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Velocity Minerals Ltd. Announces Commencement of Drilling on Mt. Haskin

July 30, 2008

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 30, 2008) – Velocity Minerals Ltd. (TSX:VLC) is pleased to announce that drilling has commenced on its Mt. Haskin property near Cassiar in northern British Columbia.

As described in the Velocity Minerals news release of May 7, 2008, the property contains a granitic pluton that has a contact zone carrying molybdenite mineralization and several nearby skarn zones that have zinc, copper, silver, lead, tin and bismuth values. The molybdenite area was explored in the late 1960s by Della Mines Ltd., a private company that drilled over 29,000 feet in more than forty diamond drill holes. A historical estimate of 13.5 million tons @ 0.157% MoS2 above a cut-off grade of 0.050% was prepared in 1970 by G.L. Lamont, P. Eng., that company’s engineer. The sampling and analytical methods used are unknown, and unverified by a NI 43- 101 Qualified Person. Similarly, Lamont’s usage of the term “reserve” does not conform to current usage of the term.

In addition to geochemical and geophysical surveys, the Company plans to carry out a 3,500 meters drill program to confirm the historical results and to explore and hopefully expand the limits of the deposit.

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.

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