Cypress & Skyharbour Drilling Update on Broulan Reef Bruce Channel / Red Lake Gold Project
Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP_Broulan_Reef_Map.jpg.
Wedge drill hole BR 09-2-2, targeting the known gold bearing North / South Shear Zone that hosts the Bruce Channel deposit, has been stopped at approximately 2900 metres pending assays. The receipt of assays will help the companies determine what course of action will be required going forward.
Cypress and Skyharbour are very pleased with the geology encountered so far.
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.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the Red Lake district of northwestern Ontario, Canada.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the Company's website at www.skyharbourltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
This news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
Cypress Development Closes Private Placement
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.
Cypress Development Announces Flow-Through Private Placement
Each FT Unit consists of one flow-through common share ("FT Share") and one non-transferable share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase a non flow-through common share of the Company at a purchase price of $0.15 for a period of two years from the date of closing of the private placement.
The Company will pay a finders' fee payable in units (the "Finder's Unit") equal to 7% of the total number of FT Units sold through the efforts of the Finder. The Finder's Units will be non-flow through units and shall have the same terms as the FT Units.
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.
The private placement is subject to the acceptance of the TSX Venture Exchange.
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.
Cypress Broulan Reef Property Agreement with Skyharbour
The above transaction is subject to the acceptance of the TSX Venture Exchange.
The Company also announces that Dave Busch has changed his role in the Company from that of Vice-President of Exploration to Consulting Geologist.
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
"Jim Pettit"
JAMES G. PETTIT
Director
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.
AGM Held -- Directors Re-Elected
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.