Velocity Minerals Ltd. Announces Amendment of Graphite Properties Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2012) - Velocity Minerals Ltd. (TSX:VLC) ("the Company") announces that, further to its news release of April 16, 2012, the Company has agreed to an amendment of the option it obtained to acquire 100% of three historic Quebec graphite properties situated in southwestern Quebec in the Central Metasedimentary Belt of the Grenville Geologic Province. The properties are prospective for large flake, crystallite graphite and have a historic record of exploration for graphite mineralization. Each property is capable of hosting a standalone graphite mineral deposit and the Company believes that each property may host a near surface high value graphite deposit.

Previously and in addition to the other payments and share issuances specified in that news release, in order to exercise the option the Company was required to (i) pay $25,000 and issue 500,000 shares to the Optionor on the date of acceptance (the "Acceptance Date") of the option agreement by the Toronto Stock Exchange (the "TSE") and (ii) pay $150,000 to the Optionor on the closing of the

Company's next financing, but no later than 90 days after the Acceptance Date.

The Company has agreed to an amendment to the option whereby, in addition to the other conditions outlined above, in order to maintain and exercise the option the Company must (i) pay $25,000 cash and issue 500,000 Shares to the Optionor on or before the earlier of (A) the Acceptance Date and (B) October 30, 2012 and (ii) pay $150,000 to the Optionor upon the earlier of (A) the completion of an equity financing by the Optionee and (B) October 30, 2012. The option and the amendment are subject to regulatory approval.

Velocity Minerals Ltd. is a public company dedicated to the acquisition, exploration and development of molybdenum and other mineral resources. In addition to the Company's two Cassiar, B. C. area properties and a large gold property in Idaho, several other opportunities in the mining industry in North America and elsewhere are actively being pursued.

On behalf of the Board of Directors,

Kenneth R. Holmes, Chairman.

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward- looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or by words indicating that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward- looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.