Cypress Development Enters Into Water Rights Purchase And Sale Agreement In Clayton Valley, Nevada
http://www.cypressdevelopmentcorp.com/news/2021/cypress-deve…
"September 8, 2021 - Vancouver, Canada - Cypress Development Corp.
(TSX.V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the
Company”) is pleased to report that it has entered
into a Water Rights Purchase and Sale Agreement (the “Agreement”) with
Intor Resources Corporation (“Intor”), a wholly owned U.S. subsidiary of
Nevada Sunrise Gold Corporation (“Nevada Sunrise”), for the purchase of
Intor’s Water Rights Permit in Clayton Valley, Nevada (the “Permit”).
The Permit allows for 1,770 acre-feet of water per year for mining, milling, and domestic use.
“With the completion of the Agreement, Cypress is a BIG STEP CLOSER TO SECURING WATER RIGHTS FOR OUR CLAYTON VALLEY LITHIUM PROJECT”,
stated Bill Willoughby, President & CEO of Cypress. “Cypress and
Nevada Sunrise are now moving forward to complete the parties’
obligations under the Agreement. For Cypress’ lithium project, this is a
meaningful development because water is a vital resource to the
project. This purchase HAS THE POTENTIAL TO SECURE THE PROJECT'S FUTURE
WATER REQUIREMENTS.”
Terms of the Agreement
The purchase price for the Permit is US$3 million to be paid in a
combination of cash and Cypress common shares. The purchase price
includes an initial non-refundable cash payment of US$150,000 (paid),
and a final payment of US$2.85 million on receipt of all necessary
approvals and transfer of the Permit to Cypress (“Closing Payment”). The
Closing Payment comprises US$2 million in cash and the issuance of
Cypress common shares to the value of US$850,000 (“Share Issuance”).
The Agreement is subject to terms and conditions customary for a
transaction of this nature, including TSX Venture Exchange approval of
the Share Issuance. The Parties are now working towards obtaining the
approvals required for the transfer of the Permit, expected during the
fourth quarter of 2021.
About Cypress Development Corp:
Cypress Development Corp. is a Canadian advanced stage lithium 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. The results of a positive Pre-Feasibility Study for the
Clayton Valley Lithium Project were announced by Cypress Development in
June 2020. Cypress Development trades on the TSX Venture Exchange under
the symbol CYP, and on the OTCQB under the symbol CYDVF.
ON BEHALF OF CYPRESS DEVELOPMENT CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & CEO
For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Mobile: +1 604 764 1851 | Toll Free: 1 800 567 8181 | Email scacos@cypressdevelopmentcorp.com
http://www.cypressdevelopmentcorp.com
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