Cypress Development Corp.
TSX VENTURE : CYP

Cypress Development Corp.

December 01, 2011 09:01 ET

Cypress Completes Drill Program on Broulan Reef Property, Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2011) - Cypress Development Corp. (TSX VENTURE:CYP) is pleased to announce that drilling has been completed on a target in the eastern portion of its 84% owned Broulan Reef property located in the heart of the Red Lake Gold Camp adjacent to the Goldcorp / Premier Gold Rahill-Bonanza joint venture project.

Broulan Reef property location map, Red Lake, Ontario:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP_Gold_Eagle_Drill_View.jpg

Drill hole BR11-1 was collared on Goldcorp's ground near the NE corner of the Broulan Reef property. The target of the drill hole was mineralized structures within the Balmer Formation mafic and ultra mafic rocks. A secondary target was the determination of the depth of the critical unconformable contact between the Bruce Channel Formation and the underlying Balmer Formation. The Balmer Formation is the host of the vast majority of the gold production and reserves in the Red Lake gold camp.

The hole was drilled due south at and initial inclination of 87.1. Final inclination was 84.6 degrees. Azimuth readings from the Reflex tool are unreliable due to the very steep inclination of the hole. The hole passed south onto Cypress ground at approximately 590 metres. BR11-1 was completed to a final depth of 1505 metres in late October.

The hole intercepted foliated Bruce Channel Formation rhyodacite, iron formation and debris flow volcanic rocks from surface sharp contact at 783.9 metres where a complexly deformed sequence of mafic to ultramafic rocks was entered. These rocks belong to the target Balmer Formation. Weak to moderate disseminated fuchsite occurs in ultramafic units in the interval from 783.9 to approximately 801.5 metres down hole.

The rhyodacite rocks of Bruce Channel Formation in the upper portion of the hole are moderately to intensely sericite altered for 100's of metres. This alteration locally reaches near total replacement of the original rock mineralogy by sericite.

It is likely that this sericite alteration of the Bruce Channel rocks in the upper portion of the hole is related to structural preparation and focusing of hydrothermal fluid flow in the rocks near the axis of the district scale fold which trends WSW across the drill area from the Wilmar Deposit to the NE. This fold trends WSW across the Goldcorp / Premier JV lands, then onto Goldcorp ground, and finally further WSW onto the Cypress Broulan property.

Cypress Development is of the opinion that this fold axis is an excellent gold mineralization target, a belief shared by the adjacent Goldcorp / Premier JV project, based on information on the Premier Gold website. Cypress has the longest untested strike length of this fold axis as it traverses WSW across the Cypress Broulan property.

BR11-1 was collared on the SE flank of this important structure, and, due to property boundary constraints, was forced to drill away from the fold axis to reach Cypress ground. Future drilling on the Broulan Reef will be positioned to drill through the axis of this district-scale fold structure within the mafic to ultramafic units of the Balmer Formation. This drilling would be done from ice pads with the drill facing NNW toward the target structure. The information gained by finding the depth of the Bruce Channel / Balmer Formation contact to be relatively shallow at 783.9 metres down hole will very important in targeting future drilling further WSW along the fold axis.

Intense silicification of the mafic to ultramafic sequence commenced at 832.8 metres and continued to 931.1 metres. The rock in this interval is off white to crème colored due near total silica replacement. Below 931.1 metres the alteration was less silica dominant and more bleaching and calcite/sulfide in nature. A 10.5 metre wide zone commencing at 945.5 metres contains anomalous gold values that range up to 1.28 g/t.

Robert Marvin, PGeo., CPG, Senior Project Geologist for Cypress Development is the Qualified Person, as defined by National Instrument 43-101, and supervised both the project field and the preparation of the technical information in this release.

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, 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

This news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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