Zephyr Minerals provides corporate update

Trading Symbol:  TSX-V: ZFR                                                                
Shares Outstanding: 14,505,297

HALIFAX, Nov. 28, 2011 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) is pleased to announce upon completion of its Qualifying Transaction on October 31, 2011, Zephyr has begun reviewing additional projects in South America. The project parameters that the company is seeking are, gold as the main commodity, multi-million ounce potential, areas that have good logistical support, as well as countries that have a friendly tax regime and mining law. The company expects this process to take 3 to 6 months. The object is to add additional projects to our exploration portfolio which can be evaluated rapidly and if successful add to shareholder value in a timely manner.

The company will begin exploration on the Keezhik Lake gold property in northern Ontario in early summer as weather permits. The focus of the exploration will be following up a 1.5 meter drill intercept grading 22.0 g/t gold. The intercept is on a well-defined humus soil geochemical anomaly.

Zephyr has filed its 2011 third quarter financial statements. As at September 30, 2011, the Company had cash and cash equivalents of $488,151.  Since then the Company announced on October 31, 2011, that it had closed a brokered private placement financing for gross proceeds of $472,079. The financial statements and news release pertaining to the private placement financing can be found both on the Company website (zephyrminerals.com), as well as SEDAR.com.

Zephyr is also pleased to announce that it has entered into an agreement with Owen Komperdo for the provision of investor relations services. The agreement is a month to month contract that may be terminated by either party by giving 14 days written notice of such termination. The Company will pay Mr. Komperdo $3,000 per month plus approved expenses incurred on behalf of the Company. Mr. Komperdo holds a Bachelor of Arts degree from the University of Calgary.

The Company has also granted Mr. Komperdo 50,000 incentive options to purchase common shares of the Company at a price of $0.35 per share for a period of 5 years. The options will vest 25% upon the date of the grant, and 25% every three months thereafter for a period of 12 months. The options will be granted in accordance with the Company's stock option plan and as set forth by TSX Venture Exchange policy. Both the options and the investor relations agreement are subject to the approval of the TSX Venture Exchange.

About Zephyr Minerals Ltd.

Zephyr is a Canadian based company focused on exploration for gold and silver in the Americas.  Zephyr's newly optioned Keezhik Gold Property located in the Fort Hope area of Ontario, Canada, is situated within the same greenstone belt that hosts the world-famous Red Lake gold mine owned by Goldcorp Inc.  The only hole drilled on the Keezhik Claims in 2010 contained several mineralized intersections including 1.5 metres of 22.0 g/t gold.  This hole was drilled on one of a series of soil (humus) geochem anomalies which stretch for over 2km's along the favourable geological contact zone.  This points to excellent discovery potential in this largely unexplored area.

This press release was prepared under the supervision of R.T. Chataway, P. Geo., who is a Qualified Person as defined under National Instrument 43-101.  Mr. Chataway has reviewed the scientific and technical information in this press release.

SOURCE ZEPHYR MINERALS LTD.

For further information:

David H. Felderhof
Director and Executive Vice President, Zephyr Minerals Ltd.
T: 902 446-4189
F: 866 941-4715

To be included in the Zephyr email database for company updates please contact info@zephyrminerals.com or visit our website zephyrminerals.com.

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ZEPHYR MINERALS LTD.

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