Zenyatta Ventures Ltd (ZEN : TSX Venture)
Shares Issued 39,570,313
News Release
Zenyatta Ventures Ltd. (ZEN : TSX Venture) (“Zenyatta” or “Company”) is pleased to announce that a 20,000 metre drill program has commenced at the Albany Project near Hearst, Ontario. The program will be conducted throughout the year and test several high priority magnetic and electromagnetic geophysical targets identified by Geotech’s VTEM 35 airborne system in 2010.
Zenyatta has the right to earn a total of 80% interest in the Albany Project from Cliffs Natural Resources Exploration Canada Inc. by expending a total of $10,000,000 over 4 years. The Project consists of approximately 300,000 acres in an area highly prospective for copper, nickel, PGM’s and other mineral deposit types. The Company has already earned a 25% interest by flying the Geotech airborne survey and is presently working towards earning an additional 55% interest.
Aubrey Eveleigh, President and CEO stated “The Company is excited to get its first drill program started in a new frontier we call the Albany Project. We have many high priority geophysical targets to test in 2011 and look forward to the drill results over the coming weeks and months”.
Zenyatta common shares commenced trading December 23, 2010 on the TSX Venture Exchange under the symbol ‘ZEN’ after a successful $9,926,459 IPO financing through a syndicate led by Jennings Capital Inc., GMP Securities LP and assisted by financial advisor Fox Collins Securities Inc. (see News Release dated 22 December 2010).
Cliffs Natural Resources Exploration Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF), an international mining and natural resource company, holds 11.8% of the outstanding common shares of Zenyatta.
Zenyatta has 39,570,313 common shares outstanding and approximately $10,000,000 in cash. To find out more on Zenyatta Ventures Ltd., please visit our website, www.zenyatta.ca, email info@zenyatta.ca or call 807-346-1660.
This news release may contain forward-looking statements and is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the Company’s forward-looking statements and expectations. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About Zentek Ltd.
Zentek is an ISO 13485‑certified intellectual property development and commercialization company that builds and advances distinct brands in filtration, biosciences and critical minerals using graphene‑based nanomaterials and aptamer technologies.
Zentek's ZenGUARD™ production facility is located in Guelph, Ontario.
To find out more about Zentek, please visit www.zentek.com. A copy of this news release and other material documents in respect of the Company may be obtained on Zentek's SEDAR+ profile at www.sedarplus.ca.
Forward-Looking Statements
This news release contains forward‑looking statements. Since forward‑looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‑looking statements. Such risks and uncertainties include, but are not limited to, operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, consents or authorizations required for its operations and activities; market and regulatory risks; and health, safety and environmental risks. Although Zentek believes that the assumptions and factors used in preparing the forward‑looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Zentek disclaims any intention or obligation to update or revise any forward‑looking information, whether as a result of new information, future events or otherwise, other than as required by law. Further studies, financing, permits and approvals would be required before a production decision Neither the 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.