Velocity Commences 2019 Drill Program at Rozino Gold Deposit, Southeast Bulgaria
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NR-19-06 March 28, 2019
Velocity Commences 2019 Drill Program at
Rozino Gold Deposit, Southeast Bulgaria
Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” or the “ Company”)
announces that drilling and exploration activities at the Rozino gold deposit (“ Rozino”), southeast
Bulgaria, have resumed and are ongoing as planned (previous news release March 1, 2019). Several drill
holes have been completed and the first results from the 2019 drill program are expected in the coming
weeks.
A total of 12,000m to 14,000m of drilling is planned to be completed at Rozino, which will include
exploration drilling to expand the resource base as well as resource definition and infill drilling. The drill
program includes both exploration drilling and infill drilling aimed at increasing the existing mineral
resource base (previous news release dated September 17, 2018) and improving resource definition.
The Rozino drill program is also intended to support additional metallurgical and comminution studies as
well as hydrogeological and geotechnical work, all of which will be carried out in parallel. Environmental
data collection is ongoing and will continue.
The Company plans to complete an additional 1,000m of drilling regionally to begin testing structural
targets located close to the Rozino deposit. It is anticipated that discoveries within several kilometres of
the Rozino deposit could potentially add value by utilizing common infrastructure.
Stock Option Grant
The Company also announces that it has granted 925,000 common share stock options (each, an
"Option") to various employees and consultants of the Company and its affiliates. The Options entitle the
holder to purchase shares at a price of $0.28 per share for a period of 24 months from the issue date.
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 NI 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 Bulgaria. The Company envisions
staged open pit mining of sa tellite deposits and processing in a central, currently operating carbon-in-
leach (“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.
NR-19-06 Continued March 28, 2019
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About Rozino
Velocity began exploring and drilling at Rozino in August 2017 and completed a Preliminary Economic
Assessment in September 2018 (the “PEA”). T he 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.
The Rozino gold deposit is located within in the Tintyava property (the “Tintyava Property”), which is one
of several exploration projects located within an Exploration and Mining Alliance between Velocity and
Gorubso-Kardzhali AD (“ Gorubso”). Velocity, through its wholly -owned subsidiary Kibela Minerals AD,
holds a 70% interest in Tintyava Explor ation EAD (“ Tintyava Exploration”), a corporate joint venture
company that holds the Prospecting and Exploration Licence for the Tintyava Property, with Gorubso
holding the remaining 30%.
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 roads. 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: future 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”, “est imates”, “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
NR-19-06 Continued March 28, 2019
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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 dev elopment 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
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 i nformation in this news release or incorporated by reference
herein, except as otherwise required by law.
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