Cypress Announces Final Settlement with Centrestone Resources
Suite 1610 - 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.cypressdevelopmentcorp.com
TSX Venture Exchange Symbol: CYP
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
April 30, 2020
Cypress Announces Final Settlement with Centrestone Resources
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to report it has reached a
final settlement agreement in its legal proceedings against Centrestone Resources
LLC ("Centrestone"), a Nevada limited liability company.
As previously announced, the Fifth Judicial Court of the State of Nevada in and for the
County of Esmeralda on February 6, 2020, entered its written order for summary
judgment in favor of Cypress. A hearing was to be held on April 21, 2020 to hear
Cypress’ claims for damages. Before the hearing, Cypress agreed to dismiss its claims
for damages against Centrestone in return for a USD $200,000 cash payment, which
has been paid, the delivery to Cypress of certain exploration data and core, and
Centrestone’s acknowledgement of Cypress’ title to all of Cypress’ mining claims.
The settlement brings to an end a yearlong-plus lawsuit which included clearing the
title to 1,106 acres of Cypress’ mining claims. Cypress’ holdings now total 5,430 acres
as shown in the map accompanying this news release and on the Company’s website.
Clayton Valley Lithium Project, Nevada Claims Map:
https://www.cypressdevelopmentcorp.com/site/assets/files/3573/cyp_clayton_valley_
new_claims_map_2020.jpg
Dr. William Willoughby, Cypress CEO, stated, “The Court’s rulings and our successful
resolution of the lawsuit affirm our belief that the Mining Law of 1872 protects
companies like Cypress who in good faith locate and maintain unpatented mining
claims in accordance with the law. This is important to Cypress, its shareholders and
the mining industry in general. The Company commends and thanks our U.S. counsel,
Erwin Thompson Fallers, for their diligent and forceful advocacy on behalf of Cypress
during the litigation and settlement negotiations. We also wish to thank our Board,
employees, contractors and shareholders who faithfully supported our efforts.”
“With the settlement behind us, Cypress can now move forward and focus on our core
business of developing the Clayton Valley Lithium Pr oject. We are completing a
prefeasibility study (PFS) and expect to announce the results soon.”
About Cypress Development Corp.:
2
Cypress Development Corp. is a publicly traded exploration company focused on
developing the Company's 100% -owned Clayton Valley Lithium Project in Nevada.
Exploration and development by Cypress has discovered a world-class resource of
lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's
only lithium brine operation. The size of the resource makes the Clayton Valley Project
a premier target with the potential to impact the future supply of lithium for the fast-
growing global lithium-ion battery market.
Cypress Development Corp. has approx. 90.1 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX -V: CYP), visit our website
at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward- looking
statements". 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.