VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCQB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce that the Company has been granted approval by The Depository Trust Company, which is a subsidiary of the Depository Trust & Clearing Corp., and manages the electronic clearing and settlement of publicly traded companies in the United States. Being DTC eligible is expected to greatly simplify the process of trading of the company's common shares on the OTCQB marketplace where Cypress trades under the symbol “CYDVF”. The DTC electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors. In addition to the OTCQB listing, shares of Cypress continue to trade on the main TSX Venture Exchange under the symbol “CYP” as well as the Frankfurt Stock Exchange under the symbol “C1Z1”.
Cypress recently released a mineral resource estimate (MRE) for its 100-per-cent-owned Clayton Valley lithium project in Nevada (see news release dated May 1, 2018) the MRE includes 2.857 million tonnes of lithium carbonate equivalent (LCE) (597 million tonnes grading 899 ppm Li) in indicated resources and 3.683 million tonnes of LCE (779 million tonnes grading 888 ppm Li) in inferred resources. The full MRE report will be filed on SEDAR shortly and will be the basis for a preliminary economic assessment which is in progress.
Donald C. Huston, Chairman and President, commented: “The Company’s Clayton Valley lithium project is ideally located beside the only producing lithium brine mine in the United States. With our recently announced resource estimate, Clayton Valley now ranks as one of the largest Lithium deposits in North America.” Lithium was recently classified by the US government as one of thirty-five strategic minerals which should make Cypress’ deposit of strategic importance and enhance investor interest in the United States. Said Huston: “We believe that being DTC eligible will significantly enhance liquidity for our shareholders and improve our access to institutional and retail investors within the US."
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded junior mining company focused on developing the Company’s 100%-owned Clayton Valley lithium project in the State of Nevada, U.S.A. Work by Cypress over the last year has taken the project from discovery to a multi-million tonne LCE resource that has the potential to impact future lithium production in North America.
Cypress Development Corp. has approximately 59.9 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Cypress Development Corp.
Director, Corporate Communications
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.