Cypress Development Corp.
TSX VENTURE : CYP
FRANKFURT : C1Z

Cypress Development Corp.

June 14, 2010 12:21 ET

Cypress Development Announces Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 14, 2010) - Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) announces a non-brokered private placement to raise up to $600,000 by the issuance of up to 5,000,000 flow-through units (the "FT Units") at a price of $0.12 per unit.

Each FT Unit consists of one flow-through common share ("FT Share") and one non-transferable share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase a non flow-through common share of the Company at a purchase price of $0.15 for a period of two years from the date of closing of the private placement.

The Company will pay a finders' fee payable in units (the "Finder's Unit") equal to 7% of the total number of FT Units sold through the efforts of the Finder. The Finder's Units will be non-flow through units and shall have the same terms as the FT Units.

Cypress Development intends to utilize the proceeds from the private placement on the Company's continuing summer drill program on its Broulan Reef gold project located in Red Lake, northwestern Ontario.

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

DONALD C. HUSTON, President

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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