Velocity Minerals Ltd.
TSX : VLC

Velocity Minerals Ltd.

May 17, 2010 20:00 ET

Velocity Minerals Ltd.: Update of Activities at Cassiar Moly

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - Velocity Minerals Ltd. (TSX:VLC) - The Company wishes to clarify information contained in a corporate presentation on its website. Although the Cassiar Moly property has been sampled on surface and underground, there has been insufficient exploration to date to define a mineral resource or to estimate potential ranges of tonnes and grade for an exploration target, and it is uncertain if further exploration will result in the Company's current targets being delineated as a mineral resource. The company has deleted information about quantity, average grade, pounds of contained metal, and dollar value per tonne from the investor presentation on its website, as such information is premature and should not be relied on.

Velocity Minerals Ltd. plans to carry out a drilling program on its Cassiar Moly property this summer. Due to inclement weather and the early onset of winter conditions in 2009, the drilling program was suspended on the first drill hole at 260 feet before reaching the intended target zone. The rig was left on the drill pad and as soon as weather permits drilling of that initial hole will continue with at least three additional holes to follow depending on results. Of note, although the intended target, a mineralized shear zone, was not reached before drilling was suspended, the first drill hole had anomalous Mo. values from the surface to total depth of 260 ft. Unexpectedly and of tremendous encouragement to management, assay results showed a grade of 0.02% Mo. from 62 feet to 260 feet.

Surface and underground geological work strongly suggest that the mineralization is related to a north-northeast trending fault system that may represent a deep feeder structure. Vertical persistence to at least 250 metres from surface has been shown and the mineral zones found underground are open along strike and at depth.

A more detailed description of the Cassiar Moly projects is contained in the Amended & Restated Technical Report of the Company filed on July 31, 2009 and available at www.SEDAR.com.

This News Release has been reviewed and approved by Erik A. Ostensoe, P. Geo., Velocity's Qualified Person for purposes of its Cassiar, B. C. area projects.

Velocity Minerals Ltd. is a public company dedicated to the acquisition, exploration and development of molybdenum and other mineral resources. In addition to the Company's two Cassiar, B. C. area properties, several other opportunities in the mining industry in North America and elsewhere are actively being pursued.

On behalf of the Board of Directors,

Kenneth R. Holmes, Chairman

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

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