Velocity Minerals Ltd. Receives Notice Terminating Agreement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/17/11 -- Velocity Minerals Ltd. (TSX: VLC) announces that further to its news release of October 3, 2011 the Company has received notice from the holder of the leases of the Arkansas coal project terminating the letter agreement announced in that release. The parties are continuing to discuss alternate terms for a transaction regarding the coal project.
In addition, management is continuing to review other specific advanced coal projects for the Company. The Company also intends to continue the exploration of its Idaho gold prospect and is presently awaiting further assays results from its recently completed geo-chemical survey.
Velocity Minerals Ltd. is a public company dedicated to the acquisition, exploration and development of mineral resources. In addition to the Company's two Cassiar, B.C. area molybdenum properties, and its Idaho gold prospects, several other opportunities in the mining industry in North America and elsewhere are actively being pursued.
Velocity Minerals Ltd.
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.
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.com
www.velocityminerals.com
