Welcome!

News Feed Item

Cypress Acquires 100% Interest in South Bay Zinc-Copper-Silver Project and Remaining 20% Interest in McKenzie Island Gold Property in Red Lake, NW Ontario

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/18/14 -- Cypress Development Corp. (TSX VENTURE:CYP)(PINKSHEETS:CYDVF)(FRANKFURT:C1Z) is pleased to announce that it has acquired a 100% interest in the approx. 1,800 acre South Bay project that includes the former Selco South Bay zinc-copper-silver mine. The South Bay property is located in the Dent, Mitchell, and Agnew Townships, 80 kilometres east-northeast of Red Lake, northwestern Ontario. Cypress has also acquired the remaining 20% interest in the 4,720 acre McKenzie Island gold property that the Company did not previously own. The McKenzie Island property is located immediately adjacent to the west of Goldcorp's Cochenour / Bruce Channel Gold Deposit in Red Lake, northwestern Ontario.

Don Huston, President of Cypress, commented: "This relatively inexpensive transaction with Skyharbour gives Cypress two things, it adds a 2nd zinc project to supplement the Gunman zinc project in Nevada and gives the Company 100% exposure to its Red Lake gold property in Ontario."

The former South Bay Mine, located on the Company's 123498 claim block, produced approximately 1.6 million tons of 14.5% zinc, 2.3% copper and 3.5 oz/ton silver to a vertical depth of 410 metres between 1970 and 1982. The South Bay deposit is a classic Archean Volcanic associated Massive Sulfide (VMS) deposit that is hosted in an area known as the Confederation Belt. Note: The information regarding historic production statistics including but not limited to reports of tonnage, grade and recoveries was obtained from historic data and is not NI 43-101 compliant. Although Cypress has not verified this data, management believes it is from a credible source.

South Bay Claims Map, Northwestern Ontario: http://skyharbourltd.com/_resources/projects/SYH_South_Bay_Map_new.jpg

Cypress believes that with current geophysical survey methods allowing exploration to depths in excess of 1,000 metres, there is significant potential to identify new, highly prospective precious and base metal settings at the South Bay project.

Based on previous work by Skyharbour, Cypress' management believes that the South Bay project has potential to host economic zinc, copper and silver mineralization. The South Bay project will compliment the Company's 100% owned Gunman zinc-silver project in Nevada where an upcoming drill program followed by a NI 43-101 Resource Estimate was recently announced (see news releases January 21 and February 3, 2014).

With the acquisition of the remaining 20% interest in the McKenzie Island gold property, Cypress will now hold a 100% interest in this project. The McKenzie gold property is strategically located immediately adjacent to the west of Goldcorp's Cochenour / Bruce Channel Deposit and to the west of Goldcorp's / Premier Gold's Rahill Bonanza Joint Venture. The property is ideally located to test for the potential extension of gold mineralization from the new mine horizon currently being developed by Goldcorp.

Location map of McKenzie Island Red Lake gold property: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg

Cypress has acquired the 100% interest in the South Bay project and the 20% interest in the McKenzie Island property from Skyharbour Resources Ltd. in exchange for a payment to Skyharbour of $40,000 in cash and the issuance of 1 million common shares of Cypress. Note: Cypress and Skyharbour boards have common directors.

The closing of the acquisitions are subject to standard conditions, including regulatory and TSX Venture Exchange approval.

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. The Company is well funded with approximately $1.5 million in its treasury.

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.

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                
                                                   
"Jim Pettit"                                       
-------------------------------------------------- 
JAMES G. PETTIT                                    
Director                                           

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 information.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...