Zephyr closes private placement

Trading Symbol: TSX-V: ZFR
Shares Outstanding: 22,580,628

HALIFAX, Feb. 10, 2015 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSX-V: ZFR) is pleased to announce that it has closed the previously announced private placement to raise $257,300 through the issuance of 1,715,333 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 June 9, 2015. Net proceeds from the funds raised will be used to advance the Dawson Gold Project ("Dawson") in Colorado, USA, 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 $2,040 and issued 13,600 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.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship Dawson Gold Project in Colorado, USA. Dawson is an advanced stage high-grade gold property with excellent blue sky potential.  In the fall of 2013, Zephyr announced filing on SEDAR a compliant technical report, prepared in accordance with National Instrument -- Standards of Disclosure for Mineral Projects ("NI 43-101") on Dawson.  Zephyr has commenced base line environmental studies as part of its efforts to advance the Dawson Project with the ultimate goal of production, subject in part to a positive economic study.

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.

SOURCE Zephyr Minerals Ltd.

For further information: David H. Felderhof, Executive Vice President, Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715, Email: [email protected], Or visit: www.zephyrminerals.com