Cypress Development Provides Update on Legal Proceedings Against Centrestone Resources
VANCOUVER, British Columbia, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) ("Cypress" or the "Company") is pleased to provide an update on its legal proceedings against Centrestone Resources LLC ("Centrestone"), a Nevada limited liability company. As announced by Cypress in a January 31, 2019 press release, on January 22, 2019, the Company's U.S. subsidiary, Cypress Holdings (Nevada) Ltd., filed a Complaint in the Fifth Judicial Court of the State of Nevada in and for the County of Esmeralda (the "Court").
The Company reports that Centrestone filed a complaint in the Court against the Company on January 23, 2019 alleging trespassing by the Company on certain of Centrestone's unpatented mining claims. A Motion for Temporary Restraining Order and Preliminary Injunction was also filed by Centrestone on January 29, 2019. A hearing was set by the Court to hear the Motion in Goldfield, Nevada on February 13, 2019. That hearing was vacated with an agreement by both parties to consolidate the two legal actions into one lawsuit in which the Company shall be the Plaintiff and Centrestone the Defendant.
On February 12, 2019, Centrestone responded to the Company's complaint. Centrestone's responses have been reviewed. The Company remains convinced that title to its unpatented mining claims is superior and that its complaint against Centrestone is meritorious. The Company is committed to move forward to defend its property rights in the best interest of its shareholders and to uphold certain key principles of US mining law.
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.
Cypress Development Corp. has approx. 72.5 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.
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