GlobeNewswire

Cypress Development Enters LOI for the Purchase of Water Rights in Clayton Valley, Nevada

Share

VANCOUVER, British Columbia, May 10, 2021 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCQB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or “the Company”) is pleased to announce that it has entered into a Letter Of Intent (“LOI”) with Intor Resources Corp. (“Intor”), a wholly owned subsidiary of Nevada Sunrise Gold Corp. (“Nevada Sunrise”), for the purchase of Intor’s water rights in Clayton Valley, Nevada (the “Transaction”). The Transaction is subject to the terms of the LOI and is a major milestone towards the fulfillment of the water supply requirements of Cypress’ Clayton Valley Lithium Project.

Terms of the LOI

The Transaction is subject to the satisfactory outcome of a due diligence by Cypress, the parties entering into a definitive agreement, settlement of the US$3 million purchase price to be paid in a combination of cash and Cypress shares (the “Purchase Price”) and terms customary for a transaction of this nature. The Purchase Price is payable as to $25,000 non-refundable payment on entering the LOI, $125,000 non-refundable payment upon completion of a 45-day due diligence period, unless notice of termination by Cypress is served prior to expiry of the 45-day period, and US$2.85 million on receipt of all necessary approvals and transfer of the water rights to Cypress. This closing payment will comprise US$2 million in cash and the issue of Cypress common shares to the value of US$850,000. The Transaction is subject to TSXV acceptance and is expected to close during the third quarter of 2021.

About the Water Rights

Nevada Sunrise, through its U.S. subsidiary, Intor Resources Corp., acquired the water rights in 2016 under Permit 44411. The permit allows for 1,770 acre-feet of water for mining, milling and domestic use per year. This amount represents the largest volume of permitted water available in Clayton Valley, which is a fully appropriated hydrogeographic basin. With the exception of a single limited use permit, the Nevada Division of Water Resources has maintained that no new permits will be made available for water appropriation within the Clayton Valley basin. Nevada Sunrise has successfully defended its water rights in recent years, including a 2019 settlement agreement with another party.

“Groundwater in the southwest U.S. is a limited resource, and it was known early on that acquiring water rights would be a sensitive and critical step for Cypress’ lithium project” said Cypress CEO Bill Willoughby. “We believe the timing is right to enter into this agreement given the advanced stage of our project.”

“The water under this permit will provide a significant portion of the fresh water supply called for under our project’s Prefeasibility Study. We are very conscious, however, of the possible impacts and resources needed to support a new mine and are actively pursuing ways to conserve water. The data collected from our recent testing using a chloride leaching approach, for example. shows a large reduction in water use is possible. This LOI is a major step for Cypress in securing the water needs of the project.”

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 discovered a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier American source that has the potential to impact the supply of lithium for the fast-growing energy storage battery market.

Clayton Valley Lithium Project, Nevada Claims Map:
https://www.cypressdevelopmentcorp.com/site/assets/files/3573/cyp_cypress_-_albemarle_properties_map.jpg

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: info@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.

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.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Supersapiens Powered by Abbott’s Libre Sense Glucose Sport Biosensor Announces Garmin Integration22.6.2021 16:30:00 CEST | Press release

New Connect IQ app gives athletes timely glucose levels on their bike computer and wrist, allowing for real-time adjustments to sustain peak performance Atlanta, GA, USA, June 22, 2021 (GLOBE NEWSWIRE) -- Supersapiens, powered by Abbott’s Libre Sense Glucose Sport Biosensor, is announcing its initial integration of the Supersapiens Connect IQ app with Garmin®. The Supersapiens training ecosystem empowers athletes to optimize fueling, maximize training, and increase performance gains. The integration will provide select users with a compatible Garmin smartwatch or Edge® cycling computer with real-time glucose visibility allowing them to go faster longer. The Supersapiens app can be downloaded now from the Connect IQ™ store. A partnership with global healthcare leader Abbott makes Supersapiens the only energy management ecosystem that directly integrates with a Bluetooth-enabled sports continuous glucose monitor (CGM) — the Abbott Libre Sense Glucose Sport Biosensor. Supersapiens offers

Painter 2022: Must-Have Upgrade for Professional Artists Delivers a Faster, More Powerful Digital Painting Experience22.6.2021 15:01:00 CEST | Press release

Offering unprecedented performance, a streamlined workflow, and improved layer productivity, Painter 2022 makes it easier than ever for artists to create exceptional work OTTAWA, June 22, 2021 (GLOBE NEWSWIRE) -- Painter 2022 responds to users’ top requests and delivers a must-have upgrade by expanding creative possibilities. Designed for Windows 10 and macOS, this powerful and creative digital painting software adds enhancements that focus on accelerating workflows, boosting brush performance, and improving layer productivity to offer a game-changing digital art studio for today’s professional and aspiring artists. “We know the critical role Painter plays in professional artists’ workflows and are honored to be part of the creative process of bringing some of pop culture's most iconic movies, characters and games to life,” said Chris Pierce, Director of Product for Photo and Digital Arts at Corel. “With this version we focused on our customers’ top requests and whether it’s improvemen

IMCD N.V. shareholders adopt all resolutions at AGM22.6.2021 13:55:00 CEST | Press release

ROTTERDAM, The Netherlands (22 June 2021) – IMCD N.V. (hereafter “IMCD” or the “Company”) announces that all resolutions proposed to the shareholders at the Company’s Annual General Meeting (“AGM”) held today were adopted. This includes the adoption of the financial statements for the year 2020 and approval of the dividend proposal of EUR 1.02 per share in cash. The dividend calendar is as follows: Thursday 24 June 2021 - Ex-dividend date Friday 25 June 2021 - Record date Monday 28 June 2021 - Payment date Further resolutions included the reappointment of Deloitte Accountants B.V. as external auditor for the year 2021. The 2020 Remuneration Report received a positive advisory vote with over 94% of voted casted in favor of the report. Details of the Annual General Meeting, including the voting results, are available at IMCD’s corporate website. Attached, please find the press release in pdf format. Attachment PR_IMCD 2021 AGM resolutions

About making of a mandatory share buy-back offer22.6.2021 13:25:00 CEST | Press release

Joint stock company “Olainfarm”, hereinafter referred to as - “the Company”, hereby informs that on the 22nd of June, 2021 Joint stock company “AS “AB CITY””, registration number 40203174414, according to the clause 1 of the article 73 of the Financial Instrument Market Law, informed the Board of the Company about making of a mandatory share buy-back offer. The Board of the joint stock company “Olainfarm” will prepare conclusion and announce its opinion about the offer within terms set by the Financial Instrument Market Law after an advertisement regarding making of a share buy-back offer is published. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com

Verisk’s AIR Updates Its Terrorism Model to More Comprehensively Model Damage from Conventional Bomb Blast Attacks22.6.2021 12:11:00 CEST | Press release

BOSTON, June 22, 2021 (GLOBE NEWSWIRE) -- Catastrophe modeling firm AIR Worldwide announced that it has updated its Terrorism Model for the United States to more comprehensively model the extent of damage from conventional bomb blast attacks. Starting with the size and location of the bomb, the model propagates the appropriate blast intensity within a built environment from the exterior to the interior of buildings to yield damage and loss estimates, including property damage and workers’ compensation, and personal injury. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “When terrorists use conventional weapons—the effects of which tend to be highly localized—they are likely to be targeting specific buildings or facilities,” said Tao Lai, vice president, research, AIR Worldwide. “The amount of damage that occurs at or near the site of an attack depends on a wide variety of factors. In addition to the type of weapon used, the surrounding buildings, building dimensions and blast intens

RESULT OF RIKSBANK REVERSED AUCTIONS KOMMUNINVEST BONDS22.6.2021 11:07:00 CEST | Press release

RESULT OF RIKSBANK REVERSED AUCTIONS KOMMUNINVEST BONDS Auction date2021-06-22Loan2311 Coupon1.00 %ISIN-codeSE0010948240Maturity2023-11-13 Tendered volume, SEK mln500 +/- 250 Volume offered, SEK mln2,020Volume bought, SEK mln500Number of bids6Number of accepted bids2Average yield0.034 %Lowest accepted yield0.033 %Highest yield0.034 %% accepted at lowest yield 56.82 Auction date2021-06-22 Loan2505 Coupon1.00 %ISIN-codeSE0011414010Maturity2025-05-12 Tendered volume, SEK mln1,000 +/- 500 Volume offered, SEK mln3,000Volume bought, SEK mln1,000Number of bids8Number of accepted bids1Average yield0.219 %Lowest accepted yield0.219 %Highest yield0.219 %% accepted at lowest yield 100.00 Auction date2021-06-22 Loan2805 Coupon0.75 %ISIN-codeSE0015660139Maturity2028-05-12 Tendered volume, SEK mln750 +/- 350 Volume offered, SEK mln1,000Volume bought, SEK mln750Number of bids3Number of accepted bids1Average yield0.623 %Lowest accepted yield0.623 %Highest yield0.623 %% accepted at lowest yield 100.00