Cypress Development Appoints Bill Willoughby CEO, Drilling Permit Received for Dean Lithium Project in Nevada, Private Placement Financing Announced
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to announce that Bill Willoughby, PhD, PE, has joined Cypress' Board of Directors and will serve as Chief Executive Officer for the Company.
Dr. Willoughby is a mining engineer with 38 years of experience in all aspects of natural resources development. Since 2014, he has been principal and owner of consulting firm Willoughby & Associates, PLLC. Prior to that, he was President and COO of International Enexco Ltd., which was acquired by Denison Mines in 2014. He previously held various positions with Teck (Cominco). Dr. Willoughby has been a Professional Engineer since 1985 and received his Doctorate in Mining Engineering & Metallurgy from the University of Idaho in 1989.
Don Huston has been appointed Chairman of the Board of Cypress Development and will continue with his role as President of the Company.
Don Huston, President of Cypress Development commented, “The addition of Bill as the Chief Executive Officer and Director of Cypress Development will be a great asset to the Company. His expertise in mineral project development will provide guidance in advancing Cypress’ Lithium Project in Nevada, which consists of its key assets, the 100%-held Dean and Glory properties. Ongoing exploration has demonstrated consistent distribution of lithium across a large area controlled by Cypress in the Clayton Valley. Cypress is proceeding with further laboratory testing and Bill’s direction will focus on the development of an economic process for extracting the lithium from the Clayton Valley mudstones. Bill and Cypress’ VP of Exploration Robert Marvin will make a great team in the continued development of the Cypress Clayton Valley Lithium Project and moving the Company forward.”
Cypress is also pleased to announce the Company has received an Area of Disturbance Permit from the U.S. Bureau of Land Management (BLM) Nevada for Cypress’ Dean Lithium Project in Clayton Valley, Nevada. The BLM Permit allows Cypress to move forward with a second series of diamond drill holes on the Dean Project using NQ diamond drill core methods of approximately 2 inch diameter core. Morningstar Drilling of Three Forks, Montana will complete the drilling with drilling expected to commence by the end of September 2017.
In other news, Cypress announces a non-brokered private placement of up to 7,500,000 Units at a price of $0.10 per Unit to raise gross proceeds of up to $750,000. Each Unit will consist of one share and one share purchase Warrant entitling the holder to purchase an additional common share at a price of $0.13 for a period of two years. Finder's fees in the amount of 7% cash and 7% warrants may be paid in connection with part of this private placement offering. The private placement is subject to TSX Venture Exchange acceptance.
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. 35.5 million shares issued and outstanding.
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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.
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