),
permits or financing or in the completion of development or construction activities, changes in laws, regulations and
policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on
insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities,
risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors
discussed under the heading. "Risk Factors" in the Company's annual management's discussion and analysis and
NR-18-23 Continued December 3, 2018
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other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the
Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no
obligation to update any of the forward- looking information in this news release or incorporated by reference
herein, except as otherwise required by law.
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