Zephyr clarifies technical report for the Dawson Gold Property

Trading Symbol: TSX-V: ZFR
Shares Outstanding: 33,395,961

HALIFAX, Dec. 2, 2015 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) announces certain clarifications with respect to the recently filed Technical Report on the Dawson Gold Project ("Dawson"). The function of the updated Technical Report was to complete a preliminary mine design, and to complete a preliminary level production schedule. The reader is cautioned that this work was limited in scope and does not constitute a Preliminary Economic Assessment ("PEA"). The Report conveys the capital and operating costs of the potential mining operation for the Dawson property. It does not include permitting, site preparation, mineral processing, tailings disposal, or any other costs. These costs would be evaluated as part of a proposed PEA. Furthermore, the mining costs in the technical report are forward-looking, and may change before a PEA is completed.

Zephyr intends to undertake further geotechnical work, and complete the preliminary mill design and tailings design over the next several months with the objective of completing a full PEA by mid 2016. Concurrently, Zephyr is continuing with its mine permitting activities. The Company is budgeting US$475,000 for these activities.

The Technical Report is titled Updated National Instrument 43-101 Technical Report for the Dawson Property, located in Colorado, USA, dated August 26, 2015, and was prepared for Zephyr by Patrick Hannon, P.Eng., and Doug Roy, P.Eng. of MineTech International Limited, Andrew Hilchey, P.Geo., of Mercator Geological Services Limited, Mark Graves, P.Geo., an independent consultant, and Matt Bolu, P.Eng., of BOMENCO Inc..

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. 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.

Mr. Doug Roy, P.Eng., with MineTech International Limited, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information in this news release.

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.