Velocity Minerals Ltd.: Expiry of Graphite Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2012) - Velocity Minerals Ltd. (TSX VENTURE:VLC.H) (the "Company") advises that, as announced in its news releases of April 16, 2012 and August 9, 2012 describing the option of three Quebec graphite properties, the Company was required to obtain regulatory approval of the transaction and make certain payments and share issuances by October 31, 2012 in order to proceed with the option. In the current financial market environment and particularly for graphite, the Company has not been able to secure the financing necessary to enable it to proceed with the option and therefore has not been able to obtain regulatory approval. As a consequence, the option agreement is no longer in force and the Company will no longer be pursuing the project.

The Company continues to seek projects that management believes are financeable and will be attractive to the market.

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.