Velocity Minerals option to acquire 75% interest in Kalabaka gold-copper property in Bulgaria

Velocity Minerals announced that it has entered into an agreement with Zelenrok EOOD, a subsidiary of Raiden Resources Limited, to obtain an exclusive option to acquire a 75% interest in the Kalabak gold-copper exploration and prospecting license in southern Bulgaria. To exercise the option, Velocity must drill over 5,000 meters and prepare a National Instrument 43-101 compliant Mineral Resource estimate within a five-year period.

Calabac is located in a highly prospective gold belt where exploration has been limited and focused on only one prospect. The property is in close proximity to Velocity' Ada Tepe gold mine and Velocity' Rozino deposit'Minerals.

Research conducted by Raiden has confirmed the presence of porphyry mineralization at the Kalabak deposit. In addition, three new zones with mineralization and vein textures have been discovered indicating the presence of an epithermal environment similar to that observed at Ada Tepe and Rozino.

The Kalabak deposit is located in a gold ore belt that extends through southern Bulgaria, northern Greece and western Turkey.

To exercise the option Velocity must meet a number of requirements including drilling over 5,000 meters and preparing a mineral resource estimate in''over a five-year period. Upon full exercise of the option, Velocity and Raiden will form a joint venture where Velocity will own 75% and Raiden will own 25%.

The company also announced that it has entered into an agreement with Leede Jones Gable Inc. to provide advisory services for a strategic review of the company. Under the agreement, Advisor will provide financial and general business advisory services for a 12-month period.

The technical content of this announcement has been approved by Daniel Marinov, NI 43-101 Qualified Person and Vice President of Velocity Minerals.