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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



August 05, 2004
Gunman Phase I Results and Phase II Recommendations Geo. Report Filed

Gunman Project 2004 Phase I Exploration Results and Phase II Recommendations
Geological Report Filed on Sedar

Cypress Development Corp. (the "Company") announces that it has commissioned a geological report (the "Report") on its Gunman Project located in White Pine County, North-East Nevada consisting of 120 contiguous, unpatented and unsurveyed Federal lode claims which are under lease (the "Property").

The Report on the Property, entitled "Gunman Project 2004 Phase I Exploration Results and Phase II Recommendations" dated July 10, 2004, was prepared by Robert D. Marvin, B.Sc., Geologist, of Red Rock Exploration Services, Reno, Nevada. The Report summarizes the important results of the completed work and makes recommendations for further exploration work on the Property.

The 2004 Phase I exploration program targeted interpreted extensions to the RH Zone by drilling geologic, geochemical and geophysical targets NNW and SSE of the R-H Zone and by exploring peripheral geophysical and geochemical anomalies. Thirty-Two reverse circulation drill holes totalling 8565 feet were completed. The Report presents the results of the drilling program.

The Gunman 2004 Phase II drill and exploration target recommendations are made based on the results of the Phase I program and other project/data. The estimated cost of the recommended program is $140,085 USD.

The Report has been filed on SEDAR and is available for viewing on the SEDAR website at

The Company currently holds a 73.13% interest and Mid-North Resources Ltd. holds a 26.87% interest in the Property.

Cypress Development Corp. is a diversified precious and base metal exploration and development company with a gold project 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.


"Donald C. 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

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 Sep 1, 2004, Second Quarter Report Ended June 30, 2004

You can view the Previous News Releases item: Fri Jul 16, 2004, Final Gunman Nevada Phase 1 Drill Results

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