Cypress extends option payment date for Spur deal

Sep 12, 2019

2019-09-12 08:54 ET – News Release

Mr. William Willoughby reports

CYPRESS DEVELOPMENT ANNOUNCES CHANGES TO NEVADA PROPERTY OPTION AGREEMENT WITH PASINEX RESOURCES

Cypress Development Corp. has agreed to extend the terms of the 2017 earn-in option agreement with Pasinex Resources Ltd. and Caliber Minerals Inc. (formally Silcom Systems Inc.) on the Spur (formally Gunman) zinc exploration property in Nevada, United States.

The agreement changes the date of the $100,000 option payment, payable to Cypress, to December 11th, 2019. It also defers the 2019 exploration obligations into 2020, bringing the exploration obligations to $1,600,000 USD for 2020. The underlying licenses are in good standing until September 2020.

On September 11, 2019, Cypress received 200,000 shares of Pasinex as part of the 2017 earn-in option agreement.

For further clarification on the original earn-in option agreement, refer to the news release dated December 7th, 2017 .

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.

We seek Safe Harbor.

https://www.cypressdevelopmentcorp.com/