Velocity Minerals Ltd.

Velocity Minerals Ltd.

July 21, 2009 10:54 ET

Velocity Minerals Ltd. Announces Commencement of Work Program on Cassiar Moly

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2009) - Velocity Minerals Ltd. (TSX:VLC) is pleased to announce that it has commenced a work program on its Cassiar Moly property located just southwest of Cassiar, BC. As described in prior news releases, the property, which is located 23 kms southwest of the Company's Mt. Haskin molybdenum property, has strong molybdenite mineralization with minor chalcopyrite as fracture fillings and replacement disseminations along with quartz and potash feldspathization. Approximately 3500 feet (1067 m) of underground workings 700 feet (210 m) below surface outcrops were previously directed to the molybdenite zones but are currently inaccessible. Also as mentioned in the earlier releases, there are prior reported surface occurrences of 0.20% Mo across 12 feet (3.66 meters) to 3.6% Mo across 5 feet (1.52 meters) and the adit has reported highgrade zones that assay as much as 4.17% MoS2 over a meter and a combined average grade of 1.64% MoS2 across 3 meters. The quoted assays have not been verified in the field by a NI 43-101 Qualified Person and should be viewed with caution.

The work program will initially consist of surface sampling to relocate the highgrade mineralization, rehabilitation of the adit to permit relocation of the underground highgrade zones, and computer modelling of the results. This initial phase will be followed by a drill program to begin delineating the mineralization.

Mr. Kenneth Holmes, Chairman of Velocity, is quoted as saying, "We are very pleased to finally be able to target this high grade mineralization on surface and in the adit 700 feet below. Previous owners of this property never drilled from the surface to the adit to test for the mineralization that we believe connects the two occurrences. Nor, to our knowledge, did they drill below the adit to what we believe could be the source. We are excited to finally be able to do so."

Velocity Minerals Ltd. is a company dedicated to the acquisition and development of advanced or high-grade molybdenum mineral properties. Velocity presently owns the mineral rights to two molybdenum projects in northern British Columbia (Mt. Haskin and Cassiar Moly) and is actively pursuing other properties in North America and internationally.

The TSX has neither approved nor disapproved of the information contained herein.

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