ZEN Zentek Ltd

THUNDER BAY, ONTARIO--(Marketwired - Dec 2, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX-VENTURE:ZEN) is pleased to announce the results of its initial National Instrument ("NI") 43-101 compliant resource estimate prepared by Roscoe Postle Associates Inc. ("RPA") on the Company's 100 percent owned Albany graphite deposit located in northeastern Ontario, Canada.

RPA estimates Indicated Mineral Resources delineated to date total 25.1 million tonnes ("Mt") at an average grade of 3.89% graphitic carbon ("Cg"), containing 977,000 tonnes of Cg. In addition, Inferred Mineral Resources delineated to date are estimated to total 20.1 million tonnes at an average grade of 2.20% Cg, containing 441,000 tonnes of Cg. A 3D geological deposit model showing the preliminary pit shell, West and East Pipes can be found at the following link Graphite Project on the Company's website.

Aubrey Eveleigh, President and CEO stated, "We are extremely pleased with initial results from the independent work completed by RPA displaying a very robust graphite deposit. The Mineral Resource estimate shows a significant amount of graphitic carbon totaling 977,000 tonnes Indicated and an additional amount of 441,000 tonnes Inferred. It's significant to note that the graphite mineralization extends below the preliminary pit shell and is also open at depth but not included in these Mineral Resource estimates. Zenyatta will continue with market studies and now engage an independent consultant to complete a Preliminary Economic Assessment ("PEA") by the second quarter of 2014."

Mineral Resources are contained within two vertical pipes spaced approximately 250 m apart. The East Pipe is approximately 300 m long in the NW-SE direction by 50 m wide by 600 m deep, where it remains open. An overprint of lower grade mineralization occurs around the East Pipe for a collective width of 150 m in the NE-SW direction. The West Pipe is approximately 300 m long in the NE-SW direction by 175 m wide by 500 m deep, where it also remains open. Both pipes are cut by 10 m to 60 m thick barren sills located approximately 200 m to 300 m below surface.

Table 1 - Mineral Resource Estimates for the Albany Graphite Project as of November 15, 2013

1. CIM definitions were followed for Mineral Resources.
2. Cg - graphitic carbon
3. Mineral Resources are estimated at a cut-off grade of 0.6% Cg.
4. Mineral Resources are estimated using a long-term price of US$8,500 per tonne Cg, and a US$/C$ exchange rate of 1.0.
5. Bulk density is 2.6 t/m3 in the pipes and 2.65 t/m3 in the overprint of the East Pipe.
6. Mineral Resources are constrained by a preliminary pit-shell generated in Whittle software.
7. Numbers may not add due to rounding.

Resource Estimation Details: The Albany Graphite Project drill hole database includes 60 NQ size diamond core holes totaling 24,626 metres drilled prior to November 15, 2013. Drill hole cross sections and plan views were interpreted to construct three-dimensional wireframe models of the pipes using the descriptive logs and overprint mineralization using a nominal cut-off of 0.4% Cg. Assay intervals were composited to two metre lengths. Grades were estimated using ordinary kriging. Resources were classified as Indicated or Inferred based on drill hole spacing and the apparent continuity of mineralization. Indicated Resources are confined within those parts of the pipes located above the barren sills. All material below the sills or within the overprint mineralization is classified as Inferred. Only material located within the preliminary pit shell generated in Whittle software is included in estimated Mineral Resources. Mineral Resources are reported at a cut-off grade of 0.6% graphitic Cg based on drill results available to November 15, 2013. A NI 43-101 technical report documenting the Mineral Resource estimate will be filed on SEDAR within 45 days.

A relatively low cut-off grade of 0.6% Cg was used to report Mineral Resources, compared to flake graphite Cg projects, due to an assumed market price of $8,500 per tonne Cg product for the Albany graphite product. Zenyatta and its technical advisors believe that hydrothermal graphite from the Albany Graphite Project will command higher prices than flake graphite products, based on process test work completed earlier this year. Results suggest that high-purity graphitic material can be produced, suitable for competing in the $13 billion (1.5 million tonnes annually) synthetic graphite market. Synthetic high purity graphite commands higher market prices in the range of $7,000 to $20,000 per tonne for >99.9% Cg carbon. Bench scale testing of the Albany graphite material using a caustic bake method at SGS Inc. has demonstrated a product at 99.99% carbon purity with very good crystallinity.

The global trend in graphite markets is to develop products for technological applications that require extraordinary performance using ultra-high purity graphite powder at an affordable cost. High purity is gaining prominence at a time when Zenyatta discovered a very rare (hydrothermal) graphite deposit, which can be upgraded to 99.99% carbon without the use of aggressive acids like HF and high thermal treatment.

The outlook for the global graphite market is very promising with demand growing rapidly from new applications. It is now considered a strategic commodity by many 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 3,300°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.

Zenyatta's Albany (Hydrothermal) Graphite Deposit is located in northeastern Ontario, Canada approximately 30 km 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 70 km away with an all-weather road approximately 4-5 km from the graphite deposit. The deposit is near surface, underneath glacial till overburden and a thin veneer of Paleozoic sedimentary cover rocks.

Qualified Persons - Resource: The Mineral Resources for Albany Graphite Project disclosed in this news release have been estimated by Ms. Katharine Masun, P.Geo., and Mr. David Ross, P.Geo., both employees of RPA and independent of Zenyatta. By virtue of their education and relevant experience, Ms. Masun and Mr. Ross are "Qualified Persons" for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, (November 2010). Mr. Ross, P.Geo., has read and approved the contents of this press release as it pertains to the disclosed Mineral Resource estimate.

Mr. Peter Wood, P.Geo., VP Exploration of Zenyatta is a "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.

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 may contain forward looking information and Zenyatta cautions readers that forward looking information is based on certain assumptions and risk factors exist that could cause actual results to differ materially from the expectations of Zenyatta included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Zenyatta and Zenyatta provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Zenyatta's future plans, objectives or goals, to the effect that Zenyatta or management expects a stated condition or result to occur, including the expected timing for release of sample analyses and a preliminary economic assessment, the expected uses for graphite in the future, and the future uses of the graphite from Zenyatta's Albany deposit. 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 Zenyatta's mineral properties, and Zenyatta'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 Zenyatta's activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Zenyatta's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Zenyatta's forward-looking statements. Zenyatta does not undertake to update any forward-looking statement that may be made from time to time by Zenyatta or on its behalf, except in accordance with applicable securities laws.

Zenyatta Ventures Ltd.807-346-1660info@zenyatta.cawww.zenyatta.ca

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