Bulgaria capitals

Velocity exercises option to acquire 70% stake in Makedontsi project in Bulgaria

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VANCOUVER, British Columbia, November 16, 2021 (GLOBE NEWSWIRE) – Velocity Minerals Ltd. (TSX.V: VLC) (“Speed“or the”Society“) announces that it has delivered an option exercise notice (the”Exercise notice”) To Gorubso-Kardzhali AD (“Gorubso“) for the Nadezhda property (the”Goods“), which includes the Makedontsi project (“Makedontsi“or the”Project“). To fulfill the conditions of the option agreement with Gorubso, Velocity was required to provide an environmental impact assessment prepared in accordance with Chapter Six of the Bulgarian Environmental Protection Act. In addition, Velocity alone will fund 2,000 m of future drilling and provide a mineral resource estimate prepared in accordance with National standard 43-101. Following the delivery of the Exercise Notice, Velocity is deemed to have acquired a 70% interest in the Property and to be in a joint venture with Gorubso for the further development of the Property.

Makedontsi project

Mineralization at Makedontsi outcrops locally but elsewhere the potential sediments are covered with a thin veneer of post-mineral limestone estimated to be 10 to 30 m thick. Exploration to date, comprising 8 diamond holes and 14 reverse circulation holes, has been completed to test the grade and extent of historic drilling. Drilling intersected the mineralization from surface and the mineralization remains open for expansion. Future drilling will continue to test the extensions of the mineralization.

Change of direction

Velocity announces the retirement of Mr. Stuart A. Mills as Vice President, Exploration and Officer of the Company. Although Mr. Mills is retiring from his full-time position, he will retain the position of Director of Geology and will continue to provide exploration services on a part-time basis.

“Stuart has been instrumental in defining ounces on our flagship Rozino project as well as overseeing all of our exploration activities in Bulgaria over the past 4 years. We are very pleased that Stuart continues to provide his exploration advice and guidance, ”said Keith Henderson, President and CEO. “The Board of Directors also thanks Stuart for his contribution and wishes him an excellent retirement.

Sustainability and reports

Velocity plans to release an ESG report for 2021, which will provide details on activities related to sustainability, community engagement, greenhouse gas (GHG) monitoring, as well as environmental projects and development. monitoring of the Rozino project. Our first annual ESG report, the ESG 2020 report, was published on the Company’s website during this year and can be downloaded from www.velocityminerals.com.

Over the past four years, Rozino has progressed rapidly from initial exploration to a positive pre-feasibility study. As our exploration activities have intensified, our activities related to environmental monitoring, stakeholders and social engagement, as well as community projects focused on the environment have also grown. intensified.

More recently, we started a new recycling project in the municipality of Ivaylovgrad, where the Rozino project is located. The recycling project involved the design and manufacture of collection facilities for plastic bottles, which were placed in places accessible to the public. Velocity staff manage the collection of plastics as well as the processing and transportation of the material for off-site recycling. This is the first time that recycling facilities have been available in Ivaylovgrad and the interest of the local population has exceeded all expectations.

A new community project with an environmental focus includes the installation of beehives at the Rozino site. Bees are very sensitive to their environment and we view their coexistence with our exploration activities as a positive indicator that we are effectively managing noise and other environmental factors.

These and other sustainability projects will be described in detail in our planned 2021 ESG report.

About Velocity Minerals Ltd.

Velocity is an exploration and development company focused on South East Bulgaria. Velocity’s strategy is to develop a low-cost centralized “Hub and Spoke” operation whereby several projects in this emerging district produce concentrates for trucking to a central processing plant for the production of walleye. Velocity owns a 70% interest in the Tintyava property, which includes the Rozino project, a 70% interest in the Momchil property, which includes the Obichnik project, a 70% interest in the Nadezhda property, which includes the Makedontsi project, and a 100% interest in the Iglika property. Velocity’s leadership and board of directors includes mining industry professionals with a combined experience in Europe, Asia and the Americas as employees of large mining companies as well as founders and senior executives of small and medium-sized public enterprises. The team’s experience includes all aspects of mineral exploration, resource definition, feasibility, finance, construction and mining as well as experience in managing listed companies. in stock exchange.

Qualified person

The technical contents of this press release have been approved for disclosure by Stuart A. Mills, BSc, MSc, CGeol, a Qualified Person as defined by NI 43-101 and the Company’s Chief Geology Officer. Mr. Mills is not independent of the Company.

On behalf of the board of directors

“Keith Henderson”

President and CEO

For more information, please contact:

Keith Henderson Phone: + 1-604-484-1233 Email: [email protected]The Web: www.velocityminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes certain “forward-looking statements” within the meaning of applicable securities laws in Canada and the United States, including the U.S. Private Securities Litigation Reform Act 1995. All statements, other than statements of historical fact, included herein, including, but not limited to, statements regarding future exploration and testing performed on the Project; use of funds; and the future activities and operations of the Company, are forward-looking statements. Often, but not always, forward-looking statements can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, ” expected ”,“ ”estimates”, “anticipates”, “intends”, “anticipates”, “believes”, “potential” or variations of these words, including negative variations thereof, and phrases referring to certain actions, events or results that may, could, would, could or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, but not limited to, market fundamentals will result in sustained demand and prices for precious metals, obtaining all permits, licenses and regulatory approvals required in connection with the future exploration and development of the Company’s projects in a timely manner, the availability of financing on appropriate terms for the exploration and development of the Company’s projects and the Company’s ability to comply with environmental, health and safety laws.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the Company. forward-looking information. These risks and other factors include, among others, operational and technical difficulties associated with mining exploration and development and mining development activities for the Project, including geological mapping, prospecting and sampling programs. for the Project, the actual results of exploration activities, the estimate or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, production costs, capital expenditures, costs and the timing of the development of new deposits, if any, the availability of an adequate supply of water and other materials, the additional capital requirements to finance the business plan of the Company, future prices of precious metals, changes in general economic conditions, changes in financial markets and in the market demand and price of materials raw materials, possible variations in ore grade or recovery rates, possible failures of factories, equipment or processes to perform as intended, accidents, work r disputes and other risks in the mining industry, delays in obtaining government and regulatory approvals (including from the TSX Venture Exchange), permits or financing or in carrying out development or construction activities, risks associated with epidemics or pandemics such as COVID-19, including the impact of COVID -19 on the activities of the Company, its financial position and its results of operations, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, disputes relating to securities or limitations of claims on insurance coverage and the existence, timing and possible outcome of disputes, issues and liability environmental issues, the risks associated with joint venture operations and the risks associated with the integration of acquisitions, as well as the factors discussed under the heading “Risk Factors” in the Company’s annual MD&A and other filings of the Company. Company with Canadian Securities Administrators, 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 assumes no obligation to update any forward-looking information contained in this press release or incorporated by reference herein, except as otherwise required by law.

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Source: Velocity Minerals Ltd.