Zenyatta Ventures Ltd. Announces Application to Extend Warrants

THUNDER BAY, ONTARIO--(Marketwire - Nov. 22, 2012) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce that it has applied to the TSX Venture Exchange to extend the terms of 12,794,000 common share purchase warrants issued or reserved for issuance prior to the Company's IPO in December 2010 (collectively, the "Warrants"). Each Warrant entitles the holder to acquire one share for $1.00 expiring on December 23, 2012. Pursuant to the proposed amendment, the Warrants will be extended for a period of six months and will expire on June 23, 2013. The extension was requested based on an initial delay in starting our exploration program after the IPO and is subject to regulatory approval.

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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.