Zephyr Minerals Ltd. Announces Results of Annual and Special Meeting of Shareholders

Suite 1700, 1959 Upper Water St. · Purdy’s Wharf Tower 1 · Halifax · Nova Scotia · B3J 3N2 · Canada

Trading Symbol: TSX-V: ZFR News Release No. 02-12 Shares Outstanding: 14,544,797 June 1, 2012

NEWS RELEASE

ZEPHYR MINERALS LTD. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

June 1, 2012 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. ("Zephyr" or the "Corporation") (TSX-V: ZFR) is pleased to announce that at the annual and special meeting of the Corporation’s shareholders held on May 31, 2012, the shareholders reelected Loren Komperdo, David Felderhof, John Clark, Glenn Williams and Mark Billings as directors of the Corporation to hold office until their successors are duly elected or appointed. Zephyr’s shareholders re-appointed Wasserman Ramsey, Chartered Accountants as the Corporation’s auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, and the directors of the Corporation were authorized by shareholders to fix the auditor’s remuneration.

In addition, in accordance with the rules and policies of the TSX Venture Exchange, the Corporation’s shareholders re-approved Zephyr’s “rolling” incentive stock option plan, which had been amended to address changes to the Income Tax Act (Canada) that came into effect in 2011 and was approved by Zephyr’s board of directors on April 26, 2012.

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.

For further information:

David H. Felderhof Director and Vice President Zephyr Minerals Ltd.

T: 902 448-1149 F: 866 941-4715