Cypress Development Selects Global Resource Engineering FOR Clayton Valley Lithium Project PEA
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
May 09, 2018
CYPRESS DEVELOPMENT SELECTS GLOBAL RESOURCE
ENGINEERING FOR CLAYTON VALLEY LITHIUM PROJECT PEA
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to announce it has
commenced a Preliminary Economic Assessment (PEA) on its 100%-owned Clayton
Valley Lithium Project in Nevada and has selected Global Resource Engineering Ltd.
(GRE) of Denver, Colorado to conduct the study. Results of the PEA are anticipated
in the latter part of July, 2018.
The study will be based upon the Mineral Resource Estimate for the Clayton Valley
project, completed by GRE and reported in a press release on May 1, 2018 by
Cypress. GRE was selected for the PEA because of their modeling work on Clayton
Valley along with GRE’s extensive experience in mining, metallurgy, and process
design for sedimentary -hosted deposits, and their timely completion of economic
studies ranging from due diligence to full feasibility . GRE will continue to engage
Hazen Research Inc, and Continental Metallurgical Services LLC for ongoing test
work.
The recently completed NI 43 -101 estimate for Clayton Valley consists of a t otal
indicated mineral resource of 597 million tonnes at an average grade of 899 ppm Li,
for a contained 2.857 million tonnes of lithium carbonate equivalent (LCE), in addition
to a total inferred mineral resource of 779 million tonnes at an average grade of 888
ppm Li, or a contained 3.683 million tonnes of LCE. Cypress and GRE envision a
PEA using an initial production rate of 10,000 to 15,000 tonnes per day of material,
which equates to an annual rate of 3.6 to 5.5 million tonnes to be mined and
processed. This rate is selected based on the operation’s relative size to the world
lithium market. Due to the size of the r esource, GRE will concentrate the study upon
the core area of the deposit between GCH -6 and DCH-13 which exhibits better than
average grade intercepts in drilling. As PEA level studies may include inferred
mineral resources in the economic analysis, no add itional drilling is required. GRE,
however, will review the areas within the study for additional drilling to upgrade the
resources and advance the project beyond the PEA level, as well as obtaining
additional material for metallurgical testing.
The PEA will examine surface mining in conjunction with tank leaching for the
deposit, with on -site production of a lithium product from the leach solution. The
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mining operation will be based on excavating and transporting the soft sedimentary
material that does not require blasting and has negligible overburden. Processing will
be based on leaching the lithium using weak sulfuric acid solutions at near ambient
to elevated temperatures. Laboratory test work continues to show l ithium extractions
greater than 80% can be achieved in under 8 hours with relatively low reagent
consumptions, and conventional downstream processing can be used to produce a
high purity lithium product on-site. The anticipated completion date for the PEA is in
the latter part of July, 2018.
Terre Lane, J.J. Brown and Dr. Todd Harvey, of GRE are the qualified persons as
defined by National Instrument 43 -101 and have approved of the technical
information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded company focused on developing the
Company's 100% -owned Clayton Valley lithium project in the State of Nevada,
U.S.A.
Cypress' Clayton Valley project is located immediately east of Silver Peak, North
America's first and only lithium brine operation . Recent exploration by Cypress has
discovered extensive sediment-hosted mineral resources adjacent to the brine field
and gives Cypress the potential to become a significant producer of lithium in North
America.
Cypress Development Corp. has approx. 59.7 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, Investor Relations
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 deve lopments that management of the Company expects, are forward -
looking statements. Although management believes the expectations expressed in such
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forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future pe rformance, 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, m arket or
business conditions. Please see the public filings of the Company at www.sedar.com for
further information.