SOURCE: Cypress Development Corp.

May 03, 2007 09:13 ET

Cypress Development Corp. Announces Goldcorp Private Placement Closes

VANCOUVER, BC -- (MARKET WIRE) -- May 3, 2007 --

        Suite 1490 - 885 West Georgia Street, Vancouver, BC,
                        Canada, V6C 3E8
                  www.cypressdevelopmentcorp.com

                            May 03, 2007

TSX-V Trading Symbol: CYP              Telephone:  (604) 687-3376
Email: info@cypressdevelopmentcorp.com Facsimile:  (604) 687-3119

GOLDCORP PRIVATE PLACEMENT CLOSES

Cypress Development Corp. (TSX-V: CYP) (the "Company") announces that it has issued a total of 4,000,000 units to Goldcorp Inc. (Goldcorp) pursuant to the closing of a private placement originally announced April 23, 2007. Each unit consists of one common share at a price of $0.65 and one share purchase warrant entitling Goldcorp to purchase one additional common share at a price of $1.00 per share if exercised prior to 5:00 p.m. (Vancouver Time) April 27, 2008 and thereafter at a price of $1.30 per share if exercised prior to 5:00 p.m. (Vancouver Time) April 27, 2009.

Cypress Development intends to utilize the proceeds of the private placement for exploration expenditures to be carried out on its Broulan Reef gold project in Red Lake, northwestern Ontario.

                     Broulan Reef Red Lake Map:
      http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/
                    CYP_Gold_Eagle_Drill_View.jpg
Cypress Development holds an 80% interest, Skyharbour Resources 20%, in the Broulan Reef property in the heart of the Red Lake gold camp. The property is located adjacent to the south of Gold Eagle Mines' project, where a major successful drill program is underway and adjacent to the west of Premier Gold / Goldcorp's Rahill-Bonanza project.

The common shares and warrants issued under the placement and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring August 28, 2007.

Cypress Development Corp. is a diversified precious and base metal exploration and development company with 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 our website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Myers"

DONALD G. MYERS Director

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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.

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information


  • For further information contact:
    Don Myers
    Cypress Development Corp.
    Director
    Telephone: 604-687-3376
    Toll Free: 800-567-8181
    Facsimile: 604-687-3119
    Email: Email Contact