Velocity Minerals Ltd.
TSX : VLC

Velocity Minerals Ltd.

August 04, 2009 09:30 ET

Velocity Minerals Releases 2009 NI 43-101 Compliant Mineral Resource Calculation (Revised Table)

RICHMOND, BRITISH COLUMBIA--(Marketwire - Aug. 4, 2009) - Further to its news release of June 8, 2009 Velocity Minerals Ltd. (the "Company" or "Velocity Minerals") (TSX:VLC) wishes to advise that the resources calculation table included with that press release understated (by a factor of 10) the lbs. of molybdenum estimated to be contained in the Company's Mt. Haskin deposit. A revised table is provided below and was prepared by Eric Ostensoe, P. Geo., an independent professional geologist, as an amendment to the Company's recently filed NI 43-101 Technical Report and Resource Estimation, dated June 5, 2009.

A polygonal three dimensional solid model, based on historic and recent diamond drilling information from the Mt. Haskin property, can reasonably be defined 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. The mineralized zone is only partially delineated and may be expanded by further exploration work. Geophysical surveys and additional diamond drilling are recommended in the Report.



Inferred Mineral Resources - Mt. Haskin Property


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Tonnes greater than Grade greater than Lbs.
Cut-off % Mo cut-off (000's) cut-off (%Mo) of Mo
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0.1 3,963.3 0.1531 13,377,099
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0.08 5,892.9 0.1322 17,171,910
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0.05 11,019.1 0.1012 24,583,612
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0.03 13,838.3 0.0888 27,099,566
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0.01 15,238.9 0.0828 27,810,992
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0.0 15,477.4 0.0816 27,843,842
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The June 5, 2009 NI 43-101 Technical Report and Resource Estimation may be found on www.sedar.com and on the Company's website www.velocityminerals.com.

About Velocity Minerals Ltd.:

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.

Kenneth R. Holmes, Chairman.

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

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