Cypress Options 1,520-acre Lithium Property in Clayton Valley, Nevada to Pure Energy Minerals
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, Aug. 24, 2016 (GLOBE NEWSWIRE) -- Cypress
Development Corp. (TSX-V:CYP) (OTCBB: CYDVF) (Frankfurt:C1Z1) ("Cypress" or the
"Company") ") is pleased to announce that it has executed a definitive Option
Agreement governing the Company's Clayton Valley, Nevada Project ("Cypress
Property" or "the Property"), subject to TSX Venture Exchange (the "Exchange")
acceptance. The new Option Agreement grants Pure Energy Minerals the right to
acquire up to 70% undivided interest in the 1,520-acre package of Federal
mineral claims. The Cypress Property adjoins Pure Energy's Clayton Valley South
(CVS) Lithium Brine Project on the eastern side of the valley.
Pure Energy's Clayton Valley South Project & Cypress' Project, Nevada map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP_Clayton_Valley_South_Cypress_Ad
dition.jpg
Cypress' geological team has conducted considerable exploration on the Property
during 2016, reporting lithium values as high as 2,600 ppm in rock samples (See
Cypress news releases dated Feb. 22, May 10, 2016). The Cypress claims encompass
a large area of these lithium-enriched rocks. The optioned claims also include a
strip of prospective Clayton Valley basin, along a major structural zone
immediately east of Pure Energy's northern resource area. Cypress has already
received an approved Notice of Intent from the Bureau of Land Management (BLM)
that will facilitate exploration drilling on the Property.
In order to fully exercise the two-stage option, Pure Energy is to make the
following cash and share payments and associated exploration investments in the
Property:
1. Cash and share payments of US $75,000 and 350,000 shares within five
business days of the date of Exchange acceptance for the agreement;
2. Exploration expenditures of at least US $300,000 before the first
anniversary;
3. Cash and share payments of US $100,000 and 750,000 shares on or before the
first anniversary;
4. Additional exploration expenditures of US $500,000 before the second
anniversary;
5. Partial vesting of 51% undivided interest is reached upon satisfaction of
the above;
6. An additional 1 million shares and US $1 million of exploration expenditures
before the fourth anniversary to complete vesting at 70%.
Donald Huston, President, Cypress Development Corp commented, "Cypress is
excited and very pleased to have our land position in Clayton Valley recognized
as a value add to both companies through this Option Agreement with Pure Energy
Minerals. Cypress already has Federal permits in place, so the Clayton Valley
Lithium Property offers an immediate opportunity to drill for additional lithium
resources. Planning for the field program is well advanced, and we should see
field crews mobilizing for a systematic sampling program in the next two weeks.
We look forward to working with and utilizing the geological expertise of the
Pure Energy team."
The Property is currently held in good standing under option by Cypress from a
private party. The underlying option includes a provision for a 3% royalty on
future lithium production from the Property, of which a 2% royalty may be
purchased by Cypress for the sum of US$1,000,000. The parties have acknowledged
in the agreement that Cypress will be responsible for meeting the share and cash
requirements of that underlying option agreement. Under the Option Agreement,
Cypress will act as project manager on the claims for the first year's
exploration program.
Upon completion of one or both of the options, the parties shall enter into a
joint venture agreement for the further exploration of the Property, and Pure
Energy shall serve as Operator.
A finder's fee will be paid to Jordan Trimble in the maximum allowed under TSX
Venture Exchange Policy 5.1 in connection with this transaction.
Robert Marvin, P.Geo, Exploration Manager for Cypress Development Corp. is the
Qualified Person as defined by National Instrument 43-101 and has approved of
the technical information in this release.
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.
Cypress is very active in Clayton Valley, Nevada with its team committed to
systematically exploring its property for both a lithium-brine resource, and
expanding exploration relating to the potential for lithium that exists within
the recently discovered "claystones", that has seen recent high grade lithium
assays recovered from these same "claystones".
1. Cypress has an ideally located land position with excellent existing
infrastructure in a first-class mining jurisdiction: in the southern half of
Clayton Valley, Esmeralda County, Nevada;
2. Adjacent to the only producing lithium brine operation in the United States
(Albemarle's Silver Peak lithium mine);
3. The Cypress property being optioned to Pure Energy Minerals abuts PE's
inferred mineral resource of 816,000 metric tonnes of Lithium Carbonate
Equivalent (LCE), reported in accordance with NI 43-101;
Cypress Development Corp. has approx. 25.6 million shares issued and
outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website
atwww.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
"Don Huston"
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)cypressdevelopmentcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cypress Development Corp via GlobeNewswire
Datum: 24.08.2016 - 13:30 Uhr
Sprache: Deutsch
News-ID 490914
Anzahl Zeichen: 8131
contact information:
Town:
Vancouver
Kategorie:
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