Makedontsi Project

Historical Gold Resources on Prospecting Licence

Velocity has negotiated an option to earn a 70% interest in the Makedontis gold project through delivery of a NI 43-101 preliminary economic assessment. Historical resources of 290,000 ounces(1) gold at the Makedontis project have been published (2013). Planned due diligence will focus on historical exploration and assess the potential to discover more mineralization in and around the existing deposit.

Cautionary Statement Regarding Historical Resources

(1) Historical resources at Makedontsi (2013) were calculated by Gorubso using the Bulgarian classification scheme, based on manual polygonal methods of resource classification.  Resources were submitted to and accepted by the Bulgarian government, Dragiev H, 2013 "Mlechino Prospecting License, Geological Report at the Nadezhda Prospect, with Resource and Reserve Recalculations of ‘Au Ores’ at the Makedontsi, Dangovo and Kalina deposits”. In order to verify the potential existence of additional unmined mineralization at Makedontsi, significant drilling will be required.

The Company is not treating the historical resources referenced above as current mineral resources or mineral reserves.  Historical resources are not consistent with the standards of disclosure defined by NI 43-101 and may not necessarily be consistent with CIM best practice with respect to reporting mineral resources and reserves.  Historical resources are included in this presentation because they are considered relevant by the Company as they form additional support for the potential optioning of the Gorubso Properties by Velocity.

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