Zephyr Minerals Ltd. closes gold property acquisition

HALIFAX, Oct. 31, 2012 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the 
"Company") (TSX-V: ZFR) is pleased to announce that it has closed the 
previously announced purchase and sale agreement (the "Agreement") with Celtic 
Minerals Ltd. ("Celtic") to purchase a 100% interest in the Dawson gold 
project ("Dawson") in Colorado, USA.The acquisition was done by way of a 
share purchase agreement, whereby Zephyr acquired 100% of Celtic Gold Ltd., a 
Colorado company and subsidiary of Celtic Minerals, who holds title to the 
Dawson project. 
Zephyr made cash payments of $200,000 to Celtic and $20,000 to UUS Inc.The 
payment to UUS Inc., a 100% owned subsidiary of Cameco Corp., was to fulfill a 
previous purchase agreement between Celtic and UUS Inc. 
Loren Komperdo, President and CEO, stated "We are very pleased to have 
acquired the Dawson gold project. The 400 hectare property contains multiple 
historic resource estimates which boast high grades over viable widths, 
including one zone of 121,000 ounces of gold with an average grade of 
approximately half an ounce per tonne (239,000 tonnes at 15.8 g/t gold)*.As 
part of our ongoing exploration, it is our intention to verify historic drill 
results by twinning selected drill holes, and to complete a National 
Instrument 43-101 compliant resource estimate." A qualified person has not 
done sufficient work to classify the historical estimate as current mineral 
resources and the Company is not treating the historical estimate as current 
mineral resources. 
Dawson is an advanced gold project with excellent exploration potential. It 
consists of 45 contiguous unpatented, and eight patented mining claims and one 
patented placer claim covering approximately 275 hectares. The gold 
mineralization was discovered by U.S. Borax Ltd. in the early 1980's and last 
explored by Uranerz U.S.A. Inc. in the early 1990's.During this period a 
total of 142 diamond drill holes for 27,206 metres were drilled, from which 
several resource estimates were completed.Gold mineralization at Dawson is 
hosted in discrete deposits within a Proterozoic-aged exhalite unit that 
trends east-west for approximately 2.6 km's on the property. Future 
exploration programs will be focused on drill testing targets identified 
through historic programs and identifying new drill targets along this 
laterally extensive zone. 
Please visit the Zephyr website at www.zephyrminerals.com to view a recent 
corporate presentation highlighting the Dawson gold project in greater detail. 
*This information is historic in nature and is based on drilling results 
reported by US Borax Ltd. 1982 and Uranerz USA Inc. 1990. 
Mr. Peter Webster, P.Geo., who is a Qualified Person as defined under National 
Instrument 43-101 has reviewed the technical contents of this news release. 
Mr. Webster has not verified the data disclosed, including sampling, 
analytical and test data underlying the information or opinions contained in 
the written disclosure. 
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.
 This News 
Release includes certain "forward-looking statements". All statements other 
than statements of historical fact, included in this release, including, 
without limitation, statements regarding potential mineralization and 
reserves, exploration results, and future plans and objectives of Zephyr, are 
forward-looking statements that involve various risks and uncertainties. There 
can be no assurance that such statements will prove to be accurate and actual 
results and future events could differ materially from those anticipated in 
such statements.Important factors that could cause actual results to differ 
materially from Zephyr's expectations are exploration risks detailed herein 
and from time to time in the filings made by Zephyr with securities 
(Not for distribution to US wire services or for dissemination 
in the United States of America) 
For further information please contact:  Loren Komperdo, President & CEO or 
David H. Felderhof, Executive Vice President Zephyr Minerals Ltd. T: 902 
446-4189 F: 866 941-4715  Email:info@zephyrminerals.com Or 
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ST: Nova Scotia
-0- Oct/31/2012 16:13 GMT
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