Zenyatta Ventures Ltd.-Motion for Injunction by First Nation Community Adjourned to June 1St; Mediation to Take Place While Drilling Continues

THUNDER BAY, ONTARIO--(Marketwire - May 24, 2011) - Zenyatta Ventures Ltd. (TSX VENTURE:ZEN) ("Zenyatta" or "Company") announces that the Motion for Injunction relief by Constance Lake First Nation ("CLFN") in Ontario Superior Court was adjourned again until Wednesday June 1^st. In the meantime, Zenyatta, CLFN and Ontario ("Crown") have agreed to engage in Mediation with Superior Court Justice Campbell while drilling continues. If the parties do not reach a consensus during Mediation, the Motion for an Interim Injunction will be argued on Wednesday June 1^st, 2011 before Justice Lederman in Ontario Superior Court.

Zenyatta remains committed to on-going good faith dialogue with the Crown and CLFN respecting the community's concerns but will defend its rights and interests. The Company's Board and Management are optimistic that an agreement can be reached with CLFN.

This news release may contain forward-looking statements and is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the Company's forward-looking statements and expectations. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.