Cypress Development Corp.
TSX VENTURE : CYP

Cypress Development Corp.

July 07, 2005 11:50 ET

Cypress Development Corp.: Drill Program Resumes on Poly Property In Stewart, BC

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 7, 2005) - Cypress Development Corp. (TSX VENTURE:CYP) announces its Phase I diamond drill program has resumed on its Poly Property to test for gold, silver and base metal (polymetallic) mineralization. The Poly property covers three areas of alteration and mineralization known as the Hwy Creek Zone area, Middle Creek area, and East Creek area, in the Stewart Gold Camp, Skeena Mining Division of northwestern British Columbia.

The drilling of Hole P05-07 has commenced, which should total a minimum of 200 metres in an attempt to test the apparent northern extensions of "very strong" to "extremely strong" Spectral IP chargeability anomalies associated with the East Creek, Middle Creek and Hwy Creek Shear Zones.

To date, a total of 606 metres in six holes have been completed of the 2005 Phase I Drill Program on the Poly Property. Two drill holes on the Middle Creek Shear Zone (Hole P05-01 and Hole P05-03) intersected wide widths of altered (silicified, sulfidized) argillite mineralized with pyrite and pyrrhotite, mainly as disseminations, fracture fillings and also associated with quartz-carbonate veining. Two drill holes (Hole P05-02 and Hole P05-05) on the Hwy Creek Shear Zone intersected wide widths of altered (silicified, sulfidized) crystal tuff/volcanic breccia, often with quartz-carbonate and quartz-ankerite-fuchsite sulfide veins; and, some interbeds of altered argillite, often with well developed quartz-sulfide veining.

Thick overburden conditions hindered the completion of two additional drill holes, one of which (Hole P05-04) did intersect the western edge of the Middle Creek Shear Zone (8 metres of silicified, sulfidized argillite) before its abandonment. A sixth drill hole (Hole P05-06), located to test an extremely strong IP anomaly associated with the Middle Creek Shear Zone and to also test the Hwy Creek Shear Zone at depth, had to be abandoned in overburden.

Splitting of all drill core has now been completed and samples are being sent to Chemex of Vancouver, with initial assays expected in middle to end of July 2005.

Mr. David Molloy, P. Geo., of Geofine Exploration Consultants Ltd., is the qualified person under the meaning of National Instrument 43-101.

Cypress Development Corp. is a Canadian precious and base metal exploration company developing a gold-silver property in Stewart, BC, and a gold property in Red Lake, Ontario, Canada, and 2 gold properties and a zinc property in Nevada, U.S.A.

To find out more about Cypress Development Corp. (TSX.V: CYP) and its Poly Project, 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 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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