Zenyatta Ventures Ltd. and Constance Lake First Nation Sign Exploration Agreement; Motion for Injunction in Ontario Superior Court Dismissed

THUNDER BAY, ONTARIO--(Marketwire - July 18, 2011) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) and Constance Lake First Nation ("CLFN") are pleased to announce that they have signed an Exploration Agreement ("Agreement") for a mutually beneficial and co-operative relationship regarding exploration and pre-feasibility activities on the Albany Project. Having signed an Agreement, the Motion for Injunction has been dismissed.

Among other things, CLFN will participate in an implementation committee and receive, along with certain other First Nation communities, preferential opportunities for employment and contracting. Zenyatta will also contribute to a social fund for the benefit of CLFN children, youth and elders.

Chief Roger Wesley of CLFN stated, "We are pleased to have reached an Agreement 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 mineral exploration on the Albany Project in our traditional territory."

Aubrey Eveleigh, President and CEO of Zenyatta, stated "We recognize the aboriginal treaty rights and the importance of the traditional lands to the First Nation people. We also realize that mineral exploration must contribute to the benefit of all parties involved. Zenyatta looks forward to working cooperatively with Constance Lake First Nation, other First Nations and local communities on the Albany Project. We feel that active participation and a close relationship with First Nation communities creates sound business opportunities. The Company is focused and committed to Northern Ontario and has always accepted responsibility for strong community relations."

Zenyatta Ventures Ltd. is a mineral exploration company based in Thunder Bay, Ontario with projects in the Canadian Shield of Northern Ontario, Canada. Constance Lake First Nation is a community of 1,470 members of Ojibway and Cree ancestry located in the District of Cochrane, 32 km west of Hearst, ON. CLFN is a progressive and active community that encourages, supports and promotes local business development, job creation and economic development as keys to their success.

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.