THUNDER BAY, ONTARIO–(Nov. 21, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to announce that the Company has reached an agreement with Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE:CLF)(Paris:CLF) (“Cliffs”), for the acquisition of 100% of the Albany graphite deposit.

Zenyatta has recently exercised its right and acquired an 80% interest in a claim block (4F) by having spent $10 million on exploration over the last 2 years at the Albany project. The Company has now acquired Cliffs’ remaining 20% interest (total of 100%) in the claim block referred to as 4F, which holds the Albany graphite deposit (“Block 4F Claims”). Pursuant to the terms of the transaction, Zenyatta and Cliffs agree to the following with respect to the Block 4F Claims:

1. Zenyatta will issue to Cliffs (or its designated affiliate) a total of 1,250,000 shares as follows: (i) 500,000 shares upon signing the agreement; (ii) 250,000 shares to be issued upon completion of a pre-feasibility study; and (iii) 500,000 shares to be issued upon completion of a feasibility study; and
2. Zenyatta will grant Cliffs a net smelter return royalty of 0.75% on the Block 4F Claims, of which 0.5% can be purchased at any time for $500,000.

Aubrey Eveleigh, President and CEO of Zenyatta, stated “This transaction is of strategic importance to our Company. We now own 100% of the Albany graphite deposit and, more importantly, have eliminated the back-in right that Cliffs held under the original agreement. This allows Zenyatta the liberty of negotiating with another party, especially an end user of graphite, at any time along the development path of our graphite deposit.”

Zenyatta is developing a rare ‘vein-type’ graphite deposit it discovered in 2011 in northeastern Ontario, Canada. It is the only and largest ‘vein type’ graphite deposit under development in the world. Recently, a first pass beneficiation test at SGS Canada Inc. (“Lakefield”) demonstrated a simple concentration and leaching process capable of producing a 97.2% C (total) graphite product from a rough concentrate. Mineralogical work shows the graphite material to be very simple and contains insignificant amounts of undesirable material. Work is on-going to target ultra-high purity levels of >99.0% C with results from a second series of tests expected soon. The Albany deposit is located 30km north of the Trans Canada Highway, power line and natural gas pipeline near the communities of Constance Lake First Nation and Hearst. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The deposit is near surface, underneath glacial till overburden.

Prior to the sale of the Block 4F Claims, the Albany Project was subject to an option and joint venture agreement between the parties dated November 2, 2010 (the “First Amended Albany Agreement”). This agreement is fully described in the prospectus of Zenyatta dated December 15, 2010 and filed on www.sedar.com. Concurrent with the sale of the Block 4F Claims, the parties entered into an amended option agreement dated November 21, 2012 (the “Second Amended Albany Agreement”) with respect to the other claims in the Albany Project (the “Other Claims”). The primary amendment to the First Amended Albany Agreement is a variation of the earn-in expenditure obligations. The following is a summary of the provisions of the Second Amended Albany Agreement which is filed on www.sedar.com:

• Zenyatta Second Option to Increase Ownership from 25% to 80%. Pursuant to the Second Amended Albany Agreement the Company currently has a 25% interest in the Other Claims and an option (the “Second Option”) to acquire a further 55% interest in the Other Claims. In order to exercise the Second Option, the Company must carry out and complete not less than 3,000 meters of diamond drilling on targets located on the Other Claims and sample and analyse the drill core prior to December 31, 2014, provided that if prior to December 31, 2014, Zenyatta has not completed at least 3,000 meters of such drilling and Cliffs determines that targets should be drilled on the Other Claims located outside of the agreed targets, then Zenyatta will complete such drilling as requested by Cliffs on other targets on the Other Claims and sample and analyze the drill core, all prior to December 31, 2014. In addition, Zenyatta shall pay to Cliffs $55,000 on or before July 1, 2013. Although the Company is committed to this drilling program and intends to exercise the Second Option at this time, if the Company does not exercise the Second Option, the Parties shall associate as a joint venture pursuant to the terms of the Second Amended Albany Agreement in which the Company shall have a 25% participating interest and Cliffs shall have a 75% participating interest.
• Remaining Terms. The First Amended Albany Agreement provided for the following all of which have been adopted by the Second Amended Albany Agreement on the Other Claims: 1) Claw Back Right by exercisable by Cliffs upon exercise of Second Option. 2) Sole Funding by the Company after exercise of the Second Option by the Company in the event that Cliffs does not exercise the Claw-Back Right. 3) Claw Back Right exercisable by Cliffs upon satisfaction of Sole Funding Obligation. 4) Cliffs retains its right of first refusal and the right to nominate a director. 5) Eveleigh Geological Consulting Inc. (“EGC”) retains certain benefits regarding cash payments upon reaching milestones and 2.0% NSR royalty, 1% of which can be purchased at anytime for $1,000,000 (EGC is a geological consulting company owned by Aubrey J. Eveleigh, the President, Chief Executive Officer and a director of the Company). These benefits were negotiated in 2010 by the parties in recognition of the initiative taken by EGC in recognizing the geological concept and the compilation of data which was the basis for staking claims over two years ago when the Albany project was first established.

As noted above and for the purposes of National Instrument 62-103 early warning reporting, Cliffs Natural Resources Exploration Inc., an affiliate of Cliffs, was issued 500,000 shares of Zenyatta pursuant to the terms of a purchase agreement between the parties that governed the sale of the interest in the Block 4F Claims. In addition, Cliffs (or its designated affiliate) has the right to receive up to an additional 750,000 Zenyatta shares (on pre-feasibility and feasibility studies) pursuant to the sale of the interest in the Block 4F Claims. Before the sale of the interest in the Block 4F Claims, Cliffs (and its affiliates) owned a total of 4,675,000 shares of Zenyatta and 3,200,000 common share purchase warrants (the “Warrants”); 2,200,000 of which entitle the holder to acquire one common share of Zenyatta for $1.00 until December 23, 2012, and 1,000,000 of which entitle the holder to acquire one common share of Zenyatta for $1.50 until December 23, 2015. Cliffs (and its affiliates) now hold 5,175,000 common shares of Zenyatta, representing 12.7% of Zenyatta’s outstanding shares. In the event that the Warrants are fully exercised and all shares are issued pursuant to the Block 4F Claims purchase agreement, Cliffs (and its affiliates) would hold 9,125,000 Zenyatta shares, representing approximately 20.5% of the total issued and outstanding shares of Zenyatta calculated on a partially diluted basis and 15.4% on a fully diluted basis.

Cliffs (and its affiliates) hold the shares and Warrants of Zenyatta for investment purposes and may, from time to time, acquire additional securities of Zenyatta or dispose of such securities as it may deem appropriate. Cliffs Natural Resources Exploration Inc.’s address is c/o Cliffs Natural Resources Inc., 200 Public Square, Suite 3300, Cleveland, OH 44114, and a copy of the applicable early warning report can be obtained from counsel to Cliffs Natural Resources Exploration Inc., Lawson Lundell LLP, Attention Khaled Abdel-Barr at (604) 631-9233 or under Zenyatta’s profile on SEDAR at www.sedar.com.

Cliffs (inclusive of its affiliates) is a “related party” of Zenyatta as it is a holder of 10% or more of the issued and outstanding shares of Zenyatta and, thereby, the sale of the interest in the Block 4F Claims is a “related party transaction”, as such terms are defined by Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In addition, Aubrey J. Eveleigh, President, Chief Executive Officer and a Director of the Company is a “related party” by virtue of his interest in the Second Amended Albany Agreement. MI 61-101 requires Zenyatta, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transaction”. Zenyatta is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 pursuant to which a formal valuation and minority approval are not required in the event that at the time the transaction is agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25 per cent of Zenyatta’s market capitalization. The purchase of the interest in the Block 4F Claims was approved by the directors of Zenyatta, all of whom are independent of Cliffs.

Zenyatta now has 40,597,313 common shares issued and outstanding with a total of 59,354,862 shares on a fully diluted basis. 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. 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”, “should” 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.

THUNDER BAY, ONTARIO–(Oct. 3, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to announce that a first pass beneficiation test at SGS Canada Inc. (“Lakefield”) demonstrated a leaching process capable of producing a 97.2% C (total) graphite product from a rough concentrate. Work is on-going to target purity levels of >99.0% C with results from a second series of tests expected soon.

Aubrey Eveleigh, President and CEO, stated “It is very significant and remarkable to start with such a high purity level of greater than 97% graphite on the first test. Management is excited with the latest successful metallurgical developments and considers higher purity graphite achievable with fine-tuning of the process.”

In conjunction with Don Hains of Zenyatta, Lakefield metallurgical test work of the Albany graphite material continues to develop a simple concentration and leaching process to produce an ultra-high purity (>99.0% C) graphite product. Again, mineralogical work shows the graphite material to be very simple and contains insignificant amounts of undesirable material. This confirms an earlier mineralogical report prepared by Dr. Andrew Conly, Ph.D. of Lakehead University.

Aubrey Eveleigh also stated “Presently, Zenyatta’s Albany is the only new vein type graphite deposit being developed in the world. It is the only one of its kind outside of the mined vein type graphite deposits of Sri Lanka.”

Sri Lankan vein type graphite grades are available in purities ranging from 80-99% carbon with the majority above 90%. The Bogala Mine, a Sri Lankan graphite deposit, has been in production since 1847. It is a narrow (20cm), high grade underground mine. Sri Lankan graphite still enjoys great demand due to its unusually high purity and unique physical properties. Graphite veins are quite rare and in many industrial applications offer superior performance due to higher thermal and electrical conductivity.

The Albany (vein-type) 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 deposit is near surface, underneath glacial till overburden.

The outlook for the global graphite market is very promising with demand growing rapidly from new applications in clean technology. China produces over 70% of global supply and, like other commodities, now has less available for export as domestic demand grows. As global demand outstrips supply, graphite prices have increased substantially, more than doubling over the past three years.

Graphite is a natural form of carbon with the chemical formula C, which it shares with diamond and coal. It is now considered one of the more strategic elements by many leading industrial nations, particularly for its growing importance in high technology manufacturing and in the emerging “green” industries, such as electric vehicle components. The application for graphitic material is constantly evolving due to its unique chemical, electrical and thermal properties. It maintains its stability and strength under temperatures in excess of 3,500°C and is very resistant to chemical corrosion. It is also one of the lightest of all reinforcing elements and has high natural lubricating abilities. Some of these key physical and chemical properties make it critical to modern industry.

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. Analyses were carried out by SGS Canada Inc. lab using a total carbon (LECO) method. 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”, “should” 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.

THUNDER BAY, ONTARIO–(July 16, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to provide an update on developments at the Albany Graphite Deposit.

To date, Zenyatta has submitted two (2) samples to SGS Canada Inc. (Minerals Services Division of Lakefield, ON) (“SGS”) to conduct a bench-scale test program on drill core from the Albany Graphite Deposit. One (100kg) sample was selected from hole #5, which contained high grade graphitic material while another 100kg sample was selected from hole #1, and contained lower grade graphitic material.

The goal is to develop a preliminary flowsheet to assess the metallurgical response of the graphite material. The work will also include: chemical analysis, mineralogical characterization, heavy liquid separation, gravity, and various flotation tests. SGS has begun analysis of both graphite-bearing zones.

Aubrey Eveleigh, President and CEO stated “Following up on the successful drill results, Zenyatta is looking forward to developing a better understanding of graphite size distribution, purity, and to gauge an overall recoverability of graphite to concentrate. SGS is recognized as the world leader in the development and demonstration of bankable flowsheets, pilot plant programs, mineralogy, technical audits and geometallurgy. Although we have experienced a delay, it is anticipated that the report will be available next month or early September.”

Some of the highest quality natural graphite used in industrial applications occurs as vein type (or hydrothermal). Past discoveries of vein type graphite deposits can be found at Borrowdale, UK and Sri Lanka. The newest discovery of this type is Zenyatta’s Albany Graphite deposit in Northern Ontario, Canada. In spite of the rarity and global economic significance of this type of graphite, very little is known or published on it.

The Albany ‘Vein Type’ Graphite Deposit is possibly related to the emplacement of a carbonatite intrusion. The vein graphite has been interpreted as being derived by CO2 and CH4 rich hydrothermal fluids. This CO₂ rich fluid could promote hydraulic fracturing (brecciation) and precipitation of vein graphite. The Bogala Mine, a Sri Lankan graphite deposit, has been in production since 1847. It is a high grade, narrow vein, underground mine. Sri Lankan graphite still enjoys a great demand due to its unusually high purity and unique physical properties.

Zenyatta will support a Lakehead University M.Sc. research program, using various global publications on ‘Vein Type’ (or hydrothermal) graphite deposits to serve as a basis to provide a comprehensive assessment of the Albany graphite deposit.

There are very few known Vein Type graphite deposits globally, resulting in a large information gap. The research will focus on the overall genesis of the Albany deposit. Specific questions that need to be addressed: A) Age of mineralization B) Source and chemical nature of the graphite-forming fluids C) Mineralogical and geochemical characteristics of the graphite.

Apart from providing new insights into vein type graphite deposits, the research will also aid Zenyatta’s exploration and mineral beneficiation programs. With respect to the former, increasing our understanding of the genesis of the deposit will provide insights regarding its relationship to structural and magmatic events. In terms of mineral beneficiation the research will complement existing work by SGS Lakefield, but will focus on the mineralogical aspects of graphite.

The graphite discovery 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. Analyses 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.

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.

THUNDER BAY, ONTARIO–(May 24, 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 #5 intersected a very large mineralized zone of graphitic breccia and veining, from 44.0 to 214.0 metres (‘m’) grading 6.6% C (graphite) over 170.0m. The upper graphite zone, from 44.0 to 132.0m, yielded 6.5% C over 88.0m while the lower graphite zone, from 138.0 to 214.0m graded 7.1% C over 76.0m. Individual samples assayed as high as 13.1% C.

Hole #5 (Z12-4F5) was collared 450 metres (‘m’) east of the original discovery drill hole (Z11-4F1) and drilled in a northerly direction at -65.

Aubrey Eveleigh, President and CEO stated “Hole 5 intersected an incredible grade and width of graphite mineralization on the eastern portion of the geophysical anomaly. This is our best drill hole to date and confirms that Zenyatta has discovered an extensive and unique graphite-rich deposit. The Company is very excited with these remarkable results from a large step-out drill hole.”

Drill hole #4 (Z12-4F4) was collared from the same setup as hole #5 but drilled in a southerly direction. From 47.0m to 61.8m the drill hole intersected a zone of graphitic veining and breccia followed by graphitic overprinting from 61.8m to 170.0m. At the 170.0m point, the drill encountered mechanical problems related to a detached drill string. The drill string could not be re-attached and the hole was subsequently abandoned. This particular area of the geophysical anomaly will be re-drilled at a later date. Results are still pending.

The graphite discovery 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. Analyses 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 our 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.

THUNDER BAY, ONTARIO–(May 14, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to provide the following update on the current drilling campaign on the Albany Graphite Deposit.

Drill hole #5 (Z12-4F5) was collared 450 metres (‘m’) east of the original discovery drill hole (Z11-4F1) and drilled in a northerly direction. Significantly, upon passing through the overburden/limestone, the hole immediately intersected graphitic breccia which shows the deposit coming to near surface in this area as well. A wide zone (94.0m) of graphitic breccia was intersected from 44.0m to 138.0m followed by a zone of graphitic overprinting from 138.0m to 214.0m. Assays should be received within the next 12-14 business days.

Drill hole #4 (Z12-4F4) was collared from the same setup as hole #5 but drilled in a southerly direction. From 47.0m to 61.8m the drill hole intersected a zone of graphitic veining and breccia followed by graphitic overprinting from 61.8m to 170.0m. At the 170.0m point, the drill encountered mechanical problems related to a detached drill string. The drill string could not be re-attached and the hole was subsequently abandoned. This particular area of the geophysical anomaly will be re-drilled at a later date.

A plan map, section and additional photos can be found on the website at www.zenyatta.ca.

Aubrey Eveleigh, President and CEO stated “Holes 4 and 5 were large step-outs to the east where we continue to encounter wide zones of graphitic mineralization. This confirms that the eastern continuation of the airborne geophysical anomaly is caused by the same graphite-rich body. The Company is very pleased with these latest drilling results that continue to expand this large and unique graphite deposit.”

The next drill-holes, #6 and #7, will be drilled 100m west and east of the discovery hole #1 respectively. Drill hole #6 has just commenced and should be complete in the next few days.

The graphite discovery 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.

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.