Cypress Announces Pasinex Signs Option to Acquire 80% of Gunman Zinc / Silver Project in Nevada
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
December 07, 2017
Cypress Announces Pasinex Signs Option to Acquire 80% of
Gunman Zinc / Silver Project in Nevada
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCBB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or the “Company ”) is pleased to announce Pasinex
Resources Limited ("Pasinex"), through its wholly -owned subsidiary Pasinex
Resources Nevada Limited, has entered into an Option Agreement with Cypress and
Silcom Systems Inc. ("Silcom") to earn up to an 80% interest in Cypress’ Gunman
Zinc Project ("Gunman") located in White Pine County, Nevada ("Option
Agreement"). In essence, Pasinex has acquired the option by honouring the terms of
Silcom's original Option Agreement, announced April 5, 2017, to acquire an 80%
interest from Cypress in the Gunman Project.
The Option Agreement's total consideration to acquire the 80% interest is staged
over four (4) years and is approximately US$1.5 million payable in a combination of
cash and Pasinex common shares. In addition, the Pasinex must incur minimum
exploration expenditures totalling US$2,950,000 over the same four (4) year period.
The deposit style at Gunman is carbonate replacement (CRD) with central zones of
massive, stron gly oxidized mineralization and halos of partial replacement and
veining. The mineralization is within 125 metres of the surface. Pasinex states they
are attracted by the high grades and the deposit style of the Gunman with striking
similarities to the Pasinex 's Pinargozu high grade CRD zinc mine in Turkey.
Robert Marvin, B.Sc., PGeo, VP of Exploration and Director of Cypress Development
Corp., is the qualified person as defined by National Instrument 43 -101 and has
approved of the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp . is a publicly traded lithium and zinc exploration
company that continues to acquire and develop potentially viable mineral projects in
the State of Nevada, U.S.A.
Cypress Development Corp. has approx. 54.1 million shares issued and outstanding.
2
To find out more about Cypress Development Corp. (TSX -V: CYP), visit our website
at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Don Huston”
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director, Investor Relations
Cypress Development Corp.
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 performanc e, 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, shou ld 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.