Zenyatta Ventures Ltd. (“Zenyatta” or the “Company”) (TSXV: ZEN) is pleased to announce that it has signed a new Memorandum of Understanding (“MOU”) with Constance Lake First Nation (“CLFN”), under which a project partnership structure will be created in support of the development of the Albany Graphite Project (the “Project”).
This new MOU reflects the transition of the Project from the exploration to the development stage. The original 2011 Exploration Agreement continues to be in effect until a formal agreement on a new project partnership structure is in place. This new agreement provides for more flexibility to accommodate alternative business models for the Project as it progresses toward becoming a graphene nano-materials technology business built on the unique properties of the Albany Graphite product.
Under the agreement the parties have committed to creating a project partnership that will provide for:
- Shared governance, decision-making and support for community engagement for the Project;
- Shared objectives and expectations for the Project and
- Shared economic expectations and benefits for the Project.
Dr. Francis Dube, Head of Business Development for Zenyatta commented “we are delighted to enter this new MOU with the leadership of Constance Lake First Nation and work collaboratively towards creating a new partnership arrangement and maximizing the value of the Albany Graphite asset to the benefit of both our shareholders and the local community. The graphene market offers exceptional growth potential not only to establish a profitable producing mining business but, more importantly, to create a new value-added business in the many emerging high-value downstream applications for graphene.”CLFN Chief Rick Allen commented “We see the potential of the Albany Graphite Project to take advantage of the emerging graphene nano-materials market and become a highly profitable business with excellent growth potential. We are keen to get involved as a business partner at this early stage and share in the value that this unique resource in our traditional territory will ultimately create”.The parties intend to commence discussions immediately toward completing a formal agreement defining the future partnership structure and accelerating the development of the Albany Project.