TSXV: CYP | OTCQX: CYDVF
VANCOUVER, BC, Dec. 20, 2021 /CNW/ - 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.
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SOURCE Cypress Development Corp.