Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) (the "Company") announces that the Company intends to complete a non-brokered private placement of up to 5,000,000 units (the "Unit") at a price of $0.05 per unit to raise proceeds of up to $250,000. Each Unit consists of one common share and one non-transferable share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one common share for a period of five years at a price of $0.07 per share.
Cypress intends to utilize the proceeds from this private placement to further advance its zinc and gold projects and for general working capital purposes.
A finder's fee of up to 7% cash and 7% non-transferable warrants (the "Finder's Warrants") may be paid in connection with part of this private placement. Each Finder's Warrant will entitle the finder to purchase a common share at a price of $0.07 per share for a period of five years from the closing date of the private placement.
The private placement is subject to TSX Venture Exchange acceptance.
The private placement announced by the Company on May 19th will not be proceeding.
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 and Oregon, U.S.A. The Company has approx. 15 million share outstanding.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
JAMES G. PETTIT
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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.