Cypress Development receives favourable court ruling

Jan 2, 2020

2019-12-23 16:46 ET – News Release

Dr. Bill Willoughby reports

COURT ENTERS DECISIONS IN FAVOR OF CYPRESS IN LAWSUIT

Cypress Development Corp. has provided an update on its legal proceedings against Centrestone Resources LLC, a Nevada limited liability company. As announced by Cypress in a Jan. 31, 2019, press release, on Jan. 22, 2019, the company’s United States subsidiary, Cypress Holdings (Nevada) Ltd., filed a complaint in the Fifth Judicial Court of the State of Nevada in and for the county of Esmeralda alleging trespassing by Centrestone on certain of the company’s unpatented mining claims. On Jan. 23, 2019, Centrestone filed a similar complaint alleging trespassing by Cypress. The two actions were consolidated in a single lawsuit.

On Dec. 16, 2019, the court heard arguments on motions regarding the validity of each party’s mining claims involved in the lawsuit. At the conclusion of the hearing, the court entered its order granting the Cypress motion for partial summary judgement declaring the validity of certain of Cypress’s claims. The court entered its order denying a competing motion for partial summary by Centrestone to limit the company’s right to assert certain legal theories to invalidate the Centrestone mining claims. The court also granted the company’s procedural motions and imposed sanctions against Centrestone, and entered a written order awarding attorney’s fees and costs to Cypress based on Centrestone’s failure to comply with court rules. The decisions follow a hearing on Oct. 11, 2019, during which Centrestone conceded and the court granted Cypress’s motion for partial summary judgment, upholding the validity of the other of Cypress’s claims involved in the lawsuit.

By the court’s decisions, the company has successfully asserted and defended its title to its unpatented mining claims and property rights. The company intends to proceed with its claims for trespass damages and attorney’s fees, and continue to act in the best interest of its shareholders.

About Cypress Development Corp.

Cypress Development is an exploration company focused on developing the company’s 100-per-cent-owned Clayton Valley lithium project in Nevada. Exploration and development by Cypress have discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle’s Silver Peak mine, North America’s only lithium brine operation.

We seek Safe Harbor.

https://www.cypressdevelopmentcorp.com/