Trading Symbol: TSX-V:
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
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 email@example.com or visit our website zephyrminerals.com.