Suite 1490 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
www.cypressdevelopmentcorp.com
April 23, 2007
TSX-V Trading Symbol: CYP Telephone: (604) 687-3376
Email: info@cypressdevelopmentcorp.com Facsimile: (604) 687-3119
GOLDCORP INVESTS IN PRIVATE PLACEMENT
Vancouver, BC - Cypress Development Corp. (TSX-V: 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:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-McKenzie-Island-New-Map.jpg
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-V: CYP), visit
our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com
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 & Exchange Commission.
