Cypress Development Provides Update on the Clayton Valley Lithium Project’s Pilot Plant and Appointment of Vice President, Investor Relations

Rhea-AI Summary

Cypress Development Corp. (OTCQB: CYDVF) reported progress on its pilot plant assembly, with major components onsite and commissioning planned for August 2021. Key electrical subcomponents are delayed due to Covid-19-related supply issues. The company is also advancing its Letter of Intent with Intor Resources Corp for purchasing water rights in Clayton Valley, Nevada, having made necessary payments under the agreement. Additionally, Spiros Cacos will join as Vice President, Investor Relations, effective August 1, 2021, bringing over 20 years of experience in the mineral sector.

Positive

• Pilot plant assembly nearing completion with major components on site.
• Appointment of Spiros Cacos expected to enhance investor relations.

Negative

• Delay in key electrical subcomponents due to Covid-19 supply constraints.

VANCOUVER, British Columbia, July 27, 2021 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it is nearing completion of the assembly of its pilot plant; and all major components are on site including the Chemionex portion of the process. The Company is awaiting the arrival of key electrical subcomponents, delayed due to supply constraints related to Covid-19. The claystone samples have been collected and are currently undergoing preparation and analysis at Cypress’ Tonopah, Nevada site prior to its shipment to the Amargosa Valley, Nevada pilot plant site. Cypress is planning to commission the pilot plant in August.

Cypress is also pleased to announce the appointment of Mr. Spiros Cacos as Vice President, Investor Relations effective August 1, 2021. Mr. Cacos is an Investor Relations & Corporate Communications executive with over 20 years of comprehensive experience with a primary focus in mineral companies, including grassroots, development, and production. He brings to Cypress his extended network within the financial community, together with investment advisors, portfolio managers, industry analysts, and media outlets throughout North America, the United Kingdom, and Europe. Mr. Cacos holds a Master of Arts degree in International Relations and Diplomatic Studies from Schiller International University, Paris, France and a Bachelor of Arts Degree from Simon Fraser University, Canada.

Regarding progress associated with Cypress’ previously announced Letter of Intent (“LOI”) with Intor Resources Corp (“Intor”), a wholly owned subsidiary of Nevada Sunrise Gold Corp., for the purchase of Intor’s water rights in Clayton Valley, Nevada, the Company reports it has made the payments under the terms of the LOI, and the parties are proceeding with the preparation of the definitive agreement.

About Cypress Development Corp.:

Cypress Development Corp. is a publicly traded company focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, U.S.A. Exploration, and development by Cypress lead 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 size of the resource makes the Clayton Valley Project a premier American source that has the potential to impact the supply of lithium for the fast-growing energy storage battery market.

To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.

CYPRESS DEVELOPMENT CORP.

“Dr. Bill Willoughby”
                                        
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer

For further information contact me or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: +1 (604) 639-3851
Toll Free: +1 (800) 567-8181
Facsimile:   +1 (604) 687-3119
Email: info@cypressdevelopmentcorp.com

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

This release includes certain statements that may be deemed to be "forward-looking statements". 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.

FAQ

What is the status of the Cypress Development Corp. pilot plant?

Cypress Development Corp. is nearing completion of the pilot plant assembly, with commissioning expected in August 2021.

Who is Spiros Cacos and what is his role at Cypress Development Corp.?

Spiros Cacos has been appointed Vice President of Investor Relations, effective August 1, 2021, bringing over 20 years of experience in the mineral sector.

What are the implications of the delay in electrical components for CYDVF?

The delay in key electrical subcomponents due to Covid-19 may impact the timeline for the pilot plant commissioning for CYDVF.

What progress has Cypress made regarding its water rights in Clayton Valley?

Cypress has made payments under its Letter of Intent with Intor Resources for water rights in Clayton Valley and is preparing the definitive agreement.