VANCOUVER, BRITISH COLUMBIA, Sep 27, 2010 (MARKETWIRE via COMTEX News Network) --

VelocityMinerals Ltd. (TSX: VLC) is pleased to announce that it has staked 60claims (A1 to A60) in the Orogrande mining district in Idaho county,Idaho State using the professional services of Idaho registeredsurveyors. The 60 contiguous claims cover an area of approximately 1240acres in the historic Orogrande Mining Division in central Idaho near anarea known for past gold production.

The ground staked byVelocity has received relatively little recent exploration. Thedistrict, however, is known to contain multiple gold occurrences withsome grades running as high as 0.8 ounce per ton. The claims completelysurround two patented claims that contain the Homestake Mine, which islocated in the Crooked River watershed, southeast of Grangeville, Idaho.

The A claims are also adjacent to and south of PremiumExploration Inc.'s Friday-Petsite project. Premium has an active 10,000meter diamond drilling program underway on the Friday-Petsiteapproximately 3 kilometers north of the northern boundary of Velocity'sclaims. In a press release on August 10, 2010, Premium announced assayresults for holes PFR2010-4, PFR2010-5, and PFR2010-6 of that program.Premium indicated that these holes advance the development of its newLower Block, continuing resource growth and the establishment of atleast 100 meters of mineralized width at depth, which remains open alongstrike and at depth.

Highlights of that release (dated August 10, 2010) include:

PFR2010-4 1.5 g/t gold over 150.0 meters including
2.5 g/t gold over 36.9 meters including
8.3 g/t gold over 4.9 meters
PFR2010-5 0.9 g/t gold over 267.0 meters including
1.5 g/t gold over 72.2 meters including
3.4 g/t gold over 11.0 meters
PFR2010-6 0.5 g/t gold over 226.0 meters including
2.5 g/t gold over 16.4 meters

Ina further press release on September 20, 2010, Premium announced assayresults for the next six holes of the ongoing drill program at theFriday-Petsite project. Premium indicated in that release that these sixholes, in addition to the six previously released, have successfullydoubled the down-dip extension of the resource from 150 meters to 300meters of depth and have developed 300 meters of the lower blockmineralization along strike. Premium also said that in maximizing drillfootage, all six holes did not fully cross-cut the zone and, hence,terminated in mineralization allowing Premium to achieve its goal ofresource growth while simultaneously revealing the potential at depth.

Highlights of that release include:

PFR2010-8 0.7 g/t gold over 162.4 meters including
2.0 g/t gold over 19.5 meters including
3.1 g/t gold over 9.1 meters
PFR2010-11 0.8 g/t gold over 107.9 meters including
1.1 g/t gold over 42.1 meters
PFR2010-13 0.7 g/t gold over 222.2 meters including
1.1 g/t gold over 41.2 meters including
2.3 g/t gold over 11.9 meters

HISTORICAL PRODUCTION

Accordingto National Gold, Inc., a company registered in the state of Delawareand the holder of the patented claims on which the Homestake mine issituated:

"Gold exploration in the region dates back to 1861 whenplacer gold deposits were found on Newsome Creek near Elk City, 10miles east of the Homestake Mine.

At least ten lode gold mineswere in production in the Orogrande Mining District from the late 1890'sto the late 1930's. Large scale placer mining using hydraulic miningand dredges began in the early 1900's and resulted in a huge increase ingold production. Placer mines outnumbered lode mines until World War IIput a temporary stop to gold mining.

Five adits are located on the Homestake Mine but the exact time of development is unknown.

Accordingto the previous owners, all five adits were being worked in the 1930'sand 1940's until World War II interrupted all mining activity.Considerable evidence remains on the site from that period. Many oldbuildings used to support the working crews are still standing, althoughthey are now unsuitable for any use due to advanced deterioration. Inaddition, the remains of an old crusher are evident.

Extensivework has been done on the Homestake. At 6,464 feet a vein has beenexploited to a depth of 30 feet. There is another mine at 6,393 feetwhich has been dug to 150 feet. At 6,192 feet there is a mine that goes1,150 feet into the mountain. And at 6,192 feet there is a mine thatextends 880 feet."

The technical data in this News Release hasbeen reviewed and approved by Trygve Hoy, P.Eng., Ph.D., a QualifiedPerson (as defined in NI 43-101). However, the specific data referred toherein was obtained from government files, other historical sources andthird party news releases, all of which are believed to be reliable butwhich have not and cannot be verified.

Velocity Minerals Ltd. isa public company dedicated to the acquisition, exploration anddevelopment of molybdenum, gold and other mineral resources. In additionto the Company's two Cassiar, B.C. area properties, its SoutheasternB.C. gold prospect and its Idaho claims, several other opportunities inthe mining industry in North America and elsewhere are actively beingpursued.

On behalf of the Board of Directors,

Kenneth R. Holmes, Chairman

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

Contacts: Velocity Minerals Ltd. Jeremy Yaseniuk Investor Relations(604) 689-7411 or Toll Free: (866) 920-0567 info@velocityminerals.comwww.velocityminerals.com

SOURCE: Velocity Minerals Ltd.

mailto:info@velocityminerals.com http://www.velocityminerals.com

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