Cypress Development Corp.

Cypress Development Corp.

April 27, 2007 09:00 ET

Cypress Development Corp.: Goldcorp Invests in Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 27, 2007) - Cypress Development Corp. (TSX VENTURE:CYP) (the "Company") is pleased to announce it has arranged a non-brokered private placement of 4,000,000 units at a price of $0.65 per unit with Goldcorp Inc. (Goldcorp).

Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles Goldcorp to purchase an additional common share of the Company at an exercise price of $1.00 per common share in the 1st year and $1.30 per common share in the 2nd year.

Upon completion of the transaction, Goldcorp will own common shares representing approximately 4.8% of the issued and outstanding shares of the Company.

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.

Red Lake Map:

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.

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 VENTURE:CYP), visit our website at



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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