CYPRESS DEVELOPMENT PROVIDES PROGRESS UPDATE ON FEASIBILITY STUDY AND LITHIUM EXTRACTION FACILITY
Cypress Development Corp. (TSXV: CYP | OTCQX: CYDVF) has provided a progress update on its Clayton Valley Lithium Project and Pilot Plant in Nevada. The Pilot Plant successfully operates using the Direct Lithium Extraction process, achieving lithium carbonate production and optimizing the project's flowsheet. The feasibility study is on track for completion in Q2 2023, with infrastructure designs and cost estimates underway. Permitting arrangements are also progressing, and management is evaluating financing opportunities, including government grants. The company's goal is to become a domestic lithium producer for the electric vehicle market.
- Successful production of lithium carbonate from the Pilot Plant.
- Feasibility Study on schedule for Q2 2023 completion.
- Pilot Plant operated continuously with minimal downtime, achieving targets.
- None.
TSXV: CYP | OTCQX: CYDVF
- The Pilot Plant continues to function as designed, working to optimize the Project's flowsheet. The Plant leaches lithium-bearing claystone material, through to the production of concentrated lithium solution using the Company's Direct Lithium Extraction ("DLE") process.
- Additional piloting runs will take place at
Saltworks Technologies, Inc. following the successful production of lithium carbonate ("Li2CO3") from the Pilot Plant's concentrated lithium solutions. - The Project's Feasibility Study is on schedule and is continuing to advance toward an anticipated second quarter 2023 completion.
- Arrangements are proceeding to initiate federal, state, and local permitting for the Project, with compilation of data and evaluation of related infrastructure, including access, water, and power supply corridors.
- Ahead of the Feasibility Study and permitting, Cypress management is assessing personnel needs and future Project financing opportunities and structures, which may include government grants and loans.
Cypress continues to conduct testing at its Pilot Plant with the support of
Pilot Plant testing has achieved targets in most areas, including operating with
2023 plans for the Pilot Plant include testing alternate reagents and equipment, which may include identification of potential by-products, and ways to enhance impurity removal and the DLE process area. Additional space within the Pilot Plant building has been prepared for this work.
The Feasibility Study is advancing on schedule, with completion anticipated by mid-year. On-site infrastructure designs, including, mine, processing plant, and tailings and waste storage facilities are completed. Cost estimating and market studies are underway, along with assessments for construction, component lead-time and off-site infrastructure. Completion of the Feasibility Study will then await integration of the design and cost estimates for the acid plant underway by thyssenkrupp nucera.
In addition, Cypress management is assessing personnel needs and future Project financing opportunities and structures, which may include government grants and loans.
ON BEHALF OF CYPRESS DEVELOPMENT CORP.
President & Chief Executive Officer
www.cypressdevelopmentcorp.com
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