Zenyatta Ventures Ltd. Initiates Mini-Bulk Sample Program with Second Drill Rig

THUNDER BAY, ONTARIO--(Marketwired - Aug. 29, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce that a second drill rig has commenced drilling on the East Pipe with a larger drill (HQ size) in order to obtain 5 tonnes of graphite mineralization to proceed with a second phase processing of a mini-bulk sample at SGS Canada Inc. ('SGS') in Lakefield. This processing will allow additional optimization of the flow sheet for the preliminary economic assessment (PEA) and provide material for further testing by Zenyatta and interested parties who have requested material.

Aubrey Eveleigh, President and CEO stated "Zenyatta is presently testing the high purity graphitic material at labs and universities in North America and should have information available for release in September. In the meantime, the Company has been approached by many global corporations and academic institutions requesting Zenyatta's unique ultra-high purity graphite material for testing in their own labs. Additional processing at SGS will provide enough ultra-high purity material for release to these various parties."

Eveleigh further stated "Both pipes continue to demonstrate the exceptional continuity and size potential of the graphite deposit, and the outline of each pipe correlates well with the shape of the conductivity anomalies defined by the ground EM survey. The current drill campaign is designed to allow for a NI 43-101 compliant resource estimate by RPA (formerly Roscoe Postle & Associates Inc.) for both the East and West pipes. Drilling is on schedule for a NI 43-101 statement in early 4Q/13."

Zenyatta expects to release additional drill results for the West and East pipes soon.

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.

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 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.