Zenyatta; Drill Hole #10 Yields 5.1% Graphite (Carbon) over 360.8 metres; Recent Drilling Continues to Intersect Wide Zones of Graphite Mineralization

THUNDER BAY, ONTARIO -- (Marketwired) -- 05/14/13 -- Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce the following significant assay results from the first hole (#10) of the current campaign on the 100% owned Albany (Hydrothermal) Graphite Deposit, located in northeastern Ontario, Canada.

Drill hole 10 intersected 360.8 metres ('m') of graphite mineralization from 49.0 m to 409.8 m yielding an average grade of 5.1% Carbon ('C'). This represents the widest zone of graphite material intersected to date on the Albany deposit. The hole, which was drilled at a 180 degrees azimuth and -65 degrees dip, was designed to test between previously drilled holes 4, 5 and 9. Five more holes have since been completed, all of which yielded broad intervals of graphite mineralization from visual observations of drill core as described below. Holes 11 through 15 have been designed to start outside the limit of the indicated anomaly and were angled to help define and confirm the overall geometry of the pipe-like body. Drill hole data from all 15 holes is shown in a table at the end of this press release.

--  Drill hole 11 intersected 202.0 m of graphite mineralization from 393.0
    m to 595.0 m. 
--  Drill hole 12 intersected 195.0 m of graphite mineralization from 90.0 m
    to 285.0 m. 
--  Drill hole 13 intersected 219.0 m of graphite mineralization from 96.0 m
    to 315.0 m. 
--  Drill hole 14 intersected 286.9 m of graphite mineralization from 108.8
    m to 395.7 m and a second zone of 127.3 m of graphite mineralization
    from 431.3 m to 558.0 m. 
--  Drill hole 15 intersected 301.9 m of graphite mineralization from 63.3 m
    to 365.2 m.

(All lengths reported are drill intersected core lengths and do not represent true widths)

Aubrey Eveleigh, President and CEO stated, "These latest results confirm the exceptional size potential of the Albany graphite deposit and along with the previously announced ultra-high purity (greater than 99.99% C) values, underpins Zenyatta's extraordinary graphite project. Hole 10 represents the best grade drill intersection obtained to date and the more recent drill holes are confirming both the internal continuity and the extent of the deposit."

Graphite mineralization appears to consist of graphitic breccia pipes which are typically surrounded by a zone of graphite overprinted syenite. Carbon analyses for drill holes 11 through 15 will be released once received. Drill hole 16 has commenced, and the current campaign will continue until sufficient drill holes have been completed, following which a NI 43-101 compliant resource estimate will be prepared. A plan map, section and drill hole table will be placed on the website today.

The Company has also completed a ground geophysical survey to better define the geometry of the Albany graphite breccia pipes and expects the full data to be released in the next few days once a final report has been completed by Crone Geophysics and Exploration Ltd. The survey has defined two adjacent, strongly conductive, geophysical (EM) anomalies that are roughly circular in shape. Holes 10 through 15 were drilled on the eastern most anomaly (Eastern breccia pipe), and are suggesting an oval shaped body approximately 200 metres in a NW-SE long axis by approximately 125 metres NE-SW. Additionally, hole 11 intersected mineralization at approximately 500 metres vertical depth. Drill intercepts appear to be correlating well with the shape of the ground geophysical anomaly with additional drilling required to confirm this model. The western anomaly (Western breccia pipe), which appears to be larger, will also be fully tested during the current drill campaign. The following table shows data for all holes drilled to date on the Albany graphite deposit.

------------------------------------------------------------------
HOLE ID LENGTH(M) UTM EASTING UTM NORTHING ELEVATION AZIMUTH   DIP
------------------------------------------------------------------
15            412      682860      5545610       130      45   -50
------------------------------------------------------------------
14            688      683090      5545590       130     315   -50
------------------------------------------------------------------
13            425      683100      5545700       130     270   -50
------------------------------------------------------------------
12            366      683025      5545825       130     225   -50
------------------------------------------------------------------
11            700      682955      5545935       130     180   -65
------------------------------------------------------------------
10            438      682955      5545800       130     180   -65
------------------------------------------------------------------
9             425      682955      5545850       130     180   -65
------------------------------------------------------------------
8             365      682955      5545800       130       0   -65
------------------------------------------------------------------
7             321      682600      5545570       131       0   -65
------------------------------------------------------------------
6             346      682400      5545570       131       0   -65
------------------------------------------------------------------
5             326      682955      5545700       130       0   -65
------------------------------------------------------------------
4             179      682955      5545700       130     180   -80
------------------------------------------------------------------
3             495      682500      5545770       131     180   -56
------------------------------------------------------------------
2             528      682500      5545370       131       0   -65
------------------------------------------------------------------
1             543      682500      5545570       131       0   -65
------------------------------------------------------------------
                                                NAD 83, UTM Zone16

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 Brisbane, Australia 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 degrees 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.

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.

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.