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Cypress Development Corp.

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Cypress Development Corp.
Suite 1610 - 777 Dunsmuir Street
Vancouver, British Columbia  V7Y 1K4

TSX Venture Trading Symbol: CYP
Telephone: (604) 687-3376
Facsimile: (604) 687-3119



December 23, 2004
Flow-Through Private Placement Closes

Cypress Development Corp (the Company) announces that it has closed its non-brokered flow-through unit private placement announced by news release dated November 19, 2004. The Company issued 3,000,000 flow-through units at a price of $0.10 per unit. Each flow-through unit consists of one flow-through share and one non-flow through share purchase warrant which entitles the holder to purchase an additional non-flow through share of the Company at a price of $0.12 until December 21, 2005. In addition, the Company issued 290,000 non-flow through units as a finder's fee in this transaction. The shares and any shares to be issued upon exercise of the warrants will be subject to a hold period and shall not trade before April 22, 2005.

Cypress Development Corp. is a diversified precious and base metal exploration and development company with a gold property in Red Lake, Ontario Canada, and 2 gold properties and a zinc property Nevada, U.S.A. The Company also holds an 11.4% interest in a company called South Voisey Bay Nickel Co. Ltd.


"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.

You can view the Next News Releases item: Wed Jan 5, 2005, Planned Drilling On McKenzie Island Property Expanded To 13,000 ft, To Begin Mid January, Red Lake, Ontario

You can view the Previous News Releases item: Fri Dec 17, 2004, Cypress Updates Exploration On Scorpion and Gunman Projects, Nevada

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