Le Lézard
Classified in: Mining industry
Subject: MERGERS AND ACQUISITIONS (M&A)

Cypress Announces Pasinex Signs Option to Acquire 80% of Gunman Zinc / Silver Project in Nevada



VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) ("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.

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

CYPRESS DEVELOPMENT CORP.

"Don Huston"
                                                           
DONALD C. HUSTON
President

For further information contact myself or:
Don Myers
Director, Investor Relations
Cypress Development Corp.
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 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.


These press releases may also interest you

13 déc 2017
Largo Resources Ltd. (the "Corporation") is pleased to announce the closing of the second tranche ("Second Tranche") of its previously announced non-brokered private placement of Units (as defined below) at a price of $0.82 per Unit (the "Offering...

13 déc 2017
COLORADO RESOURCES LTD. ("Colorado" or the "Company") proposes to extend the expiry dates of 1,900,000 outstanding share purchase warrants (the "Warrants") that were issued pursuant to a private placement completed in December 2016.  Each Warrant...

13 déc 2017
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Desert Lion Energy Corp. ("Desert Lion" or the "Company") is pleased to announce that it has completed a brokered private placement of subscription...

13 déc 2017
Westwater Resources, Inc. ("WWR" or "Westwater"), is pleased to announce that it has entered into a definitive agreement to acquire Alabama Graphite Corp. ("AGC" or "Alabama Graphite") pursuant to a plan of arrangement under the Business...

13 déc 2017
Alabama Graphite Corp. ("Alabama Graphite" or the "Corporation") is pleased to announce that it has entered into a definitive agreement (the "Arrangement...

13 déc 2017
Chatham Rock Phosphate Limited advises that it has decided to accept liability for the disputed costs with the Environmental Protection Authority (EPA) relating to the Marine Consent application made in 2014. Accordingly CRP has paid to the EPA...




News published on 7 december 2017 at 14:33 and distributed by: