Cypress Development Corp. is pleased to announce that the Company has acquired, by staking, 24 mineral lode claims located in the Slumbering Hills area of Humboldt County, northern Nevada. The Sleeper gold property is situated approximately 5 miles to the south of the Sleeper Mine, which is a well documented prolific past gold producer at the northern extension of the Battle Mountain - Cortez Geological Trend. Active mining was conducted at the Sleeper Mine until the end of 1997, and was operated as a conventional open pit, heap leach gold operation.
The volcanic bedrock in the area consists of a layered sequence of Tertiary volcanic rocks, primarily ash flow tuffs, with minor basalts and rhyolites. The geologic structure is comprised of three major groups of faults and fracturing in the project area. They include the steeply dipping range front faults that are associated with extensively brecciated zones, the dominant northwestern trending faults that are known to offset gold mineralized veins and has close associations of bedrock paleochannels with northwestern faults, and the defined northeast faults with near vertical dips.
Cypress Development is preparing and compiling available data on its Sleeper gold property, with the intent to proceed with a work program consisting of prospecting, mapping and sampling in the near future.
The Company is in the process of completing a general mapping and surface sampling program on its recently announced Scorpion gold property acquisition in central Nevada.
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 the beginning of 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.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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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