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Cypress Development Corp.
Suite 1610 - 777 Dunsmuir Street
Vancouver, British Columbia  V7Y 1K4

Email: info@cypressdevelopmentcorp.com
TSX Venture Trading Symbol: CYP
Telephone: (604) 687-3376
Facsimile: (604) 687-3119



 Fri Jul 16, 2004
Final Gunman Nevada Phase 1 Drill Results

 Cypress Development Corp. (Cypress) reports that it has received the results of the last 15 drill holes of its recently completed 32 holes, approx. 8,600 feet, RC (reverse circulation) drill program on the Company's 73% owned Gunman Zinc Project located north of Eureka, Nevada.

As previously announced, the purpose of the 2004 Phase 1 drill program on the Gunman Project was designed to test targets along the open-ended NNW extension and SSE extension of the high-grade RH Zone deposit, where grades average 9% zinc and 2.5 oz per ton silver over significant widths. As partially delineated by the 2000 drill programs, the RH Zone deposit is approx. 300 feet long, 150 feet wide (ENE), and about 80 feet thick starting at or near surface.

The results of the Phase 1 drill program show that a silty, altered limestone containing anomalous zinc is present throughout the target area. The silty limestone, RH Zone host rock, is oxidized, altered and contains anomalous zinc for a distance of over 500 meters north of the RH Zone and at least 400 meters to the south. When combined with the 1991 WMC soil results south of the RH South Zone, a prospective trend of over 2 kilometers strike length is established. A high potential for the existence of additional RH Zone size and grade ore zones is interpreted for this established alteration/mineralization zone.

The boundaries on the RH Zone of high-grade zinc and silver mineralization are sharp. 20% zinc ore is separated from rock containing 200-ppm zinc by less than 15 meters. The results are critical for assessing the potential for the existence of additional bodies of high-grade zinc-silver ore similar to the RH Zone. The presence of a significant strike length of altered silty limestone provides the framework within which to explore for additional ore. A significant challenge exists in the exploration, resulting from both the discrete sharply bounded nature of the target ore bodies and the oxidized, non-conductive character of the ores.

Significant potential for the discovery of additional ore south of the RH South Zone exists in altered, silty limestone stratigraphy. Additionally, the range front fault north of the RH Zone is interpreted to have acted as a fluid path for the numerous anomalous zinc intercepts, in the 2004 Phase 1 drill program.

Donald C. Huston, President of Cypress Development, stated, "We at Cypress Development remain very optimistic about the capability of the Gunman property in White Pine County, Nevada, hosting more ore bodies similar to that of the high-grade zinc-silver RH Zone deposit. With this Phase 1 2004 RC drilling complete, a detailed geological report is now being compiled. A very large volume of massive altered limestone has been encountered that has the potential of hosting more RH zones. Ore grade zones encountered in 2 of the 3 holes drilled (GM04-23 & GM04-24) on the RH South Zone have been very encouraging in attempting to continue to follow the strike of the known RH Zone to the SSE. The geological system is quite complex and will demand an aggressive phase 2 drill program to better explain the presence of the RH ore body and the potential of the RH South Zone."

The 2004 phase 1 drilling program on the Gunman property was performed by Hackworth Drilling of Elko Nevada, and ALS Chemex of Vancouver did the analytical work. The project is being supervised by Robert D. Marvin, a member of the Geologic Society of Nevada, the Company's Qualified Person under the guidelines of National Instrument 43-101.

Below are Highlights of the Gunman 2004 Drill Results. Drill hole GM04-16 is located approx. 500 feet to the NNW of the RH Zone deposit. Holes GM04-23 and GM04-24 were both drilled 400 feet SSE of RH Zone. GM04-26 is located off the north flank of the RH Zone. Hole GM04-32 was drilled vertically between previously drilled holes 26 and 32 from the 2000 drill program. GM04-32 was drilled to collect a mini-bulk sample for future metal recovery studies and to confirm continuity of the mineralization and grade of the known RH system.
            DEPTH    FROM      TO   INTERVAL   
HOLE No.   (Feet)   (Feet)   (Feet)   (Feet)   ZINC%
----------------------------------------------------
GM04-16      90'      55'      60'       5'    1.00%
GM04-23     260'     155'     180'      25'    1.20%
Incl.                170'     175'       5'    3.00%
GM04-24     150'      80'      95'      15'    1.20%
Incl.                 85'      90'       5'    2.21%
GM04-26     290'     155'     160'       5'    1.40%
GM04-32     210'       0'     210'     210'   12.40%
Incl.                120'     210'      90'   21.17%
Incl.                180'     210'      30'   28.64%

Summary of all remaining drill results including holes GM04-16, 18, 21, & 23 to 28, 31 & hole 32:

          DEPTH          FROM     TO   INTERVAL
HOLE No.  (Feet)  DIP   (Feet)  (Feet)  (Feet)  ZINC%  OZ/TON AG

GM04-16     90'    60      55'     60'     5'    1.00%     
GM04-18    200'    60       5'     40'    35'    0.23%     
GM04-21    420'    90     260'    265'     5'    0.11%     
Incl.                      320'    325'     5'    0.15%     
GM04-23    260'    90       0'     10'    10'    0.17%     
Incl.                      115'    120'     5'    0.13%     
Incl.                      155'    180'    25'    1.20%     
Incl.                      170'    175'     5'    3.00%     
Incl.                      215'    235'    20'    0.15%     
Incl.                      255'    260'     5'    0.14%     
GM04-24     150'   45       0'    150'   150'    0.28%     
Incl.                        0'     15'    15'    0.31%     
Incl.                       75'    100'    25'    0.75%     
Incl.                       80'     95'    15'    1.20%     
Incl.                       85'     90'     5'    2.21%     
Incl.                      140'    150'    10'    0.50%     
GM04-25     140'   90       5'     45'    40'    0.24%     
Incl.                       10'     20'    10'    0.51%  .30 oz 
GM04-26     290'   70       0'     50'    50'    0.17%     
Incl.                       15'     30'    15'    0.31%     
Incl.                      150'    165'    15'    0.64%     
Incl.                      155'    160'     5'    1.40%     
Incl.                      285'    290'     5'    0.16%     
Incl.                      215'    230'    15'           .29 oz 
GM04-27     230'   90      50'     75'    25'    0.23%     
Incl.                       60'     65'     5'    0.43%     
GM04-28     270'   45      25'     55'    30'    0.12%     
Incl.                      205'    210'     5'    0.63%     
GM04-31     200'   45      70'     90'    20'    0.11%     
GM04-32     210'   90       0'    210'   210'   12.40%  4.2 oz 
Incl.                       75'    210'   135'   17.21%     
Incl.                      120'    210'    90'   21.17%  8.6 oz 
Incl.                      180'    210'    30'   28.64%
Incl.                      120'    135'    15'          10.1 oz 
Incl.                      170'    185'    15'          10.0 oz 

Holes GM04-19, GM04-29 and GM04-30 had anomalous zinc values of less than 0.10%.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

"Don C. Huston"
DONALD C. HUSTON
President

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
Email: info@cypressdevelopmentcorp.com


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: Thu Aug 5, 2004, Gunman Phase I Results and Phase II Recommendations Geo. Report Filed

You can view the Previous News Releases item: Mon Jun 14, 2004, 1st. Results From On-Going Drilling at Gunman Zinc Project, Nevada

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