Cypress Development Corp.
TSX VENTURE : CYP

Cypress Development Corp.

January 08, 2008 08:00 ET

Cypress Development Corp.: Drilling Resumes on Broulan Reef Gold Project, Red Lake, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - Cypress Development Corp. (TSX VENTURE:CYP) today announced that drilling has resumed on its Broulan Reef property located in the heart of the gold mining district of Red Lake, northwestern Ontario.

Cabo Drilling has remobilized its drill crew to the Broulan Reef project and will now continue to deepen the diamond drill hole BR 07-1 to approximately 2,400 metres from its current depth of 750 metres. Cypress will attempt to complete the BR 07-1 "mother hole" within the next several weeks. The Company will then "wedge" several holes off the main initial drill hole. Cypress anticipates the Cabo drill rig to be on the property throughout 2008. The Company continues to be well funded and able to meet all its obligations and work commitments for the upcoming year.

BR 07-1 is designed to intersect the Balmer assemblage rock types that are host to the Bruce Channel and Finn gold zones as reported in the latest Gold Eagle Mines Ltd (GEA) news releases. The GEA Bruce Channel project adjoins the Broulan Reef project immediately to the north, and is on strike geologically. The other boundaries being the east, south, west sides of the Broulan Reef property are abutting Goldcorp (G) claims. Goldcorp continues to carry out a major drill program to the immediate east of the Broulan Reef property with its partner Premier Gold on their Rahill Bonanza project.

A map of the Broulan Reef Project can be accessed through the following link:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg

"This is an important step forward in the ongoing development of the Broulan Reef project," said Donald Huston, President of Cypress Development. "We believe there is an opportunity to encounter the extension of the Gold Eagle Mines deposit being delineated under the Bruce Channel. There is every reason to believe that the mineralized zone being delineated on the Gold Eagle property continues beyond the Broulan Reef north boundary".

Cypress anticipates the drilling of a second mother hole with several diverging holes to be wedged off both main holes. The Company intends to drill up to 10,000 metres with this Phase 1 deep drill program. A budget of $2.5 million dollars is in place for the completion of this Phase 1 deep penetration drill program on the Broulan Reef gold claims.

Proposed Broulan Reef Drill Hole Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Picture5.jpg

The target for the 2008 deep drill program is the Balmer assemblage rocks underlying the Bruce Channel sediments, as established during the drill program conducted on the Broulan Reef project in the summer and autumn of 2006. Dips within the Bruce Channel rocks on the west limb of the broad nose fold are approximately 45 degrees to the west. The shallow dipping unconformity has very significant implications for the Broulan Reef property. With known points of elevations of the Balmer assemblage surface, it is projected that this rock type horizon will be at an inferred vertical depth of between 900 metres on the eastern edge of the property and 2000 metres on the western part of the property. At these depths, targets in the Balmer assemblage rocks are within explorable and exploitable range over most of the property.

New Red Lake Gold Deposits Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Picture2.jpg

About Cypress Development Corp.

Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.

To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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