Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to announce that it has entered into a Definitive Agreement with Dajin Resources Corp. (TSX-V: DJI) on Dajin’s Alkali Spring Valley Lithium Property, in Esmeralda County, Nevada.
Under the terms of the agreement, Cypress has the exclusive right and option to acquire a 50% undivided interest in Dajin’s 145 unpatented mining claims and application for water rights in Alkali Spring Valley by paying to Dajin US$50,000 and issuing 150,000 common shares upon TSX Venture Exchange (“Exchange”) approval and issuing a further 150,000 shares on the first anniversary of Exchange approval. The Company must incur no less than US$450,000 in exploration expenditures by the second anniversary of Exchange approval. Upon successful completion of the earn-in period a joint venture (JV) will be created.
Cypress Development CEO, Dr. Bill Willoughby, commented: “Cypress is pleased to enter into this Definitive Agreement and have the opportunity to work with Dajin. Besides exploring for lithium in Alkali Spring Valley, the JV presents potential synergies with Cypress’ Clayton Valley Lithium Project, particularly with respect to water supply. Cypress recently completed an oversubscribed private placement, which will enable us to complete upcoming milestones for Clayton Valley, including further drilling, metallurgical study, and a pre-feasibility study, as well as pursue exploration and a water rights application for Alkali Spring Valley with Dajin.”
This agreement is subject to Exchange approval. All shares issued will be subject to a hold period of four months and one day from issuance.
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.
“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.