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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



September 29, 2004
Commencement of Phase 2 / 2004 Work Program, Gunman Project, Nevada

Cypress Development Corp. reports that the Company has commenced a Phase 2 work program on its Gunman project located in White Pine county, northeastern Nevada. A detailed geochemical sampling program is being undertaken on the Gunman Property, to cover a strike length of approximately 1.5 kilometers that extends to the south of the known high-grade zinc/silver RH and RH South Zones that have been previously reported. The goal of this soil-sampling program would be to further define and upgrade the existing Western Mines (WMC) 1991 data that had previously identified a very strong silver-mercury anomaly along with the presence of 3 other zinc-silver anomalies south of the RH zone.

The soil data from the past WMC program had indicated greater silver-zinc content in the tills than were found in the recently discovered (2000) RH zone within the same mineralized trend. The detailed grid for soil collection will be structured on 50 meters grid line spacing with samples to be taken on 25 meters intervals along each established grid line. A power auger will be utilized to ensure that all samples will be taken at least .5 meters below surface, to ensure a better opportunity of receiving a competent bedrock signature. It is anticipated that this soil-sampling program will lead to the targeting of Phase 2 drill hole locations. This will allow the Company to continue to explore for RH Zone size deposits within the already established main mineralized trend. The mineralized trend extends for approximately 4 kilometers in a north to south direction through the Gunman property.

In addition, the Company is presently awaiting data from a recently completed regional field gravity survey that will assist in the interpretation and correlation of the different general rock sequences. It is anticipated that the correlation of the gravity data to the regional geological structures that exist on the Gunman property will aid the company in determining what role and relationship the existing major range front fault has played in the deposition of an RH style deposit. This range front fault running north and south through the property is interpreted to have acted as a fluid path for the numerous anomalous zinc intercepts found in the 2004 Phase 1 drill program.
Cypress Development Corp. is a diversified precious and base metal exploration and development company with a gold property in Red Lake, Ontario Canada, and a zinc-silver deposit in White Pine County, Nevada, U.S.A. The Company also holds an 11.4% interest in a company called South Voisey Bay Nickel Co. Ltd.



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

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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