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Press release from CNW Group

Zephyr Minerals Ltd. closes private placement

Thursday, November 15, 2012

Zephyr Minerals Ltd. closes private placement09:19 EST Thursday, November 15, 2012/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/Trading Symbol:  TSX-V: ZFRShares Outstanding: 16,545,129HALIFAX, Nov. 15, 2012 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) is pleased to announce that it has closed the previously announced private placement to raise $300,050 through the issuance of 2,000,332 units at a price of $0.15 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.20 per common share at any time on or before the 12-month anniversary of the closing of the offering.All securities issued in connection with the private placement are subject to a four-month hold period that expires on March 14, 2013. Net proceeds from the funds raised are expected to be used to conduct exploration work on the Keezhik Gold Property, and for general working capital purposes. The private placement remains subject to final approval of the TSX Venture Exchange.The Company paid cash finder's fees of $14,824 and issued 98,827 finder's fee warrants to finders acting on behalf of the Company in connection with the private placement. Each finder's fee warrant will be exercisable into one common share of the Company at $0.20 per share, for a period of 12 months from the closing date.David Felderhof, executive vice president and a director of the Company subscribed for 12,000 units.CAUTIONARY STATEMENT:Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements. More particularly, this press release contains statements concerning the use of funds from the private placement.The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the exploration work on the Keezhik Gold Property.Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions completing the exploratory work on the Keezhik Gold Property, risks associated with the mining  industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of mineral estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.SOURCE: ZEPHYR MINERALS LTD.For further information: Loren Komperdo, President & CEO or David H. Felderhof, Executive Vice President Zephyr Minerals Ltd. T: 902 446-4189 F: 866 941-4715 Email: Or visit: