Cypress Development Corp. Completes Purchase of Glory Lithium Property in Nevada
TSX VENTURE: CYP
VANCOUVER, British Columbia, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to announce that, through the Company’s U.S. subsidiary, Cypress Holdings (Nevada) Ltd., the Company has fulfilled its obligations under its 2016 Option Agreement for the purchase of 100% interest in the Glory Property in Esmeralda County, Nevada. The Company completed the purchase on schedule with a cash payment of USD $75,000 and issuance of 250,000 common shares of Cypress (CYP) shares to the vendor. The vendor retains a 3% net smelter return (NSR) royalty interest. Cypress or its assigns has the right to purchase two-thirds of the royalty, or 2% NSR, for USD $1 million prior to production.
The Glory Property consists of 137 unpatented placer and lode claims in the southern third of the Company’s Clayton Valley Lithium Project. Completion of the purchase obligations of the Dean Property, which adjoins the Glory Property to the north, is due later this year. The Dean property is held under a separate 2016 Option Agreement with similar terms to the Glory Property.
In October 2018, the Company released a Preliminary Economic Assessment for the Clayton Valley Lithium Project (see News Release Oct. 1st). Cypress has been making progress on the recommended Prefeasibility Study (PFS). Metallurgical tests have been underway using available sample material from previous drilling. Drilling is expected to resume this month or early February with a short infill program which will target resources in the pit area for the PFS and obtain fresh sample material. Completion of the PFS is expected in the second quarter this year.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded exploration company focused on developing the Company's 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's only lithium brine operation.
Cypress Development Corp. has approx. 72.5 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Cypress Development Corp.
Director, Corporate Communications
Toll Free: 800-567-8181
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.