THUNDER BAY, ONTARIO--(Marketwire - Oct 11, 2012) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce the addition of Peter Ravenscroft to the Board of Directors.
Mr. Ravenscroft, who is based in London, UK, is a mining industry executive with over 30 years'' experience in a range of countries, commodities and operating environments. Most recently he was Head of Global Exploration for Cliffs Natural Resources Inc, an international mining and natural resources company. A member of the S&P 500 Index, Cliffs is a major global iron ore producer and significant producer of high and low-volatile metallurgical coal.
Previously, Peter was the Managing Director, Technical Evaluation Group at Rio Tinto based in London. He had global accountability for internal technical reviews of all major investments and capital projects presented to the Rio Tinto board. This also included group accountability for the compliance of all Rio Tinto companies'' mineral resource and ore reserve reporting. Over seventeen years with Rio Tinto, Peter had a variety of operation roles in the UK, Australia and Canada.
He was also General Manager of Resource Development for Hamersley Iron in Western Australia. He led the exploration, resource evaluation, mine planning and metallurgical development functions during the early stages of Rio Tinto''s multi-billion dollar expansions in Western Australian iron ore. Before joining Rio Tinto, he spent nine years in the southern African mining industry, with De Beers, Anglo American and Gencor.
Peter has built resource models, managed resource definition programmes, performed resource/reserve reviews and audits, developed mine plans and schedules, directed strategic planning studies, worked in numerous prefeasibility and feasibility study teams. He has managed order of magnitude studies, headed large due diligence teams, run major technical reviews of world-class capital projects and successfully created and led an innovative new exploration strategy for a diversifying mining company.
Peter graduated in Operations Research and Mathematical Statistics at the University of Cape Town, South Africa, and has a Masters degree in Geostatistics from the Centre de Géostatistique of the Ecole des Mines de Paris in France. He is a Fellow of the AusIMM and member of Australian Institute of Company Directors.
Aubrey Eveleigh, President and CEO stated "We are especially pleased to add an experienced and professional individual of Peter Ravenscroft''s caliber to Zenyatta''s Board. He is a creative leader with vision, backed by deep technical knowledge and hands-on experience. The Company is fortunate to attract and include Peter in an existing, strong team of credible Directors and advisors. A management team with strong industry experience is a necessity for success. Peter has a considerable international network of mining associates which will assist us in our efforts to meet business objectives and continually grow Zenyatta."
Zenyatta is developing the Albany (vein-type) graphite deposit in northeastern Ontario, Canada. It is located 30km north of the Trans Canada Highway, power line and natural gas pipeline. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The Albany deposit is near surface, underneath glacial till overburden.
In connection with his appointment as Director, Mr. Ravenscroft has been granted stock options to purchase up to 250,000 common shares in the capital of the Company. The options are exercisable at a price of $0.44 for a five year period. The grant of such options is subject to regulatory approval.
Mr. Aubrey Eveleigh, P.Geo., President and CEO, 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.
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.