Cypress Development (CYP.V) had a last-minute surprise for its shareholders as the judge of the Fifth Judicial Court of the state of Nevada where Cypress Development initiated proceedings against Centrestone Resources almost a year ago has entered its verdict as a partial summary judgment confirmed the validity of some of Cypress’s claims that were contested by Centrestone.
On top of that, the judge imposed sanctions against Centrestone and ordered the company to refund Cypress court costs and attorney fees as Centrestone didn’t comply with the court rules. Cypress is effectively planning to recoup its legal expenses as well as suing Centrestone for trespass damages.
Although there was little doubt Cypress would win this case, it’s always good to get a final verdict effectively awarding Cypress Development the claims that were contested by Centrestone. Cypress can now focus on completing the pre-feasibility study on the Clayton Valley lithium project in Nevada, which should be ready in the first quarter of 2020. Unfortunately the lithium price isn’t really cooperating at this moment but we expect the pre-feasibility study to confirm the PEA economics which indicated Clayton Valley could be a money maker at $8000 lithium.
Disclosure: The author has a long position in Cypress Development. Cypress is a sponsor of the website.