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.
Zenyatta reminds the investment community that all official information regarding the Company must be derived solely from disclosure documents filed on www.sedar.com, and on the Company's website, www.zenyatta.ca. All public disclosures provided by Zenyatta are full, complete and accurate as required by reporting standards. The Company further confirms that it is not aware of any material undisclosed development or other reason for recent volatility in the trading price of the Company's common shares.
Mr. Aubrey Eveleigh, President & CEO of Zenyatta Ventures Ltd., is the "Qualified Person" under National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. This news release may contain forward looking information and Zenyatta Ventures Ltd. cautions viewers that forward looking information is based on certain assumptions and risk factors exist that could cause actual results to differ materially from the expectations of Zenyatta Ventures Ltd. included in this news release.
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", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Zenyatta and Zenyatta provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Zenyatta's future plans, objectives or goals, to the effect that Zenyatta or management expects a stated condition or result to occur, including this News Release. 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 Zenyatta's mineral properties, and Zenyatta'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 Zenyatta's activities; and other matters discussed in this News Release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Zenyatta's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Zenyatta's forward-looking statements. Zenyatta does not undertake to update any forward-looking statement that may be made from time to time by Zenyatta or on its behalf, except in accordance with applicable securities laws.
Zenyatta Ventures Ltd.
Most Popular Stories
- Michael Jackson, Freddie Mercury on Previously Unreleased Queen Cut
- 10 Things to Know About Alibaba
- Five Steps to Protect Yourself from Data Breaches
- Concur Sold to SAP for $8.3B
- Chrysler Recalls Nearly 189,000 SUVs
- Federal Probe Finds Christie Did Not Order 'Bridgegate'
- Intruder Gets into White House
- HCL America Adding 1,200 IT Jobs
- Longtime Unemployed to Get Help in Las Vegas
- Medical Mfg. Jobs Coming to Dayton