Cypress Development Completes Definitive Agreement with Dajin Resources
2018年11月8日 - 10:20PM
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.
To find out more about Cypress Development Corp.
(TSX-V: CYP), visit our website at
www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill
Willoughby”
WILLIAM WILLOUGHBY, PhD., PEChief Executive
Officer
For further information contact myself or: Don MyersCypress
Development Corp.Director, Corporate CommunicationsTelephone:
604-639-3851 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email:
info@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.
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