Dec 14 2015
Cypress Development Corp. is pleased to announce the Company has acquired a 100% interest in the 1,780 acre Alkali Valley lithium brine project located in Esmeralda county, Nevada.
Cypress Alkali Valley Lithium Brine Project Location Map, Nevada: http://www.cypressdevelopmentcorp.com/i/maps/CYP-Alkali-Valley-Project-location-map.jpg
Cypress' Alkali Valley (AV) lithium brine project covers the central and northeast portions of the bottom of the Alkali Lake Playa and is contiguous with claims of the Dajin Resources Alkali Lake lithium project. The highly prospective Alkali Lake Playa lies approximately 12 kilometres northeast of Albemarle's Silver Peak lithium mine.
Cypress Alkali Valley Lithium Brine Project Claims Map, Nevada: http://www.cypressdevelopmentcorp.com/i/maps/CYP-Alkali-20-Acre-Placers.jpg
The Silver Peak lithium mine is the only operating brine based lithium mine in North America and nearby where Pure Energy recently identified a brine lithium resource. The Silver Peak area is one of the oldest mining areas in Nevada having produced substantial amounts of silver, gold and other minerals. The Silver Peak lithium mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then.
The general area of Cypress' AV lithium brine project is surrounded by lithium-enriched Tertiary age rhyolite tuffs (peralkaline rhyolites) and lithium-bearing sediments as well as active geothermal systems. Over time, the lithium has become mobilized from these sources into surface and ground waters and can, under the right conditions, produce brines enriched in lithium. The potential for deep basin brines at Alkali has never been tested.
Tesla Motors is driving the current lithium boom in Nevada with the construction of a Gigafactory, a lithium-ion battery facility outside of Sparks Nevada. Market speculations of the likely construction of additional large-scale lithium battery factories in the region appears based on the potential of lithium batteries as all purposed energy storage units that are highly scalable.
Cypress Holdings (Nevada) Ltd., a wholly owned subsidiary of Cypress Development Corp., has acquired the 1,780 acre AV lithium brine project through the staking of 89 placer claims.
Robert Marvin, P.Geo., CPG, Exploration Manager for Cypress Development Corp. is the Qualified Person as defined by National Instrument 43-101 and has approved of the technical information in this release.
Cypress also announces a non-brokered private placement of up to 5,000,000 units at a price of $0.05 per unit ("Unit") to raise gross proceeds of up to $250,000. Each Unit will consists of one common share and one non-transferable share purchase warrant ("Warrant"), with each Warrant to entitle the holder to purchase one common share for a period of five years at a price of $0.055 per share from the closing date of the private placement.
A finder's fee of 7% in cash and 7% in non-transferable warrants (the "Finder's Warrants") may be paid in connection with part of this private placement. Each Finder's Warrant will entitle the finder to purchase a common share at a price of $0.055 per share for a period of five years from the closing date of the private placement.
The Company intends to utilize the proceeds of this private placement for exploration on its mineral properties and for general working capital purposes.