Velocity Minerals Ltd. announced that it has entered into a binding letter agreement with Zelenrok EOOD ("Zelenrok"), a wholly-owned subsidiary of Raiden Resources Limited (collectively with Zelenrok, "Raiden"), whereby Velocity has been granted an exclusive option to acquire, in two stages, up to a 75% interest (the "Option") in and to the prospecting and exploration licence covering the 195 km2 Zlatusha gold-copper property ("Zlatusha" or the "Property"), located in Bulgaria. The Option consists of a first option to acquire up to a 51% interest (the "First Option") and a second option (the "Second Option") to acquire an additional 24% (aggregate 75%) interest in and to the Property. Zlatusha Project Highlights: Large, under-explored property, located in a highly prospective copper-gold mineral belt; Potential for epithermal gold, porphyry copper-gold, and skarn deposits; A total of seven known mineral occurrences for initial follow-up exploration; Historical drilling totals 52 drill holes (~10,000m) with partial geochemical coverage; Drilling highlights at Zlatusha Prospect include 11m grading 3.63 g/t gold (at surface).

The Zlatusha prospecting license is located within a Tier One porphyry copper-gold and epithermal belt, in the Western Srednogorie segment of the Upper Cretaceous magmatic arc, which transects Serbia and Bulgaria. The geological setting of the Western Srednogorie segment is very similar to the Timok Magmatic complex (located 95 km to the northwest in Serbia) that hosts the Bor, Majdanpek and Cukaru Peki copper-gold deposits, as well as the Panagyurishte ore field (located 65 km to the east in Bulgaria), which host operating mines like Chelopech, Elatsite and Asarel copper-gold deposits. The Property is underlain by Upper Cretaceous andesite volcanic rocks, Cretaceous carbonate and clastic sedimentary rocks, which are intruded by diorite porphyry stocks and dikes.

Velocity's due diligence identified several magmatic-hydrothermal centers with outcropping copper-gold mineralization hosted in rocks of favourable upper Cretaceous age and composition. In total, the Property hosts seven historically defined porphyry, epithermal and skarn prospects, including advanced prospects with historical drilling. No modern systematic exploration has been carried out and the Company considers the Property prospective for discovery of additional deposits.