VANCOUVER, British Columbia, June 22, 2006 (PRIMEZONE) -- Cypress Development Corp. (TSX-V:CYP) announces that the summer 2006 work program on the Gunman property joint venture in White Pine County, northeast Nevada, is now underway. The Gunman zinc oxide / sulfide property is held 73.13% by Cypress Development and 26.87% by Bison Gold Exploration Inc.
Location Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/nevada.gif
The 2006 Gunman summer exploration program is designed to expand the high-grade zinc oxide deposit established from previous drill programs, and to evaluate and expand upon the zinc "sulfides" lying beneath the oxide zone in the unconformity, as reported in 2 previous drill holes. The Company has to date, only focused on the zinc oxide portion of the property with the intent to prove enough tonnage of zinc oxide ore to create an open pit / heap leach environment for production.
The Gunman RH Zone zinc oxide, sulfide, and silver mineralization encountered to date are partially illustrated below.
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Hole ID from to width grams/tonnee % Zinc
Silver
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GM-01 115 ft 215 ft 100 ft 34 gm/t 4.91% oxide
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Incl 165 ft 195 ft 30 ft 121 gm/t 19.62% oxide
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GM-01 355 ft 385 ft 30 ft 83 gm/t 10.03% sulfide
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Incl 355 ft 375 ft 20 ft 121 gm/t 15.20% sulfide
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Gm-09 120 ft 345 ft 225 ft 32 gm/t 4.01% oxide
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Incl 175 ft 190 ft 15 ft 81 gm/t 14.67% oxide
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GM-09 220 ft 330 ft 110 ft 30 gm/t 4.00% sulfide
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Incl 240 ft 280 ft 40 ft 50 gm/t 8.10% sulfide
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GM-26 0 ft 250 ft 250 ft 89 gm/t 11.04% oxide
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Inc 130 ft 205 ft 75 ft 242 gm/t 26.88% oxide
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Inc 175 ft 180 ft 5 ft 510 gm/t 33.45% oxide
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Inc 190 ft 200 ft 10 ft 439 gm/t 29.34% oxide
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Cypress Development has contracted to Quantech Consulting Inc. to complete the Titan 24 Electro-Magnetic (EM) Deep Survey over the Gunman project. The objective is to investigate a region of prospective geology for sediment hosted "zinc sulfide bodies" contained within the Gunman project area. Cypress Development has already seen high-grade zinc and associated silver grades within the sulfides underlying an oxidized body. The primary objective of the geophysical survey is to test the areas in the vicinity of known sulfide mineralization and to test the detectablity, and ideally identify drill targets for this season. A grid has now been established over the survey area and Quantech will be mobilizing June 22nd onto the Gunman property to complete the Titan 24 Survey.
Cypress Development has also entered into an agreement with Earth Search Sciences Inc. of Lakeside, Montana to conduct an Airborne Survey for the collection of Hyperspectral data over the Gunman area in Nevada. The technical survey will analyze and measure the absorption and reflectance of various light wave lengths. Smithsonite (zinc host) mineralization found on the Gunman property has a distinctive light absorption signature that can be detected by the Hyperspectral Survey. Collection and processing the data of the flight lines will be collected at five (5) metre resolution and imagery recovered will be geo-referenced and matched with the geology of the known Gunman zinc oxide zone.
Work permits have been applied for with the Bureau of Land Management (BLM) in Nevada. Cypress Development Corp. has proposed a Phase 1 2006 drill program of 12 holes with a combined total of approximately 10,000 feet.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person, under the meaning of National Instrument 43-101, and has reviewed the data in this news release.
The Company also announces the 2nd tranche closing of the Non Flow-Through portion of its private placement announced June 2, 2006. The Company issued 1,000,000 Non Flow-Through Units (the "Units"). Each Unit consists of one common share and one share purchase warrant which entitles the holder to purchase an additional common share of the Company at a price of $0.20 per share until June 19, 2007. The Company also issued 28,985 Units to Parkdale Investments SA as a finder's fee in this matter. The Finder's Units are on the same terms as the subscribers' Units.
The common shares and any common shares to be issued upon exercise of the share purchase warrants will be subject to a hold period until October 20, 2006. The following insider participated in the private placement: William Trimble. The Company intends to utilize the proceeds of its private placement for its Nevada projects and for general working capital purposes.
Cypress Development Corp. is a precious and base metal exploration company developing 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 the Company's website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS "Don Huston" DONALD C. HUSTON President
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 and Exchange Commission.