Cypress Development Corp.

Cypress Development Corp.

June 09, 2005 08:30 ET

Diamond Drill Program to Get Underway on Cypress' Poly Gold-Silver Property, Stewart, Northwestern B.C.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 9, 2005) - Cypress Development Corp.'s (TSX VENTURE:CYP) (Cypress) diamond drilling program is now getting underway 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 Highway Zone Creek area, Middle Creek area, and East Creek area, in the Stewart Gold Camp, Skeena Mining Division of northwestern British Columbia.

The Poly Property has been optioned from Lateegra Resources Corp. and Geofine Exploration Consultants, of which Cypress Development can earn a 51 per-cent interest in the project by spending $825,000 (cdn) over a 4-year period. The property is located approximately 42 kilometres to the northeast of the town of Stewart, in northwestern British Columbia, and is accessible along Highway 37A. Together there are 7 claims totaling 93 units and covering an area of about 23 square kilometres (approx. 5,700 acres). Based on geophysical, geochemical and geological survey data interpreted from previous work programs (2002-2004), high priority drill targets for gold, silver, and associated base metal mineralization have been outlined on the Poly Grid.

Current 2005 Drill Program

Twelve high-priority drill targets have now been identified based on the geochemical, geophysical, and geological information compiled to date on the Poly Grid. The targets have been delineated over an 800-metre strike length that remains open to both the south and the north. The Company has designed a six hole Phase 1 drill program that is now being initiated to test the strong IP chargeability anomalies encountered from the geophysics on Zone B and Zone C. A follow up six (6) hole Phase 2 program, will follow, if favorable results are obtained from the Phase 1 drill program. The budget for an 800-metre Phase 1 drill program, including helicopter support, etc, is estimated at about $235,000 (CDN).

The grade and composition of the target mineralization is indicated by 48 historic and 2004 rock samples that have gold contents of at least 2 grams Au / t. The samples have an average grade of 13.26 g Au/t, 632.54 g Ag/t, 0.29% Cu, 0.25% Pb, 0.54% Zn and are mainly comprised of coarse-grained pyrite, arsenopyrite, chalcopyrite, galena, and sphalerite. The mineralization is hosted by epithermal to mesothermal quartz-sulfide breccia veins in a favorable orthogonal structural fabric that is interpreted to be conductive to the development of plunging ore shoot morphologies. The Spectral IP survey has outlined a number of moderate to extremely strong anomalies that have been interpreted as being associated with coarse sulfides. The widths of the mineralized zones have been estimated to be up to 25 metres. The target mineralization shows a strong multi-element signature, which the soil geochemical surveys have delineated over many of the IP anomalies.

Mr. David Malloy, geologist, of Geofine Exploration Consultants, is the qualified person under the meaning of National Instrument 43-101. He will review and report on all work to be carried out in Phase 1 2005 Poly drill program. Cypress Development will report the results of all work programs completed on the Poly Project as soon as they are received from Geofine Consultants.

Cypress Development continues to be active in the Red Lake area of Northwestern Ontario, with an ongoing rock-sampling program on its McKenzie Island project. The program consists of further surface sampling within the Dome Stock and re-evaluation of drill core of the just completed Phase II drill program on the St Paul's Bay region of the property. (See Cypress News Release May 26,2005; DDH-M05-14: 0.3 metres, 13.08 g Au/t, DDH-05-14: 0.5 metres, 17.02 g Au/t).

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


"Don Huston"


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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