Cypress Announces Pasinex Signs Option to Acquire 80% of Gunman Zinc / Silver Project in Nevada

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VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) — Cypress Development Corp. (TSX-V:CYP) (OTC:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce Pasinex Resources Limited (“Pasinex”), through its wholly-owned subsidiary Pasinex Resources Nevada Limited, has entered into an Option Agreement with Cypress and Silcom Systems Inc. (“Silcom”) to earn up to an 80% interest in Cypress’ Gunman Zinc Project (“Gunman”) located in White Pine County, Nevada (“Option Agreement”). In essence, Pasinex has acquired the option by honouring the terms of Silcom’s original Option Agreement, announced April 5, 2017, to acquire an 80% interest from Cypress in the Gunman Project.

The Option Agreement’s total consideration to acquire the 80% interest is staged over four (4) years and is approximately US$1.5 million payable in a combination of cash and Pasinex common shares. In addition, the Pasinex must incur minimum exploration expenditures totalling US$2,950,000 over the same four (4) year period.

The deposit style at Gunman …

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