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Cypress Development Files Prefeasibility Study for Clayton Valley Lithium Project in Nevada
VANCOUVER, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Compan
About this update from Century Lithium Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce, further to its News Release on May 19, 2020, the full Prefeasibility Study (PFS) of the Clayton Valley Lithium Project in Nevada, U.S.A. was filed on SEDAR and is available on the Company’s web site. The PFS was prepared by Continental Metallurgical Services (CMS) and Global Resource Engineering (GRE) and has an Effective Date of May 19, 2020. Todd Fayram (CMS), Terre Lane (GRE), and Daniel Kalmbach are the authors. Highlights from the PFS and news release are as follows: Average production rate of 15,000 tonnes per day to produce 27,400 tonnes lithium carbonate equivalent (LCE) annually over a +40-year mine life. Capital cost estimate of US$493 million, pre-production, and operating cost estimate averaging US$3,329* per tonne LCE. (* see Note) After-tax net present value at an 8% discount rate (NPV-8%) of US$1.052 billion and an after-tax internal rate of return (IRR) of 25.8% based on a price of $9,500/tonne for lithium carbonate. Production based on Probable Mineral Reserve of 222 million tonnes averaging 1,141 ppm Li (1.353 Mt LCE). Mineral Reserves and production plan derived from Measured and Indicated Mineral Resources of 593 million tonnes averaging 1,073 ppm Li (3.387 Mt LCE). Next Steps: Throughout 2019 and 2020, the Company focused on completing the PFS. During this time, the Company engaged with interested parties in discussing ways to move the project forward. With the next step a pilot plant program, as recommended in the PFS, Cypress intends to invite proposals that can add value to the project and the Company through financial, technical, operating or marketing capabilities. “We are extremely pleased with the effort of Cypress’ staff and consultants to bring the project to this level of interest and look forward to securing a partner to achieve the next step in development,” noted Cypress CEO Bill Willoughby. “We thank the authors of the PFS, Mr. Fayram, Ms. Lane and Mr. Kalmbach, and are grateful for the assistance of Dr. Brereton and Mr. Mielke from NORAM Engineering and Constructors Ltd. (NORAM), and input from our technical advisor, Dr. Corby Anderson.\" In preparation for the pilot pla...