May
03, 2007
News Release
GOLDCORP PRIVATE PLACEMENT CLOSES,
DRILLING PLANNED FOR
RED LAKE
Vancouver, BC – Cypress Development Corp. (TSX-V: CYP) (the
“Company”) announces that it has issued a total of 4,000,000
units to Goldcorp Inc. (Goldcorp) pursuant to the closing of a private
placement originally announced April 23, 2007. Each unit consists of
one common share at a price of $0.65 and one share purchase warrant entitling
Goldcorp to purchase one additional common share at a price of $1.00 per share if exercised prior to 5:00
p.m. p.m. (Vancouver Time) April 27, 2008 and
thereafter at a price of $1.30 per share if exercised prior to 5:00 p.m.
(Vancouver Time) April 27, 2009.
Cypress
Development intends to utilize the proceeds of the private placement for
exploration expenditures to be carried out on its Broulan Reef gold project
in Red Lake,
northwestern Ontario.
Broulan Reef
Red Lake Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/
CYP_Gold_Eagle_Drill_View.jpg
Cypress
Development holds an 80% interest, Skyharbour Resources 20%, in the
Broulan Reef property in the heart of the Red Lake
gold camp. The property is located adjacent to the south of Gold Eagle
Mines’ project, where a major successful drill program is underway and
adjacent to the west of Premier Gold / Goldcorp’s Rahill-Bonanza
project.
The common
shares and warrants issued under the placement and any shares issued pursuant
to the exercise of the share purchase warrants, are subject to a four month
hold period under applicable securities laws, and imposed by the TSX Venture
Exchange, expiring August 28, 2007.
Cypress
Development Corp. is a diversified precious and base metal exploration and
development company with 2 gold properties in Red Lake,
Ontario, Canada,
and 2 gold properties, a silver-copper property and a zinc property 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 Myers”
DONALD G. MYERS
Director
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