VLC.V · 2017-09-28 12:00:00

Velocity Defines Multiple Surface Soil Anomalies at Ekuzya Gold Exploration, Southeast Bulgaria

Exploration Programs Sampling & Geoscience Results

NR‐17‐09 September 28, 2017

Velocity Defines Multiple Surface Soil Anomalies

at Ekuzya Gold Exploration, Southeast Bulgaria

Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” o r t h e “Company”)

announces that it has received laboratory results from a soil sampling program at the Ekuzya Project

(“Ekuzya” or the “ Project”), southeast Bulgaria. A total of 401 soil samples were colle cted on a 50m by

50m grid covering the eastern portion of the Property (Figure 1). Results range from below detection up

to 3.16g/t gold and confirm Velocity’s interpretation that Ekuzya contains widespread gold mineralization

and that the Property is part of the Chala mine mineralizing system.

Soil Gold Anomalies

The Company has now established eight targets ( Figure 1) that are prospective for gold mineralization.

These include Ekuzyata, Zone 5 and Zone 5a, which were established as targets using historical drilling and

historical base metal mining records where available. Five additional and previously unknown anomalies

have also been detected. The eight targets together comprise over 30 hectares.

Trench sampling at the Ekuzyata target, extending into soil anomaly Zone 5 has been completed and

results are pending. On receipt of trench results, the Company will continue trenching the untested soil

anomalies with a view to drilling targets in early 2018.

Figure 1: Gridded soil geochemistry with anomalies highlighted

NR17‐09 Continued September 28, 2017

Historical Drilling

Historical drill holes are shown on Figure 2. Only 3% of historical drill core samples at Ekuzya were assayed

for gold and drill holes containing gold analysis are highlighted. Ekuzyata and Zone 5 include several holes

with gold analysis, although it is notable that the best part o f the larger Ekuzyata anomaly has not been

drill tested and analyzed for gold. Zone 5a has no historical holes with gold analysis.

A n o m a l y 1 i s l o c a t e d b e t w e e n Z o n e 5 a a n d Z o n e 5 a n d w a s h i s t o r ically drilled for base metal

mineralization but has not been analyzed for gold. Anomalies 2 to 5 are undrilled and have had little if

any previous exploration.

Figure 2: Ekuzya targets showing historical drill holes

Ekuzya Project Background

Ekuzya is contiguous with the Chala gold mine, operated by Goru bso Kardzhali A.D. (“Gorubso”) and the

Project is located within the Chala mining concession. The Eku zya project was first to be explored in the

early 1980’s as a base‐metal (lead and zinc) play including 122 drill holes for 38,000m, only 3% of historical

drill core samples were analyzed for gold. Where such analysis exists, gold mineralization has generally

been recorded. Historical exploration after the collapse of the Soviet Union focused on gold exploration

in the north resulting in the discovery of the Chala Gold Mine and little if any gold exploration was

conducted within the Ekuzya property.

V e l o c i t y ’ s i n t e r p r e t a t i o n i s t h a t E k u z y a i s p a r t o f a n i n t e r m e diate‐sulphidation gold and base‐metal

mineralizing system and that the Project is prospective for gol d mineralization similar to that currently

mined at Chala. Underground development at Chala comes within 100m of the Ekuzya property

boundary.

Quality Assurance / Quality Control

The work program at Ekuzya 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

NR17‐09 Continued September 28, 2017

security sealed and shipped to Eurotest Control EAD in Sofia. Soil samples were collected as bulk samples

and sieved in the Eurotest laboratory to 80% passing 200µ. The samples were analyzed by fire assay using

a 30‐gram charge in compliance with industry standards. Field duplicate samples and blanks are added

to every batch.

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 focussed on eastern Europe. The Company’s

management and board includes mining industry professionals wit h over 100 years of 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.

The Company’s portfolio of advanced gold exploration assets is currently in Bulgaria, which is a member

of the European Union (2007) and an attractive destination for mining investment. 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 like Canada, Peru and Chile. Bulgaria also boasts a corporate tax rate

of only 10% and the country’s education system has yielded a go od availability of experienced mining

professionals in a favourable cost environment. Foreign mining companies are successfully operating in

Bulgaria.

Local knowledge and experience are essential components of mining investment in a foreign jurisdiction.

Velocity Minerals has entered into a number of option agreement s with Gorubso Kardzhali A.D.

("Gorubso'), an established and respected mining company in Bul garia. Gorubso operates the

underground Chala Gold Mine (2006) and the Kardzhali Carbon In Leach (CIL) processing plant (2011),

which produces gold dore. Gorubso is the first and only company in Bulgaria to have secured a permit for

cyanide‐related processing of gold ores. Velocity’s management has a long‐standing relationship with

Gorubso as well as significant previous experience in Bulgaria and elsewhere in the region.

On Behalf of the Board of Directors

"Keith Henderson"

President & CEO

For further information, please contact: Keith Henderson

Phone: +1‐604‐638‐3456

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 Ekuzya property;

NR17‐09 Continued September 28, 2017

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 e x p r e s s e d o r i m p l i e d b y t h e f o r w a r d ‐ l o o k i n g

information. Such risks and other factors include, among other s, operating and technical difficulties in connection

with mineral exploration and development and mine development a ctivities for the Ekuzya property, including the

geological mapping, prospecting and sampling programs for the p rojects, the fact that the Company’s interests in

the Ekuzya property is only an option and there is no guarantee that the interest, if earned, will be certain, actual

results of exploration activitie s, including the program, estim ation 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 financia l 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 dis putes 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 lo oking 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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