Velocity Receives Conditional Approval for Graduation to Tier 1, TSX Venture Exchange

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NR-19-08 May 9, 2019

Velocity Receives Conditional Approval for

Graduation to Tier 1, TSX Venture Exchange

Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” or the “ Company”)

announces that it has received conditional approval to graduate from Tier 2 to Tier 1 (the “ Tier Move”)

on the TSX Venture Exchange (the “Exchange”).

Application to Graduate to Tier 1

In October 2018, the Company filed a Preliminary Economic Assessment on the Rozino Project, Tintyava

Property, Bulgaria (the “PEA”) (see previous news release dated 29 October 2018). The Company confirms

it has completed Phase I work on the Rozino project as recommended in the PEA, consisting of detailed

soil geochemistry, trenching and approximately 1,000m of diamond drilling and costing

approximately $0.75 million. The Company further confirms that Phase II drilling at Rozino has

commenced (previous news release 28 Ma rch 2019). Phase II is expected to include a total of 12,000m

to 14,000m of drilling, together with additional metallurgical and comminution studies as well as

hydrogeological, geotechnical and environmental work. The budget for the Phase II exploration program

is approximately $2.26 million as to the 70% interest that the Company is responsible for paying. The

Company is well- financed and has adequate working capital on hand to complete Phase II as

recommended by the PEA. On this basis the Company has made an application to the Exchange to

graduate from Tier 2 to Tier 1, which Tier Move has been conditionally accepted by the Exchange.

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.