THUNDER BAY, ONTARIO -- (Marketwire) -- 05/24/12 -- Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSXV:ZEN) is pleased to provide the following significant assay results from the current drilling campaign on the Albany Graphite Deposit.

Drill Hole #5 intersected a very large mineralized zone of graphitic breccia and veining, from 44.0 to 214.0 metres ('m') grading 6.6% C (graphite) over 170.0m. The upper graphite zone, from 44.0 to 132.0m, yielded 6.5% C over 88.0m while the lower graphite zone, from 138.0 to 214.0m graded 7.1% C over 76.0m. Individual samples assayed as high as 13.1% C.

Hole #5 (Z12-4F5) was collared 450 metres ('m') east of the original discovery drill hole (Z11-4F1) and drilled in a northerly direction at -65.

Aubrey Eveleigh, President and CEO stated "Hole 5 intersected an incredible grade and width of graphite mineralization on the eastern portion of the geophysical anomaly. This is our best drill hole to date and confirms that Zenyatta has discovered an extensive and unique graphite-rich deposit. The Company is very excited with these remarkable results from a large step-out drill hole."

Drill hole #4 (Z12-4F4) was collared from the same setup as hole #5 but drilled in a southerly direction. From 47.0m to 61.8m the drill hole intersected a zone of graphitic veining and breccia followed by graphitic overprinting from 61.8m to 170.0m. At the 170.0m point, the drill encountered mechanical problems related to a detached drill string. The drill string could not be re-attached and the hole was subsequently abandoned. This particular area of the geophysical anomaly will be re-drilled at a later date. Results are still pending.

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 our 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.

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.