Cypress Development Consolidates Strategic Land Position at Clayton Valley, Nevada
NEWS RELEASE TSXV: CYP | OTCQX: CYDVF
CYPRESS DEVELOPMENT CONSOLIDATES STRATEGIC LAND POSITION
AT CLAYTON VALLEY, NEVADA
February 24, 2022 – Vancouver, Canada – Cypress Development Corp. ( TSXV: CYP ) ( OTCQX: CYDVF)
(Frankfurt: C1Z1 ) ( “Cypress” or “ the Company”) is pleased to announce that, together with its wholly
owned subsidiary Cypress Holdings (Nevada) LTD, it has entered into a Definitive Purchase and Sale
Agreement with Enertopia Corporation (“Enertopia”) (OTCQB: ENRT) pursuant to which Cypress will
acquire Enertopia’s Clayton Valley Lithium Claystone Project (“Enertopia’s Project”) located immediately
adjacent to Cypress’ Clayton Valley Lithium Project in Nevada.
“We are excited to consolidate Enertopia’s Project with our Project, as it will add upside, and can easily
be integrated into our mine plan,” stated Bill Willoughby, President and CEO of Cypress
Development. “This is a strategic acquisition, and it will potentially aid in optimization, and
production schedule development for our upcoming Feasibility S tudy.”
Under the transaction, Cypress will pay US$1.1 million in cash and issue 3,000,000 common shares in the
capital of Cypress (“Share Considerations”) to Enertopia to purchase 100% ownership interest in
Enertopia’s Project. Closing is expected to be completed in April 2022 and is subject to customary
approvals and closing conditions for a transaction of this nature, including approval of the Share
Consideration by the TSX Venture Exchange.
Enertopia’s Project is 100% owned by Enertopia and comprises 17 unpatented mining claims totaling 160
contiguous acres. A March 2020 NI 43-101 compliant technical report on Enertopia’s Project states the
property has an Indicated resource of 82 million tonnes (mt) of 1,121 parts per million (ppm) Li and an
Inferred resource of 18 mt of 1,131 ppm Li using a cutoff grade of 400 ppm Li. The resource was calculated
using assay data from four core holes drilled on the property in 2018.
Qualified Person
Daniel Kalmbach, CPG, is the “Qualified Person ” as defined by National Instrument 43-101 and has
reviewed and approved the technical disclosure contained in this news release.
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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
For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 764 1851 | Toll Free: 1 800 567 8181 | Email [email protected]
www.cypressdevelopmentcorp.com
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.