Mr. Keith Henderson reports

VELOCITY ANNOUNCES $1.5 MILLION NON-BROKERED PRIVATE PLACEMENT

Velocity Minerals Ltd. has arranged a non-brokered private placement of up to 15 million units of the company priced at 10 cents per unit for total gross proceeds of up to $1.5-million. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one share at a price of 18 cents per share for a period of 24 months from the closing of the financing.

The proceeds of the financing are intended to finance continuing work at the company's gold and copper exploration projects in Bulgaria, and for general working capital.

All securities issued in connection with the financing will be subject to a hold period of four months and one day in Canada. The closing of the financing is subject to TSX Venture Exchange and other regulatory approval.

The company may pay finder's fees on a portion of the financing consisting of a cash commission equal to 7 per cent of the total gross proceeds raised and finder's warrants equal to 7 per cent of the total number of units issued, where each finder's warrant will entitle the holder thereof to purchase one share at a price of 10 cents per share for a period of 12 months from the closing of the financing.

About Velocity Minerals Ltd.

Velocity is a precious metals and copper explorer focused in Eastern Europe. In Bulgaria, Velocity has a 70-per-cent interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit. Velocity also has a 70-per-cent interest in the Momchil property (which includes the Obichnik project), a 70-per-cent interest in the Nadezhda property (which includes the Makedontsi project) and a 70-per-cent interest in the Dangovo property (which is contiguous with the Makedontsi project). The company holds a 100-per-cent interest in the Iglika copper-gold exploration property and recently entered into an option agreement with DPM which has an option to earn a 75-per-cent interest in the property. The company has also entered into agreements to acquire a 75-per-cent interest in the Zlatusha and Kalabak copper-gold exploration properties.

We seek Safe Harbor.