Zenyatta Ventures Ltd (ZEN : TSX Venture)
Shares Issued 39,570,313
Friday, February 28 2011 - News Release
Zenyatta Ventures Ltd.; 1st Phase Drilling Program Commences At Albany Project
THUNDER BAY—28 February 2011 – 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 zenyatta%23ca|info 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.