Cypress Development Corp.
TSX VENTURE : CYP

Cypress Development Corp.

May 11, 2006 14:00 ET

Cypress Development Corp.: Geological Report Commissioned for Broulan Reef Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 11, 2006) - Cypress Development Corp. (TSX VENTURE:CYP) announces that it has commissioned a 43-101 compliant geological report (the "Report") on its Broulan Reef gold project located within the Red Lake mining district of northwestern Ontario.

The Report on the Broulan Reef project summarizes the important results of the completed 2006 Phase I exploration and drill program and will include recommendations for further exploration work on the property.

The 2006 Phase I 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 mag data and a preliminary geological model has emerged from the diamond drilling. Cypress Development has completed 5 drill holes to date.

The 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'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.

Cypress Development Phase 2 drill program is expected commence at the beginning of June 2006. 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 Report will be filed on SEDAR and is available for viewing on the SEDAR website at www.sedar.com.

The Company currently holds a 80% interest and Skyharbour Resources Ltd. holds a 20% interest in the property.

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

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