Cypress Announces Positive PFS for Clayton Valley Lithium Project

Cypress Development (TSXV:CYP,OTCQB:CYDVF) announced positive results from a prefeasibility study (PFS) of the company’s Clayton Valley lithium project in Nevada, US.

As quoted in the press release:

Highlights:

• 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.
• After-tax net present value (NPV-8%) of US$1.052 billion at 8% discount rate and 25.8 percent internal rate of return (IRR).
• Production based on probable mineral reserve of 222 million tonnes averaging 1,141 ppm Li (1.353 Mt LCE).
• Reserves and production plan derived from Measured and Indicated Mineral Resources of 593 million tonnes averaging 1,073 ppm Li (3.387 Mt LCE).

“This PFS is a major milestone for Cypress. These positive results take us closer to our goal of developing a world-class lithium deposit. Cypress’ land position and resources afford us the opportunity for a long-life project with low operating costs and potential to be a significant source of lithium for the United States,” Cypress CEO Bill Willoughby said.

Click here for the full text release.