TSXV: CYP | OTCQB: CYDVF
VANCOUVER, BC, Nov. 3, 2021 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) ("Cypress"
or "the Company") is pleased to report that the Nevada Division of
Water Resources ("NDWR") has granted an extension to Nevada Sunrise
Gold Corp for its Nevada Water Right Permit 44411 (the
"Permit"). The extension of time granted by the NDWR to
August 28, 2022, was a key condition
precedent for the purchase of the Permit by Cypress (the
"Transaction"). The parties will now proceed with the closing of
the Transaction.
The Permit allows for the beneficial use of 1,770 acre/feet of
water annually for mining, milling and domestic use and is an
essential component of Cypress's plans for the development of its
Clayton Valley Lithium Project in Esmeralda County, Nevada.
As previously announced on May 10,
2021, Cypress and Nevada Sunrise Gold Corp agreed that
Cypress would purchase the Permit for US$3.0
million, of which Cypress has already paid US$150,000. The remaining US$2.85 million will be paid in a combination of
cash and Cypress common shares upon receipt of all necessary
regulatory approvals and transfer of the Permit to Cypress (the
"Closing Payment"). The Closing Payment comprises US$2.0 million in cash and the issuance of
Cypress common shares to the value of US$850,000 (the "Share Issuance").
The Agreement is subject to terms and conditions customary for a
transaction of this nature, including TSX Venture Exchange approval
of the Share Issuance.
About Cypress Development Corp.
Cypress Development Corp. is a Canadian advanced-stage
lithium exploration company, focused on developing its 100%-owned
Clayton Valley Lithium Project in Nevada,
USA. Work completed by Cypress led to the discovery of a
world-class resource of lithium-bearing claystone adjacent to the
Albemarle Silver Peak mine, North
America's only lithium brine operation. The results of a
positive Pre-Feasibility Study for the Clayton Valley Lithium
Project were announced by Cypress Development in August 2020. Cypress Development trades on the
TSX Venture Exchange under the symbol CYP, and on the OTCQB under
the symbol CYDVF.
ON BEHALF OF CYPRESS DEVELOPMENT CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-Looking
Statements
This release includes certain statements that may be deemed
to be "forward-looking statements". Forward-looking statements
are subject to risks, uncertainties and assumptions and are
identified by words such as "expects," "estimates," "projects,"
"anticipates," "believes," "could," "scheduled," and other similar
words. 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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SOURCE Cypress Development Corp.