TSXV: CYP | OTCQB: CYDVF
VANCOUVER, BC, Dec. 8, 2021 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1)
("Cypress" or "the Company") is pleased
to report it has completed the purchase of Permit 44411 and
Certificate 13631 (the "Permit") from Intor Resources Corp., a
subsidiary of Nevada Sunrise Gold Corp. ("Nevada Sunrise"). The
remaining cash purchase consideration of US$2,000,000 and the title deed were released
from escrow to the respective parties, along with Cypress shares in
the value of US$850,000 issued to
Nevada Sunrise, as the final component of the purchase
consideration. The Permit is an essential piece of Cypress'
strategy to develop its Clayton Valley Lithium Project in
Nevada.
"Water resources in Nevada are
limited, therefore the acquisition of this Permit by Cypress
represents a milestone which will secure a majority of the
Project's future water requirements" stated Bill Willoughby, President and CEO of
Cypress.
The Permit allows for the appropriation of the public waters of
the State of Nevada in the amount
of 1,770 acre-feet of groundwater per year for mining, milling and
domestic applications. This amount represents the largest single
volume of permitted water available in the Clayton Valley, which is
a fully appropriated hydrogeographic basin.
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. A positive
Pre-Feasibility Study for the Clayton Valley Lithium Project was
published in March 2021. 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 & Chief Executive Officer
www.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.
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.