CYPRESS DEVELOPMENT PROVIDES CORPORATE UPDATE

Rhea-AI Summary

Cypress Development Corp. (TSXV: CYP, OTCQX: CYDVF) announced a legal challenge regarding its Nevada water Permit 44411. A junior exploration company filed a petition for review against the Nevada State Engineer's approval of an extension of time to prevent forfeiture of the Permit. Cypress and Nevada Sunrise Gold Corp. believe the approval was justified and will actively oppose the petition, which does not affect Cypress's ability to apply for water use for its lithium project. Cypress is advancing its Clayton Valley Lithium Project, aiming for production of high-purity lithium hydroxide.

Positive

• Cypress's Clayton Valley Lithium Project is positioned for producing high-purity lithium hydroxide.
• The company believes the petition against the water Permit is substantively deficient, potentially reducing legal risks.
• Cypress has support from Intor Resources Corp. in opposing the petition.

Negative

• Legal challenges could cause delays in project timelines and increase uncertainty.

TSXV: CYP | OTCQX: CYDVF

VANCOUVER, BC, Dec. 20, 2021 /PRNewswire/ - Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) ("Cypress" or "the Company") reports that since the closing of the purchase of Nevada water Permit 44411 (Certificate 13631) (the "Permit") from Intor Resources Corp., a subsidiary of Nevada Sunrise Gold Corp. ("Nevada Sunrise"), (see news release dated December 8, 2021 news release) the Company has learned that a petition was filed by a junior exploration company in the Nevada District Court for review of the Nevada State Engineer's approval of Intor's Application for Extension of Time to Prevent  Forfeiture of the Permit (the "Application").

Cypress and Nevada Sunrise believe that the Nevada State Engineer's approval of Intor's Application was correct and complied with Nevada law. Additionally, the Company believes the petition is substantively and procedurally deficient and does not conform to Nevada law.

Cypress will cooperate with the Nevada State Engineer to vigorously oppose the petition. Intor has pledged its cooperation in this effort. The petition does not affect Cypress's ability to apply to the State Engineer to use the water for Cypress's project.

About Cypress Development Corp

Cypress Development Corp. is a Canadian based advanced stage lithium exploration 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. Cypress is advancing its Clayton Valley Lithium Project in Nevada towards the production of high-purity lithium hydroxide suitable for tier one battery usage.

ON BEHALF OF CYPRESS DEVELOPMENT CORP.

WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," "scheduled," and other similar words. 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.

View original content:https://www.prnewswire.com/news-releases/cypress-development-provides-corporate-update-301448171.html

SOURCE Cypress Development Corp.

FAQ

What is the legal issue surrounding CYDVF's water permit in Nevada?

A junior exploration company filed a petition against the Nevada State Engineer's approval of an extension of time for Permit 44411.

How is Cypress Development Corp. responding to the petition regarding Permit 44411?

Cypress plans to vigorously oppose the petition, believing it is substantively and procedurally deficient.

Does the petition affect CYDVF's ability to use water for its lithium project?

No, the petition does not affect Cypress's ability to apply to use the water for its project.

What are Cypress Development Corp's future plans for the Clayton Valley Lithium Project?

Cypress aims to advance its Clayton Valley Lithium Project towards the production of high-purity lithium hydroxide.

What date was the press release regarding CYDVF's water permit issued?

The press release was issued on December 20, 2021.