VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2010) - CypressDevelopment Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) (the "Company")announces it has entered into an Option Agreement with Robert D. Marvin(the "Optionor") of Reno, Nevada to earn a 100% interest in theTwenty-One Silver-Gold Project located in Mineral County, approximately100 miles southeast of Carson City, Nevada.
The Twenty-One Silver-Gold Project sits 5 kilometres south of USHighway 95. Access to the property is by gravel roads. The Twenty-Oneproperty consists of two blocks of lode claims centered on an area ofoutcropping alteration and mineralization. The project sits on thedirect east-northeast extension of the Mindora Silver-Gold Resourcesarea.
Recent chip sampling of exposed quartz breccia veins has returnedassay values from 211 g/t (6.5 ounces) silver to 1141 g/t (34.5 ounces)silver and up to 2 g/t gold. Andesitic and rhyolite sills, plugs, anddikes occur on the Twenty-One property. The mid-Miocene age intrusiveactivity in this district is considered to be highly favorable for theexistence of both epithermal precious metal veins and relatedmineralization within carbonate wall rocks. Similar settings occur atother mining districts in the region. These districts include Tonapah,Paradise Peak and Santa Fe, which have a combined production ofapproximately 4 million ounces of gold and 500 million ounces ofsilver.
The high-grade mineralization, alteration and host rock units on theTwenty-One property are very similar to those found at the Santa Fegold-silver deposit located 16 kilometres along a regional scale, midMiocene age mineral trend to the north-northeast. The Santa Fe mine wasmined by Corona and Homestake and produced approximately 450,000 ouncesof gold and 700,000 ounces of silver from 10 million tons of nearsurface oxide ore in the late 1980's and early 1990's. A sulfide phaseprecious metal reserve remains in the Santa Fe Mine below the level ofoxide ore mined.
Cypress Development continues to assess all available pertinent dataand will conduct a detailed mapping and sampling program with theresults leading to the establishment of a reverse circulation drillprogram in April to May 2010. The assay and mapping results to date arein themselves more than sufficient to warrant detailed exploration anddrilling of the Twenty-One property.
Pursuant to the terms of the Option Agreement, Cypress has beengranted an option to earn a 100% interest in and to the Twenty-Oneproperty for total consideration of USD$24,900, the issuance of 150,000shares and exploration expenditures on the Property totalingUSD$250,000 over the three-year term of the Agreement. The property issubject to a 2% net smelter return royalty ("NSR") in favour of theOptionor. The Company may purchase one-half of the NSR (1%) for thetotal consideration of USD$1,000,000.
