Cypress Development Corp. - News Releases - Cypress Development Closes Private Placement

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Cypress Development Corp.
Suite 2230 - 885 West Georgia Street
Vancouver, British Columbia V6C 3E8

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

	Thu Jul 15, 2010 Cypress Development Closes Private Placement
	Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) is pleased to announce that it has closed its non-brokered private placement raising $464,640. Cypress issued 3,832,000 flow-through units ("FT Units") and 40,000 non flow-through units ("NFT Units") at a price of $0.12 per unit. Each FT Unit consists of one flow-through common share and one share purchase warrant. Each warrant entitles the holder to purchase one non flow-through common share at a price of $0.15 per share if exercised on or before July 8, 2012. The NFT Units consist of one non flow-through common share and one share purchase warrant. The warrants are on the same terms as the FT Unit warrants. The Company also issued a total of 164,890 units in connection with the payment of finders' fees. The finders' units are non flow-through and are on the same terms as the subscribers' units. The shares and warrants issued under the private placement and any shares issued pursuant to the exercise of the warrants are subject to a four month hold period under applicable securities laws and imposed by the TSX Venture Exchange expiring November 9, 2010. Cypress Development intends to utilize the proceeds from the private placement on the Company's continuing summer drill program on its Broulan Reef gold project located in Red Lake, northwestern Ontario. About Cypress Development Corp.: Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A. To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com. ON BEHALF OF THE BOARD OF DIRECTORS "Don Huston" DONALD C. HUSTON President For further information contact myself or: Don Myers Director Cypress Development Corp. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@cypressdevelopmentcorp.com NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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