VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (CYP.V) (CYDVF) (C1Z1.F) (“Cypress” or the “Company”) is pleased to announce Pasinex Resources Limited ("Pasinex"), through its wholly-owned subsidiary Pasinex Resources Nevada Limited, has entered into an Option Agreement with Cypress and Silcom Systems Inc. ("Silcom") to earn up to an 80% interest in Cypress’ Gunman Zinc Project ("Gunman") located in White Pine County, Nevada ("Option Agreement"). In essence, Pasinex has acquired the option by honouring the terms of Silcom's original Option Agreement, announced April 5, 2017, to acquire an 80% interest from Cypress in the Gunman Project.
The Option Agreement's total consideration to acquire the 80% interest is staged over four (4) years and is approximately US$1.5 million payable in a combination of cash and Pasinex common shares. In addition, the Pasinex must incur minimum exploration expenditures totalling US$2,950,000 over the same four (4) year period.
The deposit style at Gunman is carbonate replacement (CRD) with central zones of massive, strongly oxidized mineralization and halos of partial replacement and veining. The mineralization is within 125 metres of the surface. Pasinex states they are attracted by the high grades and the deposit style of the Gunman with striking similarities to the Pasinex 's Pinargozu high grade CRD zinc mine in Turkey.
Robert Marvin, B.Sc., PGeo, VP of Exploration and Director of Cypress Development Corp., is the qualified person as defined by National Instrument 43-101 and has approved of the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress Development Corp. has approx. 54.1 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
DONALD C. HUSTON
For further information contact myself or:
Director, Investor Relations
Cypress Development Corp.
Toll Free: 800-567-8181
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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.