Cypress Options Gunman Zinc Project in Nevada to Silcom
(Thomson Reuters ONE) -
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.
CYPRESS DEVELOPMENT CORP.
"Don Huston"
DONALD C. HUSTON
President
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.
For further information contact Don Huston 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
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
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Datum: 05.04.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 534724
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"Cypress Options Gunman Zinc Project in Nevada to Silcom"
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