THUNDER BAY, ONTARIO -- (Marketwired) -- 09/10/13 -- Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE: ZEN)(OTCQX: ZENYF) has become aware of recent misleading and inaccurate commentary in the marketplace regarding the Company's 100% owned Albany Graphite Deposit which has negatively affected the share price. Although the Company would prefer to stay focused on continued development of our exciting graphite project, we feel a need, from time to time, to set the record straight from malicious attacks.
Aubrey Eveleigh, President and CEO stated, "Zenyatta intends to vigorously defend itself against negligent misrepresentation. Any unfounded and misleading information about our Company will be pursued legally to protect the interests of our shareholders and reputation of Zenyatta."
Eveleigh further stated, "The Company has discovered a very unique (one of a kind) hydrothermal graphite deposit that consists of two (2) large breccia pipes. It is the largest and only known graphite deposit of this type under development in the world. SGS Canada Inc. has conclusively demonstrated that an ultra-high purity graphitic carbon (99.99% Cg) can be achieved from a simple and relatively inexpensive caustic (NaOH) bake process. This is extraordinary in the world of graphite upgrading given Zenyatta does not require the traditional and expensive upgrading methods of aggressive acid and/or thermal treatment."
Zenyatta continues to explore its 100% owned Albany (Hydrothermal) Graphite Deposit located in northern Ontario, Canada, and anticipates releasing additional drill results and graphite characteristics in the near-term. A NI 43-101 resource estimate by RPA is in on track for early 4Q/13, and the Company remains fully funded. A Preliminary Economic Assessment (PEA) is expected to be concluded in 1Q/14. In preparation for a PEA, Roskill Information Services Ltd. has been retained to undertake a detailed world graphite marketing study and SGS Canada Inc. are to provide an optimized flow sheet after processing a 5 tonne mini-bulk sample.
Zenyatta's Albany graphite deposit is located 30km north of the Trans Canada Highway, power line and natural gas pipeline near the communities of Constance Lake First Nation and Hearst in northern Ontario, Canada. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The deposit is near surface, underneath glacial till overburden and a thin veneer of Paleozoic sedimentary cover rocks.
The outlook for the global graphite market is very promising with demand growing rapidly from new applications. It is now considered one of the more strategic elements by many leading 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 3,500 degrees 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.
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