Zenyatta Announces New Board Chair, New Board Committees and Appointment of Chief Restructuring Officer

THUNDER BAY, Ontario, May 16, 2018 (GLOBE NEWSWIRE) -- Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV:ZEN) is pleased to announce, further to the Special Meeting of its shareholders held on May 11, 2018, the appointment of its independent director Brett A. Richards as the Chair of the Board of directors (the “Board”) and to provide an update on the composition of the Board Committees and the appointment of a Chief Restructuring Officer and Interim Head of Business Development and Technology.

Mr. Richards has been a director of Zenyatta since November 2017 and is a well-respected mining industry executive with over 32 years of mining and metals business development experience.

Zenyatta also announces that the Board has established two permanent committees,  Audit and Compensation and an ad hoc Restructuring Committee and that the following directors have been appointed to the Board committees:

• Audit Committee (fully comprised of independent Directors): Eric Wallman CPA, CA (Chair), Brian R. Davey and Dr. Francis Dubé;
• Compensation Committee (fully comprised of independent Directors): Dr. Francis Dubé (Chair), Brett A. Richards and Eric Wallman CPA, CA; and
• Restructuring Committee (majority of independent Directors): Brian Bosse (Chair), Dr. Francis Dubé and Eric Wallman CPA, CA.

The Board has also appointed Mr. Greg Fenton as member of a newly established Board Advisory Committee to assist the Board with developing the Company’s corporate strategy.  The Board anticipates that additional members will be appointed to this committee from time to time depending on the specific requirements of the Company.

The Board further announces that Mr. Brian Bosse has been appointed to the newly created position of Chief Restructuring Officer reporting directly to the Board.  In this role Mr. Bosse will review and assess all operations of the Company and report to the Board.  Dr. Francis Dubé has also been appointed as Interim Head of Business Development and Technology also reporting to the Board.  Dr. Dubé will support the management team to ensure that Zenyatta continues to make progress in these sectors.

Following these appointments the Board believes that the transition is well under way and that the Company has the right people in place to ensure the future development and success of Zenyatta.  The Board is in the process of reviewing and updating the Company’s corporate strategy and will report on its progress to the shareholders on a regular basis.

On behalf of the Board of directors

Brian Bosse, Chief Restructuring Officer
Tel: +1 (705) 618-0900
Email: brian@zenforward.ca.

To find out more on Zenyatta Ventures Ltd., please visit our website at www.zenyatta.ca.

CAUTIONARY STATEMENT: 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 may contain forward looking information and Zenyatta cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Zenyatta included in this news 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 the expected timing for release of a pre-feasibility study, the expected uses for graphite in the future, and the future uses of the graphite from Zenyatta’s Albany deposit. 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, metallurgical processing, 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, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a pre-feasibility study; the preliminary nature of metallurgical test results; the inability to enter into offtake agreements with  qualified purchasers; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in Zenyatta’s public documents filed on SEDAR. 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. Although Zenyatta 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. Zenyatta 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.