THUNDER BAY, ONTARIO–(July 9, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to provide the following significant assay results from the current drilling campaign on the Albany Graphite Deposit.

Drill Hole #9 intersected a very large mineralized zone of graphitic breccia and veining, from 162.0 to 370.2 metres (‘m’) grading 4.6% C (graphite) over 208.2m. This included richer graphitic zones from 188.0 – 327.0 yielding 5.6% C over 139.0m and from 188.0 – 235.0 grading 7.3% C over 47.0m. Individual samples assayed as high as 19.3% C. These represent the highest grades and widths drilled to date at the Albany graphite deposit. The following table shows the results of our first phase drill program:

The nine (9) hole drill program succeeded in establishing widespread ‘Vein Type’ graphite mineralization over the targeted airborne geophysical conductor in a lateral and vertical extent, where it remains open. Drilling information indicates different types of graphite mineralization consisting of clasts of graphite vein material, disseminated graphite matrix and discrete graphite veins / veinlets. The stockwork graphitic veins can be several centimetres wide while the veinlets are millimetre scale. Photos, plan maps and drill sections can be found on the Company website www.zenyatta.ca. Further drilling will help explain the relative importance and distribution of each graphite type. The Company is presently planning a new budget and second phase drill program to follow up on this successful first phase program.

Aubrey Eveleigh, President and CEO stated “Given the success of our current drill program, we are contemplating a much larger drill campaign to further define the size and shape of the Albany graphite deposit, which we believe is emerging as a very important and unique graphite resource.”

In July 2011, Zenyatta Ventures and Constance Lake First Nation (“CLFN”) signed an Exploration Agreement (“Agreement”) for a mutually beneficial and co-operative relationship regarding exploration and pre-feasibility activities on the Albany Project.

Among other things, CLFN has participated in an implementation committee and received preferential opportunities for employment and contracting. Zenyatta has also contributed to a social fund for the benefit of CLFN children, youth and elders.

Chief Roger Wesley of CLFN stated, “We are pleased to be working closely with Zenyatta. It reflects the mutual respect that has developed between us and we look forward to building a strong relationship to realize the benefits and opportunities from the Albany Project in our traditional territory.”

Aubrey Eveleigh, stated “We recognize the aboriginal treaty rights of CLFN and look forward to working co-operatively with them and other local communities on the Albany Project. The Company is focused and committed to northern Ontario and has always accepted responsibility for strong community relations.”

Constance Lake First Nation is a community of 1,470 members of Ojibway and Cree ancestry located in northern Ontario. CLFN is a progressive and active community that encourages, supports and promotes local business development, job creation and economic development as keys to maintaining a healthy, vibrant community.

The graphite deposit is located 30km north of the Trans Canada Highway, power line and natural gas pipeline. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The Albany graphite deposit is near surface, underneath glacial till overburden.

Mr. Aubrey Eveleigh, P.Geo., President and CEO, is the “Qualified Person” under NI 43-101 and has reviewed the technical information contained in this news release. Analysis was carried out by ALS Chemex Labs using a total carbon (LECO) method code of C-IR07. To find out more on Zenyatta Ventures Ltd., please visit website www.zenyatta.ca.

This News Release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.