- Cypress Development Corp (CYP) has initiated the selection and purchasing of materials to commission a pilot plant and extraction facility
- The pilot plant program, designed to identify any potential operational issues, is a required step in advancing the Clayton Valley Lithium Project to production
- Assembly of the pilot plant is expected to be completed by the end of the second quarter of 2021
- Cypress is fully financed to advance the Clayton Valley Lithium Project to a feasibility study
- Cypress Development is an exploration company focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada
- Cypress Development Corp (CYP) is down 3.81 per cent, trading at C$1.14 per share at 1:15 pm ET
Cypress Development Corp (CYP) has initiated the selection and purchasing of materials to commission a pilot plant and extraction facility.
The pilot plant program is a required step in advancing the Clayton Valley Lithium Project to production. The purpose of the program is to ensure all the processes work together as a single unit and to identify and resolve any scale-up or potential operational issues.
The pilot plant is planned to operate at a rate of one tonne/day and will be designed for correct interaction and testing of the major components within the extraction process and assessment of the resulting lithium products.
The operation of the pilot plant will provide essential data for the planned feasibility study and also enable Cypress to produce marketing samples to support negotiations with potential offtake and strategic partners.
Assembly of the pilot plant is expected to be completed by the end of the second quarter of 2021. The pilot plant will be located at a metallurgical facility south of Beatty, Nevada, at del Sol Refining, which is permitted under the State of Nevada for chemicals use with permits in place with the U.S. Environmental Protection Agency (EPA).
The del Sol facility has a fully equipped assay lab, power, and MSHA trained operating staff and personnel.
Cypress Development, under the direction of Continental Metallurgical Services, is purchasing equipment for the pilot plant, including the thickeners and pumps for tailings and process handling.
With the proceeds of the recently closed-bought deal financing, Cypress now has over US$20 million in its treasury and is fully financed to advance the Clayton Valley Lithium Project to a feasibility study.
“There was much effort put into completing this financing,” said Cypress CEO Bill Willoughby.
“Cypress is grateful for the work completed by the Cypress team, including our consultants, legal, and accounting personnel, and our professional and technical advisors. The Company is in a very strong position now and we can turn our full attention to accelerate project development work and rapidly advance the Clayton Valley Lithium Project towards production.”
Cypress Development Corp. is a publicly-traded exploration company focused on developing the company’s 100%-owned Clayton Valley Lithium Project in Nevada.
Cypress Development Corp (CYP) is down 3.81 per cent, trading at C$1.14 per share at 1:15 pm ET.
