Dajin and Cypress Development Sign Definitive Agreement on Alkali Spring Valley Lithium Property
VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Dajin Resources Corp. (“Dajin”) (TSX-V: DJI) (OTCQB: DJI) (Frankfurt: C2U1) is pleased to announce the signing of a Definitive Agreement (Agreement) with Cypress Development Corp. (“Cypress”) (TSX-V: CYP) (OTCQB: CYDVF) for the exploration and development of Dajin’s Alkali Spring valley Lithium property located in Esmeralda County, Nevada. The property is located 12 kilometers (7.5 miles) northeast of Cypress’ Clayton Valley Lithium project in Nevada.
Under the terms of the Agreement, Cypress will have the exclusive right and option to acquire a 50% undivided interest in Dajin’s unpatented placer mining claims and application for water rights in Alkali Spring valley, Esmeralda County, Nevada. Subject to TSX Venture Exchange acceptance, Cypress will allot to Dajin 150,000 common shares of Cypress and pay Dajin USD$50,000. Cypress will have a two-year period to complete its earn-in by issuing an additional 150,000 common shares of Cypress and performing USD$200,000 in exploration expenditures within the first year and USD$250,000 in exploration expenditures during the second year. Upon successful completion of the two year earn-in period a joint venture (JV) will be created.
At Alkali Spring valley, Dajin holds 145 unpatented placer mining claims to explore for lithium brines and has applied to the State of Nevada for 1,000 acre-feet of water rights. Dajin and Cypress will work jointly to explore the property for lithium brines and lithium-bearing sediments, and will work to perfect the associated water rights applications. Cypress and Dajin will share proportionally in property development once the terms of the earn-in agreement have been met and the joint venture is created.
Dajin President Brian Findlay remarked, “We are enthusiastic about entering into this agreement with Cypress. It not only provides Dajin the opportunity to move forward with the Lithium brine exploration program at Alkali Spring valley, but also provides synergies with an exploration company actively developing soft rock Lithium resources in the adjacent Clayton Valley, site of the only Lithium brine production facility in the US.”
About Dajin: (www.dajin.ca)
Dajin, is an early stage Lithium exploration company. Through its interest in Dajin Resources S.A. (“Dajin S.A.”), it holds concessions or concession applications in Jujuy Province, Argentina that were acquired in regions known to contain brines with Lithium, Potassium, and Boron values. These concessions exceed 93,000 hectares (230,000 acres) and are primarily located in the Salinas Grandes and Guayatayoc salt lake basins. During the initial exploration program of a portion of the holdings covering an area of 550 hectares (5.5 km2) in the northwestern corner of the 4,300 hectares (43 km2) San Jose ˗ Navidad minas were taken. Lithium brine concentrations ranged from 281 mg/l to 1,353 mg/l, averaging 591 mg/l. Dajin S.A. is partnered with LSC Lithium Corporation who has agreed to spend $2,000,000 to earn a 51% interest in Dajin S.A.’s Lithium properties while building a significant presence in Argentina.
In Nevada Dajin holds a 100% interest in 403 placer claims covering 7,914 acres (3,202 hectares) in the Teels Marsh valley of Mineral County, Nevada. These claims are known to contain Lithium and Boron values and are adjacent to the birth place of US Borax Corp’s first borax mine. In addition Dajin has entered into an agreement with Cypress Development Corp whereby Cypress can earn a 50% interest in 145 placer claims covering 2,921 acres (1,182 hectares) in the Alkali Spring valley of Esmeralda County, Nevada, located 10 miles (15 kilometers) northeast of Albemarle’s Silver Peak Lithium brine operation in Clayton Valley.
ON BEHALF OF DAJIN’S BOARD OF DIRECTORS
Brian Findlay
President & CEO
For further information please contact Dajin:
604-609-6151 or info@dajin.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
