Dajin Resources Corp. (TSXV:DJI, OTCMKTS:DJIFF, Germany:C2U1) is pleased to announce that it has entered into a Letter Agreement with Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (“Cypress”) for the exploration and development of Dajin’s Alkali Spring valley Lithium property located in Esmeralda County, Nevada.
Dajin Resources Corp. (TSXV:DJI, OTCMKTS:DJIFF, Germany:C2U1) is pleased to announce that it has entered into a Letter Agreement with Cypress Development Corp. (TSXV:CYP) (OTCQB: CYDVF) (“Cypress”) 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 Letter Agreement, Cypress has the exclusive right and option to acquire a 50% undivided interest in Dajin’s unpatented mining claims and application for water rights in Alkali Spring valley, Esmeralda County, Nevada. Cypress will complete a due diligence review and prepare a Definitive Agreement for the transaction. Upon completion of the Definitive Agreement and 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 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 if lithium brine resources are discovered. Should Dajin elect not to participate following Cypress’ earn-in period, Dajin shall have the option to dilute to a 10% net profits interest on the value of the JV’s property in Alkali Spring valley.
“Dajin’s management is looking forward to working with Cypress on the exploration and development of the Alkali Spring valley lithium property, comments Brian Findlay, CEO of Dajin. Having the Cypress Development Corp. team as a partner is a real bonus to Dajin as they bring valuable experience and management into the region to help advance the lithium project.”
About Dajin: (www.dajin.ca)
Dajin, is an early stage Lithium exploration company. Through its interest in Dajin Resources S.A. (“Dajin S.A.”), it holds concessions or concession applications in Jujuy Province, Argentina that were acquired in regions known to contain brines with Lithium, Potassium, and Boron values. These concessions exceed 93,000 hectares (230,000 acres) and are primarily located in the Salinas Grandes and Guayatayoc salt lake basins. During the initial exploration program of a portion of the holdings covering an area of 550 hectares (5.5 km2) in the northwestern corner of the 4,300 hectares (43 km2) San Jose-Navidad minas were taken. Lithium brine concentrations ranged from 281 mg/l to 1,353 mg/l, averaging 591 mg/l. Dajin S.A. is partnered with LSC Lithium Corporation who has agreed to spend $2,000,000 to earn a 51% interest in Dajin S.A.’s Lithium properties while building a significant presence in Argentina.
Dajin also holds a 100% interest in 403 placer claims covering 7,914 acres (3,202 hectares) in the Teels Marsh valley of Mineral County, Nevada. These claims are known to contain Lithium and Boron values and are adjacent to the birth place of US Borax Corp’s first borax mine. Dajin also holds a 100% interest in 145 placer claims in the Alkali Spring valley of Esmeralda County, Nevada, located 10 miles (15 kilometers) northeast of Albemarle’s Silver Peak Lithium brine operation in Clayton Valley.
ON BEHALF OF DAJIN’S BOARD OF DIRECTORS
President & CEO
For further information please contact Dajin:
604-609-6151 or email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.