Velocity Minerals Ltd.

Velocity Minerals Ltd.

June 08, 2009 04:00 ET

Velocity Minerals Ltd. Releases a NI 43-101 Compliant Mineral Resource Estimate for Mt. Haskin Property

RICHMOND, BRITISH COLUMBIA--(Marketwire - June 8, 2009) - Velocity Minerals Ltd. (the "Company" or "Velocity Minerals") (TSX:VLC) is pleased to announce that it has received a NI 43-101 compliant Mineral Resource Estimate Report dated May 28, 2009 for the Company's Mt. Haskin molybdenum deposit. The Mineral Resource Estimate Report has been prepared for the Company by David S. Boyer, MSc., R.G., an independent professional geologist engaged by the Company and a Qualified Person (as defined in NI 43-101).

Mt. Haskin is an exploration stage property in search of a potentially viable molybdenum deposit. The estimates have been characterized by reference to CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on December 11, 2005. The resource estimate described below was prepared based upon a 13 holes drill program completed by the Company in 2008 and historical drill log and analytical information for 24 holes drilled by Della Mines Ltd.

The work completed by Mr. Boyer included:

- Collection of all available drilling and topographic information;

- Development of a 3-D solid of mineralized domain;

- Geo-statistical analysis of the data;

- Development of a 3-dimensional exploration block model; and

- Resource estimation and classification.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from l outcrops and drill holes.

A polygonal three dimensional solid model, prepared by Mr. Boyer and based on historic and recent diamond drilling information from the Mt. Haskin property, has been defined by him as an Inferred Mineral Resource.

The Table below presents the Inferred Mineral Resource estimate for the Mt. Haskin molybdenum property. The estimate includes resources above several %Mo cut-offs.

Inferred Mineral Resources - Mt. Haskin Property

Tonnes greater than Grade greater than Million
Cut-off % Mo cut-off (000's) cut-off (%Mo) lbs. Mo
0.1 3,963.3 0.1531 1.338
0.08 5,892.9 0.1322 1.718
0.05 11,019.1 0.1012 2.457
0.03 13,838.3 0.0888 2.710
0.01 15,238.9 0.0828 2.781
0 15,477.4 0.0816 2.782
Total 15,477.4 0.0816 2.782

The mineralized zone is only partially delineated and may be expanded by further exploration work. Geophysical surveys and additional diamond drilling are recommended by Mr. Boyer.

Regarding Velocity data:

Sampling protocols were established by Erik Ostensoe, P. Geo., an independent Qualified Person (as defined in NI 43-101). The drill core was sampled at least every 10 feet or at intervals of interest (lithologic contacts, mineralized zones, faults). QA/QC samples (standards, blanks, duplicates) were routinely inserted every 20 samples. Analytical data (assay) verification was completed by Mr. Ostensoe and most of the standard and duplicate assay results were rechecked by Mr. Boyer to ensure accuracy of the database.

All drill locations for Velocity drill holes were surveyed by differential GPS, with sub-meter accuracy. Drill core specific gravities were not recorded but on the basis of standard tables of specific gravities of common rocks, a density of 2.65 was used to calculate the tonnage factor for resource estimation purposes.

Regarding Della Mines data:

The Della Mines Ltd. analytical data were manually entered into the database from historic records for which there are no QA/QC records. Locations for historical drill holes were identified from a geo-referenced geologic map. Points used to geo-reference the map were surveyed in 2008 to enable inclusion of historic drill holes.

There is no recordation of sampling protocols or assay techniques for the historical data. Historical assays were manually entered into the database. The entry of every 10th assay was re-checked for accuracy. Zones of interest were then checked a third time to make sure historical values were entered accurately.

The Company verified the historical analytical data by twinning 3 holes. Mr. Boyer compared the historical data with assays for the three new holes and found that there was a good correlation, with correlation factors from .48 to .77 (correlation factors .5 and above are considered good).

Disclosure of detailed geological and exploration information regarding the Mt. Haskin property as required by NI 43-101, may be found in the "AMENDED REVIEW OF MT. HASKIN AND CASSIAR MOLY MOLYBDENUM PROSPECTS CASSIAR DISTRICT NORTHWESTERN BRITISH COLUMBIA, CANADA", prepared by Erik Ostensoe, P. Geo., dated February 26, 2009 and filed on SEDAR.

About Velocity Minerals Ltd.:

Welcome to Velocity Minerals Ltd., 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 Company has a skilled management team with decades of experience in both the mining industry and public financial markets and intends to focus the majority of its efforts on the further exploration and development of the Mt. Haskin and Cassiar Moly projects.

Kenneth R. Holmes, Chairman

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

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