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October 06, 2008 Velocity Minerals Ltd.-Initial Mt. Haskin Drill Program Progress Report

VANCOUVER, BRITISH COLUMBIA - (Oct. 6, 2008) - Velocity Minerals Ltd. (TSX:VLC) announces completion of its 2008 program of diamond drilling at its Mt. Haskin molybdenite property near Cassiar in Northern British Columbia. Thirteen drill holes with total length 11,244 feet were designed to confirm and possibly expand the historically reported non-NI 43-101 compliant molybdenum resource of 13.5 million tons grading 0.157% MoS2 (0.094% Mo). Significant intervals of molybdenum mineralization were intersected in 12 of 13 drill holes. Core processing is continuing at the site and all core samples will be delivered to Acme Analytical Laboratories Ltd. in Vancouver in the next few days. Final assay data have been received from Acme for the first three drill holes (designated VEL-01-08, VEL-02-08 and VEL-03-08) and the molybdenum values are presented below. Samples with greater than 2000 ppm Mo are being re-assayed to obtain accurate total values. Possibly significant values in tungsten, zinc and lead were also reported and will be further investigated. Drill Hole VEL-01-08 - vertical, total depth 561 feet. No significant Mo mineralization. Drill Hole VEL-02-08 - vertical, total depth 605 feet. - Near surface interval from 22 - 150 feet (128 feet) - 0.132% Mo Several samples with greater than 0.2% Mo are presently being re-assayed. Molybdenite mineralization occurs near surface in quartz stockwork veins that crosscut the hornfels host rock. Drill Hole VEL-03-08 - vertical, total depth 595 feet. - Near surface interval from 15 - 125 feet (110 feet) - 0.110% Mo - Deeper interval 223 - 311 feet (88 feet) - 0.104% Mo. Samples with greater than 0.2% Mo are being re-assayed. In addition to the above, drill hole VEL-10-08, inclined -70 degrees, encountered molybdenum mineralization beyond the original target depth and was extended to total length 1888 feet (approximately 1780 feet below surface). Quartz molybdenite veinlets were observed in altered sedimentary and intrusive rocks at depths much greater than any that were used to calculate the historic resource figures. Following receipt of all analytical data, the Company will determine if the historic data can be utilized in its database and plans to complete a NI 43-101 compliant resource calculation. The Company also rehabilitated the access road to its Cassiar Moly property, located 20 km west of Mt. Haskin, and a small mining crew is currently restoring the portal area of the historic adit. Several samples of molybdenite mineralization were taken from surface and from adit dump materials. The following assay results were reported: - Sample no. 850462 - 0.7 m chip sample - surface above adit - 0.869% Mo - Sample no. 850463 - 0.7 m chip sample - surface, west of adit - 0.124% Mo - Sample no. 850464 - grab sample - surface, west of adit - 0.263% Mo - Sample no. 850465 - grab sample - surface, west of adit - 0.157% Mo - Sample no. 850466 - dump sample - 1.273% Mo - Sample no. 850467 - dump sample - 1.000% Mo. 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 the Mt. Haskin and Cassiar Moly molybdenum properties in northern British Columbia, and is actively pursuing other properties in North America and internationally. Kenneth R. Holmes, Chairman. Technical information presented in this news release has been reviewed and approved by the Company's Qualified Person, Erik A. Ostensoe, P. Geo. FOR FURTHER INFORMATION PLEASE CONTACT: Velocity Minerals Ltd. Investor Relations Frank Lagiglia [phone] [phone] or 1-800-920-0567 Email: [e-mail]