Velocity Drill Testing High Priority Geochemical Target at Rozino Gold Deposit, Southeast Bulgaria - Seite 2

Results are pending and follow up regional exploration within the 163km² Tintyava Prospecting Licence will continue throughout 2020.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b64b2a5-0cc6-49b8 ...

Management Changes

Velocity also announces the appointments of Mr. Darren Morgans as Chief Financial Officer and Ms. Dani Palahanova as Director of Finance for the Company.  Mr. Morgans replaces Mr. Blaine Bailey who will assist the Company through a transition period.  The Company would like to thank Mr. Bailey for his hard work over the past several years and wishes him every success in the future.

Mr. Darren Morgans is a Canadian CPA, CA who has worked with Canadian and Australian publicly listed resource companies for almost 20 years.  Mr. Morgans is currently the CFO of Midas Gold Corp.  Prior to joining Midas Gold Corp. in 2011, he was the Controller and Secretary for Terrane Metals Corp. prior to its acquisition by Thompson Creek Metals.  Mr. Morgans began his career with PwC after obtaining a Bachelor of Commerce from the University of Queensland.

Ms. Dani Palahanova is Canadian-Bulgarian CPA, CGA with over 15 years of experience in managing and leading finance and accounting functions of publicly listed Canadian companies with international presence.  Ms. Palahanova has held positions as CFO, Controller and Corporate Secretary for various junior exploration and technology companies in Vancouver.  She was an instrumental member of the finance team that supported Asanko Gold Inc. transition from a late stage exploration company to a mid-tier gold producer. Ms. Palahanova has a Bachelor of Business Administration from the University of National and World Economy in Sofia, Bulgaria, and is an Executive MBA candidate at SFU Beedie School of Business.

“We are pleased to expand the Velocity management team with the financial expertise that Mr. Morgans and Ms. Palahanova bring to the Company,” stated Mr. Keith Henderson, President and CEO.  “As Velocity continues to advance its gold projects in Bulgaria through to prefeasibility, Darren and Dani provide both international and in-country financial experience.”

Quality Assurance / Quality Control

The work program at Rozino was designed and is supervised by Stuart A. Mills, CGeol, the Company's Vice- President Exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Global laboratory in Romania for sample preparation and subsequent analysis of the pulped materials at Als’ laboratory in Ireland. Samples used for the results described herein are prepared and analyzed for Multielement Inductively Coupled Mass Spectrometry in compliance with industry standards. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch. The South Zone soil survey covered an area of 1,200m x 600m and included 926 soil samples collected on a 25m x 25m grid.