VANCOUVER, British Columbia, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”), developer of a world class lithium claystone deposit in Nevada, announced today, the Company, as an industrial partner with several high tech research entities, has been encouraged along with its partners in full project proposal submissions to the Department of Energy (DOE), Office of Energy Efficiency and Renewable Energy (EERE). This has culminated in the recent formal submittal of two lithium project proposals for research to be conducted over the next three years.
The first project is in collaboration with the University of Utah, Colorado School of Mines, and Cornell University, and is titled "Highly Selective Resource Independent Lithium Extraction Processes." This technology will demonstrate the use of Next Generation Lithium Ion Sieve Technology (NGLIST) as an innovative and low-impact processing method for recovering lithium including lithium contained in clay minerals.
The second project will be done in partnership with the University of Utah, Pacific Northwest National Laboratory (PNNL), and Cornell University, and is titled "Novel and Adaptive Amino Acid Looping Strategy for Directing Lithium Carbonate Synthesis by Using CO2 (NASCENT)."
"We are pleased to have the EERE encourage these two research efforts in partnership with the University of Utah, Colorado School of Mines, PNNL, and Cornell University" said Todd S Fayram, Chief Metallurgist for Cypress. "Successful completion of either project will allow for more efficient utilization and lower cost recovery of lithium including from the claystone resources in Cypress’ deposit in Clayton Valley, Nevada”.
On May 19, 2020, Cypress announced positive results of a Prefeasibility Study for the Clayton Valley Lithium Project in Nevada (May 2020 Prefeasibility Study) prepared by Continental Metallurgical Services (CMS) of Butte, Montana and Global Resource Engineering (GRE) of Denver, Colorado. On August 11, 2020, Cypress announced a 55% increase in the Measured and Indicated Mineral Resources at the Clayton Valley Project to 929.6 million tonnes averaging 1,062 ppm Li (5.2 Mt LCE) based on a cut-off grade of 900 ppm Li, utilizing the same economic and mining parameters found in the Company's May 2020 Prefeasibility Study.
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 discovered a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier source that has the potential to impact the supply of lithium for the fast-growing global energy storage battery market.
Cypress Development Corp. has approximately 94.7 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
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Cypress Development Corp.
Director, Corporate Communications
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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.