TSXV: CYP | OTCQX: CYDVF
VANCOUVER, BC, Dec. 22, 2021 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1)
("Cypress" or "the Company") is pleased
to report the successful completion of a 7-day continuous run at
the Company's pilot plant. During this period, the pilot plant
operated at its designed feed rate of one ton per day of lithium
claystone from the Company's Clayton Valley Lithium
Project.
"From an operating perspective, we are very pleased with
how the pilot plant has performed to date", stated Bill Willoughby, President and CEO. "Most plant
components ran throughout the seven days with only minor operating
issues, achieving expected targets in materials handling, reagents,
and water balance. Over 400 samples of leach solutions and solids
were collected and shipped to ALS Global for analysis during the
testing period. We look forward to seeing the analytical results
and to resume testing in the new year."
Lease Agreement Extended
In addition, Cypress is pleased to report the lease with del Sol
Refining Inc., ("del Sol") was amended, extending the term through
2025 and allowing Cypress the option to expand its use of the
facility, including all of the 12,000 square-foot processing
building at the site.
"The last year has shown us just how important it is to have
access to a permitted testing facility, and the flexibility to be
able to use it as we advance our lithium project," said
Bill Willoughby. "The amended
lease gives us the time and room to expand beyond our requirements
for our feasibility study. This is important given the likelihood
we will want to continue testing. In addition to the lease, del Sol
will continue to provide support through its personnel and other
services, and we are pleased to have them as a valuable part of our
team. With the pilot plant in operation, our personnel,
consultants, and a strong treasury, Cypress is in an excellent
position to advance our Clayton Valley Lithium Project into the New
Year."
Cypress' pilot plant is located at a metallurgical facility in
Amargosa Valley, Nevada, at a site
owned and operated by del Sol, 100 miles (160 km) southeast of the
Cypress' Clayton Valley Lithium Project. Cypress leased a portion
of the facility earlier this year for the construction of its
lithium extraction pilot plant.
del Sol Refining Facilities, Nevada photo
1:
https://cypressdevelopmentcorp.com/site/assets/files/4110/2021-12-22-cyp-nrp.jpg
About Cypress Development Corp
Cypress Development Corp. is a Canadian based 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. Cypress is advancing
its Clayton Valley Lithium Project in Nevada towards the production of high-purity
lithium hydroxide suitable for tier one battery usage.
ON BEHALF OF CYPRESS DEVELOPMENT CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer
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.