Cypress Acquires 100% Interest In South Bay Zinc-Copper-Silver Project

VANCOUVER, BC - Cypress Development Corp. has acquired a 100% interest in the approx. 1,800 acre South Bay project that includes the former Selco South Bay zinc-copper-silver mine. The South Bay property is located in the Dent, Mitchell, and Agnew Townships, 80 kilometers east-northeast of Red Lake, northwestern Ontario. Cypress has also acquired the remaining 20% interest in the 4,720 acre McKenzie Island gold property that the Company did not previously own. The McKenzie Island property is located immediately adjacent to the west of Goldcorp's Cochenour / Bruce Channel Gold Deposit in Red Lake, northwestern Ontario.

Don Huston, President of Cypress, commented: "This relatively inexpensive transaction with Skyharbour gives Cypress two things, it adds a 2nd zinc project to supplement the Gunman zinc project in Nevada and gives the Company 100% exposure to its Red Lake gold property in Ontario."

The former South Bay Mine, located on the Company's 123498 claim block, produced approximately 1.6 million tons of 14.5% zinc, 2.3% copper and 3.5 oz/ton silver to a vertical depth of 410 meters between 1970 and 1982. The South Bay deposit is a classic Archean Volcanic associated Massive Sulfide (VMS) deposit that is hosted in an area known as the Confederation Belt. Note: The information regarding historic production statistics including but not limited to reports of tonnage, grade and recoveries was obtained from historic data and is not NI 43-101 compliant. Although Cypress has not verified this data, management believes it is from a credible source.

Cypress believes that with current geophysical survey methods allowing exploration to depths in excess of 1,000 meters, there is significant potential to identify new, highly prospective precious and base metal settings at the South Bay project.