Cypress Development Contracts NORAM Engineering for Clayton Valley Lithium 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
November 14, 2019
Cypress Development Contracts NORAM Engineering for Clayton Valley
Lithium Project in Nevada
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to report the Company
has contracted NORAM Engineering an d Constructors Ltd. of Vancouver , BC
(“NORAM”) to conduct c oncept testing for the Company’s Clayton Valley Lithium
Project in Nevada. The test work will focus on the downstream portion of the revised
extraction flowsheet and run in parallel with completion of the prefeasibility study
(“PFS”) of the project. The work will be conducted at BC Research Inc., a member of
the NORAM Group of companies, located in Richmond, British Columbia.
Cypress released positive results from the first two phases of its PFS metallurgical
program earlier this year (see news releases Feb. 26th & July 15th). On August 29,
the Company reported a milestone where a commercially viable process was
identified, based on filtration, to deal with the separation of clay particles from leach
solutions. Review of the flowsheet by Cypress and its consultants, identified potential
changes in the downstream portion. These changes should enhance the project and
lead to improved and more efficient recovery of lithium and probable by-products,
including rare earth elements, and more effective use of sulfuric acid . The changes
are considered significant and were incorporated into the PFS using data from the
test work and known industrial parameters. They consist of a sequence of membrane
separations, evaporation, and ion exchange . Subsequent, independent third-party
review concluded additional testing was needed to confirm the changes to the PFS
and led to the current program. The program is scheduled to take six weeks to
complete and will test the performance of several connected stages in the
downstream processing. The required volume of leach solution is in preparation and
will be shipped to NORAM for testing in the next two weeks.
Cypress CEO Bill Willoughby commented , “We are pleased to work alongside a
company with the industrial experience of NORAM during this stage of testing. Their
experience in commercial plants, along with this testing program, will provide greater
confidence in the PFS results. It also lays the groundwork for the pilot -scale testing
and feasibility study we plan for next year.”
“While timing of the program means the release of the PFS is moved to early 2020 ,
the management and consultants of Cypress see this as a necessary step to
strengthen the project and make it more compelling. Cypress has a strong financial
2
position, maintaining a treasury of over CAD$1.4 million and is well-positioned to
continue advancing the project through the next stages of development.”
Todd Fayram, PE, of Continental Metallurgical Services, LLC., is the qualified person
as defined by National Instrument 43-101 and has approved the technical
information in this release.
About Cypress Development Corp.:
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 that has the potential to impact the future supply of lithium
for the fast-growing global lithium-ion battery market.
Cypress Development Corp. has approx. 87.8 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 expec ts, 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 a ctual 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.