New High-Grade Gold Zone At Obichnik Gold Project

VANCOUVER - Velocity Minerals Ltd. reported receipt of results for additional drill holes at the Obichnik gold project in Bulgaria. Results have been received for 16 drill holes, including two drill holes at the new high-grade Premka discovery. Mineralization is open and drilling is ongoing. Highlights at the new Premka zone include drill hole ODD-063; 6.0m grading 15.80 g/t gold & 76.72 g/t silver (including 2.0m at 37.98 g/t gold & 165.50 g/t silver). Drill hole ODD-061 intersected 7.7m at 0.92 g/t gold and 53.76 silver (including 1.0m at 4.04 g/t gold and 331.00 g/t silver). A program of step out drilling is in progress on the strike extensions including testing the down dip and up dip extensions to the intersects.

“The new Premka discovery has been tested by just two drill holes so far, both of which are strongly mineralized. Gold mineralization is associated with mapped silica alteration, which has yet to be tested to the east and west. The high-grade nature of the gold mineralization is very encouraging and there is more drilling to do at this target,” said Keith Henderson, President & CEO. “We remain focused on building a multi-asset gold production profile in Bulgaria with a ‘Hub & Spoke’ development strategy. With the recent positive prefeasibility at the Rozino project, we continue to advance our exploration drill programs for resource expansion and definition at Rozino as well as the Obichnik, Makedontsi and Iglika projects.”