Cypress Development Corp. : Cypress Commissions Maiden NI 43-101 Resource Estimate for Gunman Zinc-Silver Project in Nevada, Stakes Additional Claims
Cypress Development Corp. /
Cypress Development Corp. : Cypress Commissions Maiden NI 43-101 Resource
Estimate for Gunman Zinc-Silver Project in Nevada, Stakes Additional Claims
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Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
TSX-V Trading Symbol: CYP
January 21, 2012
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF)
(Frankfurt: C1Z) is pleased to announce it has commissioned an Independent
National Instrument (NI) 43-101 Compliant Technical Report & Resource Estimate
for its 100% owned Gunman zinc-silver project located northeast of Eureka,
Nevada. The Company is also in the process of acquiring additional adjacent lode
mining claims through staking covering the potential north and south strike
extensions of the known high grade zinc-silver mineralization found at the
Gunman project.Â Cypress' Gunman zinc-silver project is located between the
prolific Carlin and Battle Mountain trends in White Pine County, Nevada.
Gunman zinc-silver project location map:
Don Huston, President of Cypress commented: "The Gunman project is a high-
quality asset in Cypress' portfolio with significant upside exploration
potential. Three RC drill programs totaling approx. 38,000 feet have been
completed by the Company on the project with significant grades between 5% to
33% zinc and 0.5 to 15.0 oz per ton silver over considerable widths encountered.
There is a bullish outlook for the zinc market due to ongoing demand growth and
an impending supply shortage coincident with the closures of numerous major
mines globally. More than 2 million tons of required new zinc supply is
forecasted by 2016 yet there are very few new zinc mines in the development
pipeline. We believe there will be strong upward pressure on the price of the
commodity and the high grade, shallow Gunman zinc-silver project offers Cypress
and its shareholders leveraged exposure to this potential price increase."
Significant Gunman high-grade zinc-silver results:
Cypress has commissioned Riverbend Geological Services to complete an
independentNI 43-101 Technical Report and Mineral Resource Estimatefor
theCompany's 100% owned Gunman zinc-silver project in Nevada USA.
The near surface Gunman RH North Zone was a new discovery found by drilling
vertically through the over lying gravel deposits and into the mineralized
limestone beneath. Follow-up work was limited due to adverse market conditions
with numerous untested targets remaining. The strike of the known zinc and
silver mineralized zones at the Gunman property is approximately 4,200 feet.
Additional drilling is being planned to further delineate the Gunman high grade
RH zone and assess nearby targets on strike. Cypress intersected >1% zinc
mineralization on a 1500 foot NNE stepout in the last hole drilled in 2007.
Grades in that hole are very similar to those found on the east and west flanks
of the main high grade RH zone. The mineralization is carbonate replacement type
and is almost exclusively zinc oxide. Strong potential exists to identify
additional high grade zinc-silver mineralization at the Gunman project.
Gunman zinc oxide zones looking west:
The mineralization at Cypress' Gunman property appears to be structurally
controlled along a range front fault zone that strikes NNE.Â The mineralization
consists of very high grade zinc oxides and sulfides along with silver, arsenic,
gold and mercury mineralization within Permian age limestone host rocks.
Previously reported significant assays from Cypress drilling include zinc values
in the 5% to 30% per ton range along with silver values of 0.5 oz to 15 oz per
ton over considerable widths.Â Gold values over 0.035 oz per ton also occur
locally within mineralized zones.
The Company announces that pursuant to its stock option plan, Cypress has
granted incentive stock options to its various directors, officers, employees
and consultants to purchase up to an aggregate of 11,977,000 common shares in
the capital stock of the Company, exercisable for a period of five years, at a
price of $0.05 per share. The stock options are subject to TSX Venture Exchange
approval and shareholder approval for insiders of the Company.
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metals exploration
and development company with properties in Red Lake, Ontario, Canada, and in
Robert Marvin, P.Geo., CPG, Â Exploration Manager for Cypress Development Corp.
is the Qualified Person as defined by National Instrument 43-101 and is
supervising both the project field work and the preparation of the technical
information in this release.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
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
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Source: Cypress Development Corp. via GlobeNewswire