Cypress Development Corp.
TSX VENTURE : CYP

Cypress Development Corp.

June 01, 2006 11:28 ET

CORRECTION: Cypress Development Corp.-Geological Report Filed on SEDAR for Broulan Reef Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 1, 2006) - In the release issued this morning at 8:30 am ET by Cypress Development Corp. (TSX VENTURE:CYP) there was a missing dash in a link to a map. The correct link is:

http://www.cypressdevelopmentcorp.com/i/maps/CYP-Broulan-Reef-Prospective1.gif

The complete and corrected release is as follows:

Cypress Development Corp. (TSX VENTURE:CYP) announces that it has filed on SEDAR a National Instrument 43-101 compliant geological report (the "Report") on its Broulan Reef gold project, Red Lake, northwestern Ontario. The Report is available for viewing on the SEDAR website at www.sedar.com.

The Report on the Broulan Reef project summarizes the important results of the April 2006 Phase 1 exploration and drill program and includes recommendations for further exploration work on the property.

The 2006 Phase 1 exploration program advanced the property with data from a ground magnetic survey and a Phase 1 diamond drill program. A structural / lithological framework has been clearly identified from the ground magnetic data and a preliminary geological model has emerged from the diamond drilling. Cypress Development completed 2,400 metres in 5 drill holes in its 2006 Phase 1 program.

Map:

http://www.cypressdevelopmentcorp.com/i/maps/CYP-Broulan-Reef-Prospective1.gif

The Broulan Reef property covers a regional fold closure in rocks of the Bruce Channel sediments. These sediments have become the target of intense exploration as Wolfden Resources (WLF) continues to expand their Bonanza deposit on their Folansbee property to the east and Southern Star Resources / Exall Resources (SSR / EXL) continue to expand a zone under the Bruce Channel adjacent to the Broulan Reef project to the north on their Gold Eagle property.

Cypress Development Phase 2 drill program is expected commence June 10th. These summer drill hole locations will be collared on the land portion of the Broulan Reef property and will be drilled out underneath the waters of Bruce Channel in an attempt to encounter the distinctive gold bearing horizons at depth.

The Company's summer 2006 drill program will consist of holes drilled deeper into the regional fold closures of the Bruce Channel sedimentary horizons in an attempt to encounter the higher grade gold intersections reported by both SSR / EXL to the north and WLF to the east of the Broulan Reef boundaries. With the drilling to date having encountered the numerous gold bearing zones and with the ideal geological location of the property, the Company believes that there is significant potential to warrant an extended summer 2006 Phase 2 diamond drill program.

The Company holds an 80% interest in the property with Skyharbour Resources Ltd. holding the remaining 20% interest.

Cypress Development Corp. is a precious and base metal exploration company developing 2 gold properties in Red Lake, Ontario, Canada, and 2 gold properties, a silver/copper property, and a zinc property in Nevada, U.S.A.

To find out more about Cypress Development Corp. (TSX.V: CYP), visit the Company's website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS



"Don Huston"

DONALD C. HUSTON
President


This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.


The CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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