Cypress Development Corp.
TSX VENTURE : CYP
FRANKFURT : C1Z

Cypress Development Corp.

December 11, 2008 16:12 ET

Cypress Announces Amendment to Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2008) - Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) announces that further to its news release dated November 26, 2008, it will now proceed with its $2,000,000 private placement at a price of $0.175 per unit for the issuance of up to 11,428,571 Units. Each unit consists of one flow-through common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase a non flow-through common share of the Company for a period of two years at a price of $0.25 per share in the first year and $0.30 per share in the second year.

The private placement is subject to the acceptance of the TSX Venture Exchange.

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 VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Don Huston, President

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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