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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 17, 2004
Cypress Updates Exploration On Scorpion and Gunman Projects, Nevada

Scorpion Gold Project, Nevada:

Cypress Development Corp. (the Company) has now completed an initial surface rock-sampling program on its recently acquired Scorpion gold prospect located in the Walker Lane gold belt in western Nevada. The project is an epithermal style alteration/mineralization with 3 miles of strike length. 52 samples of the local float vein material were collected. The vein textures are excellent, showing banding and calcite replacement. Sulphide is visible in some samples. The west end samples of local vein float material returned highly anomalous gold values. These assays to date indicate that the blind vein system is gold bearing.

Significant assays include;

Sample #                 Gold/Ton           Silver/Ton

23042                     .17 oz              10.1 oz
23045                     .15 oz               0.8 oz
23003                     .05 oz               7.5 oz
23048                     .05 oz               0.9 oz
23051                     .03 oz               0.6 oz

The Company is pleased with these initial results and is now preparing a budget and a further detailed work program for its Scorpion property, Nevada.

Gunman Zinc Project, Nevada:

Cypress announces that the Company has now completed its analysis of the data from its soil-sampling program on its Gunman project in Nevada. Two target areas containing elevated metal values have been defined from the October 2004 survey. The coincidence of Zinc, Cadmium, Silver, Arsenic, and Mercury in the two new anomalous zones suggests the possibility of mineralization at depth. Both anomalies flank the Range Front Fault and may represent an RH Zone style of mineralization at depth. The low absolute numbers for all of the elements suggests potential mineralization does not sub crop in the area but may exist at a deeper horizon. Additional work would be required to define a drill testable target.

McKenzie Island Gold Project, Red Lake, Ontario:

As well, Cypress Development announced on November 3, 2004 that the Company will begin a 2,500 foot diamond drill program on its 80% owned McKenzie Island gold project in Red Lake, northwestern Ontario. The start up of this drill program is anticipated for January 2005.

Cypress Development Corp. is a diversified precious and base metal exploration and development company with 3 projects in Nevada, U.S.A. and a project in Red Lake, Ontario, Canada. The Company also holds an 11.4% interest in a company called South Voisey Bay Nickel Co. Ltd.

"Don Huston"


For further information contact myself or:
Don Myers
Cypress Development Corp.
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119

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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