VANCOUVER, BC,
Feb. 10, 2022 /CNW/ -
Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF)
(Frankfurt: C1Z1)
("Cypress" or "the Company") is pleased
to report the successful completion of a 14-day operating test at
the Company's lithium extraction pilot plant in Nevada. During this period, the pilot plant
operated continuously treating lithium-bearing claystone from the
Company's Clayton Valley Lithium Project.
"The progress so far is substantial, and we are very pleased
with the initial results" stated Bill
Willoughby, President and CEO of Cypress Development. "We
have now completed 3, 7 and 14-day tests, achieving improvements in
the operation and gaining important knowledge as we develop our
unique lithium extraction process."
Performance within areas of the Pilot Plant:
Continuous test, operating 24 hours per day
- 97% utilization throughout the plant, including leaching,
filtration, and lithium extraction areas
- Change in filtration equipment resulting in lower moisture
content in final tails
- Reagent consumptions in-line with projected recoveries of 80 to
85%.
More than 700 samples were collected for analysis and sent to an
external certified laboratory. Due to turn-around time from the
laboratory, analyses from earlier tests are only now beginning to
be received. The Company's on-site laboratory continues to be used
to generate internal assays and guide operations. In the final step
of the process, an equipment failure limited the amount of product
solution targeted for shipment for offsite treatment. That item of
equipment is currently being addressed. The pilot plant continues
to operate to generate the required amount of product solution, and
to test an alternate configuration and operating conditions in
leaching and filtration.
Qualified Person
Todd Fayram, MMSA-QP, is the
qualified person as defined by National Instrument 43-101 and has
approved the technical information in this release.
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.