Velocity Files Revised Technical Report on SEDAR for Rozino Gold Project, Southeast Bulgaria

Rhea-AI Summary

Velocity Minerals Ltd. has filed a revised NI 43-101 technical report for the Rozino gold project in Bulgaria, dated December 15, 2021. The report, prepared by CSA Global, outlines the pre-feasibility study for the project and is available on SEDAR and the company's website. Velocity, with a focus on southeastern Bulgaria, aims to develop a low-cost centralized 'Hub and Spoke' operation, owning interests in multiple properties including Rozino. This strategic development could enhance its production capabilities in the emerging district.

Positive

• Filed revised NI 43-101 technical report for Rozino project, signaling commitment to regulatory standards.
• Prepared by CSA Global, indicating expert involvement in feasibility studies.
• Focus on low-cost centralized operations could increase efficiency and profitability.

Negative

• None.

VANCOUVER, British Columbia, Dec. 17, 2021 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) reports that it has filed a revised National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report for the Rozino gold project, located in southeast Bulgaria.

The NI 43-101 technical report is entitled “Revised NI 43-101 Technical Report Pre-Feasibility Study for the Rozino Gold Project, Bulgaria” (the “Technical Report”) and is dated December 15, 2021 and dated effective September 28, 2020. The Technical Report was prepared pursuant to NI 43-101 by CSA Global, an international mining consultancy with experience in Bulgaria. The Technical Report is available on the Company’s SEDAR profile at www.sedar.com and is available on the Company’s website at www.velocityminerals.com.

About Velocity Minerals Ltd.

Velocity is an exploration and development company focused on southeastern Bulgaria. Velocity’s strategy is to develop a low cost centralized “Hub and Spoke” operation whereby multiple projects within this emerging district produce concentrates for trucking to a central processing plant for production of doré. Velocity has 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 management and board includes mining industry professionals with 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.

On Behalf of the Board of Directors

"Keith Henderson"
President & CEO

For further information, please contact:	Keith Henderson Phone: +1-604-484-1233 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 contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve 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 expressed or implied by the forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

FAQ

What is the latest update on Velocity Minerals Ltd. (VLCJF) regarding the Rozino gold project?

Velocity Minerals Ltd. has filed a revised NI 43-101 technical report for its Rozino gold project as of December 15, 2021.

When was the revised NI 43-101 technical report for the Rozino project issued?

The revised NI 43-101 technical report for the Rozino project was issued on December 15, 2021.

Who prepared the revised technical report for Velocity Minerals' Rozino project?

The revised technical report for the Rozino project was prepared by CSA Global.

Where can I find the revised NI 43-101 technical report for Velocity Minerals Ltd.?

The revised NI 43-101 technical report is available on Velocity Minerals' SEDAR profile and their official website.

What is Velocity Minerals Ltd.'s strategy for the Rozino gold project?

Velocity Minerals Ltd. is pursuing a low-cost centralized 'Hub and Spoke' operation strategy for the Rozino gold project.