Zenyatta Drilling Yields More Significant Results from East Pipe and Intersects Wide Zones of Graphite Mineralization on West Pipe

THUNDER BAY, ONTARIO--(Marketwired - July 31, 2013) -

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Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce the following significant graphitic carbon ("Cg") assay results from holes 16 - 24 drilled on the East Pipe of the 100% owned Albany (Hydrothermal) Graphite Deposit, located in northern Ontario, Canada.

The East Pipe graphite mineralization is oval-shaped with dimensions of approximately 150 metres ("m") in a NE-SW direction by 300 m in a NW-SE direction and to a depth of 500 m. It is showing good vertical continuity and remains open at depth. The East Pipe consists of a higher grade core of graphitic breccia which is typically surrounded by a broad halo of graphite overprinted granite.

• Hole 24 yielded 150.6 m @ 4.8% Cg from 61.0 m to 211.6 m within a wider intersection of 191.0 m of graphite mineralization grading 3.8% Cg from 61.0 m to 252.0 m.
• Hole 23 yielded 96.3 m @ 5.3% Cg from 83.0 m to 179.3 m within a wider intersection of 179.0 m of graphite mineralization grading 3.1% Cg from 62.0 m to 241.0 m.
• Hole 22 yielded 137.0 m @ 5.0% Cg from 63.0 m to 200.0 m within a wider intersection of 198.0 m of graphite mineralization grading 3.5% Cg from 63.0 m to 261.0 m.
• Hole 21 yielded 140.6 m @ 4.8% Cg from 89.0 m to 229.6 m within a wider intersection of 228.0 m of graphite mineralization grading 3.1% Cg from 63.0 m to 291.0 m.
• Hole 20 yielded 128.0 m @ 5.5% Cg from 61.0 m to 189.0 m within a wider intersection of 241.5 m of graphite mineralization grading 3.1% Cg from 61.0 m to 302.5 m.
• Hole 19 yielded 110.0 m @ 4.2% Cg from 66.0 m to 176.0 m within a wider intersection of 176.0 m of graphite mineralization grading 2.7% Cg from 66.0 m to 242.0 m.
• Hole 18 yielded 154.0 m @ 4.8% Cg from 133.0m to 287.0 m within a wider intersection of 258.0 m of graphite mineralization grading 3.1% Cg from 101.0 m to 359.0 m.
• Hole 17 yielded 67.2 m @ 3.0% Cg from 322.0 m to 389.2 m within a wider intersection of 192.4 m of graphite mineralization grading 1.7% Cg from 236.6 m to 429.0 m.
• Hole 16 yielded 62.3 m @ 4.2% Cg from 291.0 m to 353.3 m within a wider intersection of 135.3 m of graphite mineralization grading 2.3% Cg from 258.0 m to 393.3 m. (All lengths reported are drill intersected core lengths and do not represent true widths).

Aubrey Eveleigh, President and CEO stated "These latest results on the East Pipe continue to demonstrate the excellent vertical continuity and exceptional size potential of the graphite deposit. Graphite intersections appear to be correlating extremely well with the shape of the ground geophysical conductors. Drilling to date on the West Pipe is also showing significant widths of graphitic breccia with great continuity. The current campaign will continue there until sufficient drill holes have been completed to delineate a mineral resource, following which a NI 43-101 compliant resource estimate will be prepared by RPA (formerly Roscoe Postle & Associates Inc.) for both the East and West pipes."

Holes 10-15 were previously announced and included here for reference:

• Hole 15 yielded 125.0 m @ 4.6% Cg from 132.0 m - 257.0 m within a wider intersection of 300.0 m of graphite mineralization grading 2.2% Cg from 60.0 m to 360.0 m.
• Hole 14 yielded 186.0 m @ 4.9% Cg from 146.0 m - 332.0 m within a wider intersection of 426.0 m of graphite mineralization grading 3.0% Cg from 118.0 m to 544.0 m.
• Hole 13 yielded 177.0 m @ 5.3% Cg from 138.0 m - 315.0 m within a wider intersection of 219.9 m of graphite mineralization grading 4.5% Cg from 95.1 m to 315.0 m.
• Hole 12 yielded 146.0 m @ 5.2% Cg from 95.0 m - 241.0 m within a wider intersection of 195.0 m of graphite mineralization grading 4.0% Cg from 90.0 m to 285.0 m.
• Hole 11 yielded 84.9 m @ 5.2% Cg from 460.6 m to 545.5 m within a wider intersection of 203.0 m of graphite mineralization grading 3.0% Cg from 393.0 m to 596.0 m.
• Hole 10 yielded 360.8 m @ 5.1% Cg from 49.0 m to 409.8 m.

Six (6) holes have since been completed on the West Pipe, all of which yielded broad intervals of graphite mineralization from visual observations of drill core. All holes were designed to start outside the limit of the indicated geophysical anomaly and angled to help define and confirm the overall geometry of the pipe-like body.

Graphitic carbon analyses for drill holes 25 through 33 will be released once received. A plan map and drill hole table will also be posted on the website today. The following table provides locational data for all holes drilled to date on the Albany graphite deposit.

		UTM	UTM
HOLE-ID	LENGTH (m)	EASTING	NORTHING	ELEVATION	AZIMUTH	DIP	PIPE
33	drilling	682676	5545802	130	225	-50	WEST
32	459	682600	5545570	130	295	-50	WEST
31	396	682516	5545845	130	180	-50	WEST
30	393	682438	5545800	130	135	-50	WEST
29	423	682392	5545723	130	110	-50	WEST
28	339	683016	5545768	130	200	-50	EAST
27	561	682710	5545570	130	295	-50	WEST
26	618	682395	5545565	130	45	-50	WEST
25	213	682984	5545799	130	225	-50	EAST
24	252	682917	5545637	130	45	-50	EAST
23	270	682845	5545745	130	45	-50	EAST
22	261	682866	5545706	130	45	-50	EAST
21	291	682890	5545673	130	45	-50	EAST
20	302	683016	5545768	130	225	-50	EAST
19	291	682952	5545830	130	225	-50	EAST
18	432	682809	5545809	130	120	-50	EAST
17	509	683200	5545700	130	270	-50	EAST
16	531	683095	5545894	130	225	-50	EAST
15	412	682860	5545610	130	45	-50	EAST
14	668	683090	5545590	130	315	-50	EAST
13	425	683100	5545700	130	270	-50	EAST
12	366	683025	5545825	130	225	-50	EAST
11	684	682955	5545935	130	180	-65	EAST
10	438	682955	5545800	130	180	-65	EAST
9	425	682955	5545850	130	180	-65	EAST
8	365	682955	5545800	130	0	-65	EAST
7	321	682600	5545570	131	0	-65	WEST
6	346	682400	5545570	131	0	-65	WEST
5	326	682955	5545700	130	0	-65	EAST
4	179	682955	5545700	130	180	-80	EAST
3	495	682500	5545770	131	180	-56	WEST
2	528	682500	5545370	131	0	-65	WEST
1	543	682500	5545570	131	0	-65	WEST
Nad 83, UTM Zone 16

Analytical Protocol

Samples of half core were packaged and shipped directly from Zenyatta's core shack at the site to the ALS Minerals facility in Thunder Bay, Ontario, for sample preparation (ALS protocol PREP-31B). Each bagged core sample is dried, crushed to better than 70% passing 2mm and a 1000g split of the crushed material is pulverized to better than 85% passing 75 microns for assaying. The sample pulps were then shipped to the ALS Minerals laboratory in Vancouver, British Columbia for assay. ALS Minerals has ISO 9001:2008 and ISO 17025 Accreditation as per the Standards Council of Canada at all of its global laboratories. Graphite assays were obtained using the graphitic carbon by LECO method (ALS protocol C-IR18). A 0.1g sample is leached with dilute hydrochloric acid to remove inorganic carbon (carbonate). After filtering, washing and drying, the remaining sample residue is roasted at 425°C to remove any organic carbon. The roasted residue is finally analysed for graphitic carbon using a high temperature LECO furnace with infra-red detection. The samples were submitted with blanks and certified custom standards inserted into the sample stream to ensure lab integrity.

Mr. Peter Wood, P.Geo., VP Exploration, 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 or contact the Company at info@zenyatta.ca or Tel. 807-346-1660.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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", "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.

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