Cypress Development and Dajin Resources to Pursue Joint Venture on Alkali Spring Valley Lithium Property, Nevada
03 Outubro 2018 - 9:00AM
Cypress Development Corp. (TSX-V:
CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress”
or the “Company”) is pleased to announce that it has entered into a
non-binding letter of intent (“Letter Agreement”) with Dajin
Resources Corp. (TSX-V: DJI) (OTCQB: DJIFF) (“Dajin”) on Dajin’s
Alkali Spring Valley Lithium Property. The property is located 12
kilometers northeast of Cypress’ Clayton Valley Lithium Project in
Nevada.
Under the Letter Agreement, Cypress has the
exclusive right and option to acquire a 50% undivided interest in
Dajin’s unpatented mining claims and application for water rights
in Esmeralda County, Nevada. Cypress will complete a due diligence
review and prepare a Definitive Agreement for the transaction. Upon
completion of the Definitive Agreement and TSX Venture Exchange
acceptance, Cypress will allot to Dajin 150,000 shares of Cypress
and pay Dajin USD$50,000. Cypress will have a two-year period to
complete earn-in by issuing an additional 150,000 shares of Cypress
and performing USD$200,000 in exploration expenditures within the
first year, and USD$250,000 in exploration expenditures during the
second year. Upon successful completion of the two-year earn-in
period a joint venture (JV) will be created.
At Alkali Spring Valley, Dajin located 145
unpatented placer mining claims to explore for lithium brines and
has applied to the State of Nevada for 1,000 acre-feet per annum of
water rights. Dajin and Cypress will work jointly to obtain
additional data as needed for Dajin’s water rights application with
Esmeralda County and the State of Nevada. Cypress and Dajin will
share proportionally in property development if lithium brine
resources are discovered. Should Dajin elect not to participate
following Cypress’ earn-in, Dajin shall have the option to dilute
to a 10% net profits interest on the value of the JV’s property in
Alkali Spring valley.
Dr. Bill Willoughby, Cypress CEO commented “We
look forward to working with Dajin on the exploration of the Alkali
Spring Valley Lithium Property, and we appreciate their work to
date towards obtaining related water rights. We particularly
welcome the prospect to explore synergies with our Clayton Valley
Lithium Project, which is only 12 kilometers away.”
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. has approx. 62.4
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.
“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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