Cypress Development Contracts NORAM Engineering for Clayton Valley Lithium Project in Nevada
VANCOUVER, British Columbia, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to report the Company has contracted NORAM Engineering and Constructors Ltd. of Vancouver, BC (“NORAM”) to conduct concept testing for the Company’s Clayton Valley Lithium Project in Nevada. The test work will focus on the downstream portion of the revised extraction flowsheet and run in parallel with completion of the prefeasibility study (“PFS”) of the project. The work will be conducted at BC Research Inc., a member of the NORAM Group of companies, located in Richmond, British Columbia.
Cypress released positive results from the first two phases of its PFS metallurgical program earlier this year (see news releases Feb. 26th & July 15th). On August 29, the Company reported a milestone where a commercially viable process was identified, based on filtration, to deal with the separation of clay particles from leach solutions. Review of the flowsheet by Cypress and its consultants, identified potential changes in the downstream portion. These changes should enhance the project and lead to improved and more efficient recovery of lithium and probable by-products, including rare earth elements, and more effective use of sulfuric acid. The changes are considered significant and were incorporated into the PFS using data from the test work and known industrial parameters. They consist of a sequence of membrane separations, evaporation, and ion exchange. Subsequent, independent third-party review concluded additional testing was needed to confirm the changes to the PFS and led to the current program. The program is scheduled to take six weeks to complete and will test the performance of several connected stages in the downstream processing. The required volume of leach solution is in preparation and will be shipped to NORAM for testing in the next two weeks.
Cypress CEO Bill Willoughby commented, “We are pleased to work alongside a company with the industrial experience of NORAM during this stage of testing. Their experience in commercial plants, along with this testing program, will provide greater confidence in the PFS results. It also lays the groundwork for the pilot-scale testing and feasibility study we plan for next year.”
“While timing of the program means the release of the PFS is moved to early 2020, the management and consultants of Cypress see this as a necessary step to strengthen the project and make it more compelling. Cypress has a strong financial position, maintaining a treasury of over CAD$1.4 million and is well-positioned to continue advancing the project through the next stages of development.”
Todd Fayram, PE, of Continental Metallurgical Services, LLC., is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded exploration company focused on developing the Company's 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier target that has the potential to impact the future supply of lithium for the fast-growing global lithium-ion battery market.
Cypress Development Corp. has approx. 87.8 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.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com
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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.
