Cypress Development Announces Non-Brokered Private Placement

Suite 2230 – 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8 www.cypressdevelopmentcorp.com

TSX-V Trading Symbol: CYP Telephone: (604) 687-3376 Email: [email protected] Facsimile: (604) 687-3119

NEWS RELEASE

December 21, 2010

Cypress Development Announces Non-Brokered Private Placement

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) announces a nonbrokered private placement of up to 20,000,000 Units at an offering price of $0.05 per Unit. Each Unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase an additional common share at a price of $0.10 for a period of two years. The Company may pay up to a 7.5% finder’s fee, payable in cash or units, in connection with part of this private placement offering.

Cypress Development intends to utilize the proceeds from the private placement for exploration expenditures to be carried out on its Twenty One Silver-Gold Mineral Claims located in Mineral County, west central Nevada and for general working capital purposes.

Twenty One Silver-Gold project location map:

http://www.cypressdevelopmentcorp.com/i/maps/21/Twenty-One-Silver-Gold- Production-Trend.jpg

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

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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: [email protected]

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