VANCOUVER, B.C., April 05, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce the execution of an Option Agreement (the “Agreement”) with Silcom Systems Inc. (“Silcom”) which provides Silcom an earn-in option to acquire an initial 51% interest in Cypress’ 100% owned Gunman Zinc-Silver Property located in White Pine County, Nevada. Under the Agreement, Silcom will issue 1,500,000 listed common shares and make cash payments of $300,000 USD and incur exploration expenditure totaling $1,850,000 USD over the three year term of the first Agreement.
Cypress has granted Silcom a second Option to acquire an additional 29% interest in the Gunman Property by issuing 500,000 listed common shares and making a cash payment of $250,000 USD within 90 days of Silcom satisfying and exercising the first Option and incurring additional exploration expenditures totaling $1,100,000 USD within 12 months.
Upon completion by Silcom of the two Option Agreements and the issuance of all the shares and cash payments and completion of all work commitments set out above, Silcom shall have earned an 80% interest in the Gunman Property, subject to an underlying 2% net royalty interest.
The Agreement is subject to TSX Venture Exchange acceptance and the shares of Silcom obtaining a Canadian stock exchange listing.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress is very active in Clayton Valley, Nevada with its team committed to systematically exploring its properties for both a lithium-brine resource and expanding exploration relating to a lithium resource that exists within the large area of non-hectorite “claystone” discovered at surface that has seen recent high lithium assays recovered from these same “claystone”.
Cypress Development Corp. has approx. 34.9 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website at www.cypressdevelopmentcorp.com.
