Cypress Development Corp. -TSX.V: CYP- (the Company) announces it has acquired by staking, 26 federal gold lode mining claims in central Mineral County, Nevada. The Scorpion property lies within the widely mineralized Walker Lane structural zone.
The region is noted for its bonanza grade, volcanic hosted precious metal deposits such as the Comstock, Paradise Peak, Goldfield, Aurora, and the Borealis. Active exploration along an east-west trending structural zone that contains the newly staked Scorpion claims block is ongoing by Newmont Mining Corp. at their Whiskey Flat project and by Golden Phoenix Minerals at the Borealis Mine area. The Scorpion property lies within this east - west trending zone of faulting and alteration / mineralization known as the Cerro Duro shear zone, and is situated on strike, between the Borealis Mine and the Camp Douglas Mine areas. Exploration is ongoing in several areas along this shear zone that is host to significant gold production. The exposed and indicated geology at the Scorpion property is consistent with that of the Borealis district, with six distinct gold ore bodies having been discovered and mined here. The size and intensity of the alteration system exhibited on the Scorpion property compares favorably with that at Borealis. Both the existence of the Cerro Duro shear and northeast cross faults are positively identified at Scorpion.
Cypress Development is of the opinion that gold mineralization potential exists in the numerous quartz vein swarms located on the Scorpion claims. The Scorpion property has returned surface gold values of up to 500 ppm from the quartz-alunite altered andesite. The gold values are accompanied by moderately anomalous arsenic and molybdenum. The geologic setting and data at the Scorpion property indicate a high potential for a Borealis style gold deposit within a large alteration envelope.
The Company is now in the process of completing a general mapping and surface sampling program on its Scorpion property. The Company is also preparing a budget and a further detailed work program.
As well, Cypress Development announced on November 3, 2004 that the Company will begin a 2,500 foot 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 2 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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