THUNDER BAY, ONTARIO--(Marketwire - 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.