VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2012) - Cypress Development Corp. (TSX VENTURE:CYP) (PINKSHEETS:CYDVF) announces that it has issued 50,000 common shares and paid the sum of $7500 in connection with its Property Option Agreement dated January 14, 2010 with Robert D. Marvin, whereby the Company has been granted an option to earn a 100% interest, subject to a 2% net smelter royalty, in the Twenty-One Silver Gold Claims located in Mineral County, west central Nevada.
Twenty One Silver-Gold project location map: http://www.cypressdevelopmentcorp.com/i/maps/21/Twenty-One-Silver-Gold-Production-Trend.jpg
The common shares issued are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring July 13, 2012.
Cypress recently announced (see news release Feb. 16th) the completion of a surface magnetometer survey and the assay results of 40 surface samples collected on its Twenty-One silver-gold property.
- Notable grab sampling of quartz vein material from historic workings returned silver assay values from 203 to 2100 g/t silver (67.7 oz/t)
- The high silver values were accompanied by gold values from 0.62 g/t silver to 3.4 g/t gold
- Base metal values in the vein samples include values +50,000 ppm lead and 1.35% zinc
- Discovery of a new area of mineralized outcrop has been made; outcropping, iron and manganese oxide stained limestone located over 750 metres NNW of the vein area returned 17 g/t silver along with strong lead, zinc and manganese values
- 34.5 line kilometres of ground magnetic data was collected and is being processed
- Drill program to commence in April
*Note: grab samples are selective by nature and are unlikely to represent average grades of any deposits.
Targets identified by the completed surface sampling and outcrop mapping include high grade veins and the potential for carbonate replacement and/or skarn style mineralization in Triassic age limestone units known to occur beneath the breccia cap. A fourth target type at the Twenty-One Project is the potential for intrusive hosted mineralization at depth beneath the veins. Bismuth, copper, molybdenum and tungsten anomalies in the assay results strongly suggest a potentially mineralized intrusion underlies the property.
The magnetic data collected is being processed by a Reno-based geophysicist. The data will be used to identify additional targets, particularly in the pediment-covered northern portion of the property. Initial drilling of the selected targets on the property is planned for April. Permitting has been done but modification of the permit may be necessary to include potential additional targets which could come from examination of the collected magnetic data.
The Twenty-One Silver-Gold Project is located in Mineral County, approximately 100 miles southeast of Carson City, Nevada. The property sits 3 miles south of US Highway 95 and access to the property is by dirt track roads. The Twenty-One Silver-Gold Project consists of two blocks of lode claims centered on an area of outcropping. High voltage power lines run along Highway 95 providing excellent infrastructure to the project area.
Robert Marvin, P.Geo., CPG, 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.
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 Nevada, U.S.A.
To find out more about Cypress Development Corp. (TSX VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Donald C. Huston, President
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.