|
GlobeNewswire Dajin Resources Corp. ("Dajin") (TSX-V: DJI) (OTCQB: DJI) (Frankfurt: C2U1) is pleased to announce the signing of a Definitive Agreement (Agreement) with Cypress Development Corp. ("Cypress") (TSX-V: CYP) (OTCQB: CYDVF) for the exploration and development of Dajin's Alkali Spring valley Lithium property located in Esmeralda County, Nevada. The property is located 12 kilometers (7.5 miles) northeast of Cypress' Clayton Valley Lithium project in Nevada. Under the terms of the Agreement, Cypress will have the exclusive right and option to acquire a 50% undivided interest in Dajin's unpatented placer mining claims and application for water rights in Alkali Spring valley, Esmeralda County, Nevada. Subject to TSX Venture Exchange acceptance, Cypress will allot to Dajin 150,000 common shares of Cypress and pay Dajin USD$50,000. Cypress will have a two-year period to complete its earn-in by issuing an additional 150,000 common shares of Cypress and performing USD$200,000 in exploration expenditures within the first year and USD$250,000 in exploration expenditures during the second year. Upon successful completion of the two year earn-in period a joint venture (JV) will be created. At Alkali Spring valley, Dajin holds 145 unpatented placer mining claims to explore for lithium brines and has applied to the State of Nevada for 1,000 acre-feet of water rights. Dajin and Cypress will work jointly to explore the property for lithium brines and lithium-bearing sediments, and will work to perfect the associated water rights applications. Cypress and Dajin will share proportionally in property development once the terms of the earn-in agreement have been met and the joint venture is created. Dajin President Brian Findlay remarked, "We are enthusiastic about entering into this agreement with Cypress. It not only provides Dajin the opportunity to move forward with the Lithium brine exploration program at Alkali Spring valley, but also provides synergies with an exploration company actively developing soft rock Lithium resources in the adjacent Clayton Valley, site of the only Lithium brine production facility in the US." |