Zephyr announces retraction of mine plan and associated news releases

Trading Symbol: TSX-V: ZFR
Shares Outstanding: 24,395,961

HALIFAX, Oct. 21, 2015 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSX-V: ZFR) announces that as a result of a review by the Nova Scotia Securities Commission, the Company is retracting previously filed news releases dated August 27, 2015, and October 7, 2015 as well as the Technical Report which these news releases reference. The Company is also specifically retracting the term "Diluted Recoverable Resources" from the news releases as this is not a Canadian Institute of Mining, Metallurgy and Petroleum category and therefore must not be disclosed. The Technical Report is titled Mine Design for the Dawson Property, located in Colorado, USA, dated August 26, 2015, and was prepared for Zephyr by MineTech International Limited. The Technical Report is not fully compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and as a result has been retracted. The Company intends to address these deficiencies and amend the Technical Report to be in full compliance with NI 43-101; and filed before the end of October.

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 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.

To be included in the Zephyr email database for Company updates please contact info@zephyrminerals.com, or visit our website www.zephyrminerals.com for more information.

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.

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, 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 Dawson Gold Project.

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.