Dajin and Cypress Development Pursue Joint Venture ON Alkali Spring Valley Lithium Property
Suite 450-789 West Pender Street Telephone: (604) 681-6151
Vancouver, BC V6C 1H2 Fax: (604) 689-7654
www.dajin.ca Email: [email protected]
PRESS RELEASE
DAJIN AND CYPRESS DEVELOPMENT PURSUE JOINT VENTURE
ON ALKALI SPRING VALLEY LITHIUM PROPERTY
October 3, 2018 - Vancouver, BC – Dajin Resources Corp. (TSX-V: DJI) (OTCQB: DJIFF)
(Frankfurt: C2U1) (“Dajin”) is pleased to announce that it has entered into a Letter Agreement with
Cypress Development Corp. (TSX -V: CYP) (OTCQB: CYDVF) (“Cypress”) for the exploration and
development of Dajin’s Alkali Spring valley Lithium property located in Esmeralda County, Nevada.
The property is located 12 kilometers (7.5 miles) northeast of Cypress’ Clayton Valley Lithium project
in Nevada.
Under the terms of the Letter Agreement, Cypress has the exclusive right and option to acquire a 50%
undivided interest in Dajin’s unpatented mining claims and application for water rights in Alkali Spring
valley, Esmeralda County, Nevada. Cypress will co mplete a due diligence review and prepare a
Definitive Agreement for the transaction. Upon completion of the Definitive Agreement and TSX
Venture Exchange acceptance, Cypress will allot to Dajin 150,000 common shares of Cypress and pay
Dajin USD$50,000. Cypress will have a two-year period to complete its earn-in by issuing an additional
150,000 common shares of Cypress and performing USD$200,000 in exploration expenditures within
the first year, and USD$250,000 in exploration expenditures during the secon d year. Upon successful
completion of the two year earn-in period a joint venture (JV) will be created.
At Alkali Spring valley, Dajin holds 145 unpatented placer mining claims to explore for lithium brines
and has applied to the State of Nevada for 1,000 acre-feet of water rights. Dajin and Cypress will work
jointly explore the property for lithium brines and lithium -bearing sediments, and will work to perfect
the associated water rights application s. Cypress and Dajin will share proportionally in prop erty
development if lithium brine resources are discovered. Should Dajin elect not to participate following
Cypress’ earn-in period, Dajin shall have the option to dilute to a 10% net profits interest on the value of
the JV’s property in Alkali Spring valley.
“Dajin’s management is looking forward to working with Cypress on the exploration and development
of the Alkali Spring valley lithium property, comments Brian Findlay, CEO of Dajin. Having the Cypress
Development Corp. team as a partner is a real bonus to Dajin as they bring valuable experience and
management into the region to help advance the lithium project.”
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About Dajin: (www.dajin.ca)
Dajin, is an early stage Lithium exploration company . Th rough its interest in Dajin Resources S.A.
(“Dajin S.A.”), it holds concessions or concession applications in Jujuy Province, Argentina that were
acquired in regions known to contain brines with Lithium , Potassium, and Boron values. These
concessions exceed 93,000 hectares (230,000 acres) and are primarily located in the Salinas Grandes and
Guayatayoc salt lake basins. During the initial exploration program of a portion of the holdings covering
an area of 550 hectares (5.5 km 2) in the northwestern corner of the 4,300 hectares (43 km 2) San Jose-
Navidad minas were taken. Lithium brine concentrations ranged from 281 mg/l to 1,353 mg/l, averaging
591 mg/l. Dajin S.A. is partnered with LSC Lithium Corporation who has agreed to spend $2,000,000
to earn a 51% interest in Dajin S.A.’s Lithium properties while building a significant presence in
Argentina.
Dajin also holds a 100% interest in 403 placer claims covering 7,914 acres (3,202 hectares) in the Teels
Marsh valley of Mineral County, Nevada. These claims are known to contain Lithium and Boron values
and are adjacent to the birth place of US Borax Corp’s first borax mine. Dajin also holds a 100% interest
in 145 placer claims in the Alkali Spring valley of Esmeralda County, Nevada, located 10 miles (15
kilometers) northeast of Albemarle’s Silver Peak Lithium brine operation in Clayton Valley.
ON BEHALF OF DAJIN’S BOARD OF DIRECTORS
Brian Findlay
President & CEO
For further information please contact Dajin:
604-609-6151 or [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.