Cypress & Skyharbour Results Confirm Bruce Channel Gold Deposit Continuity onto Broulan Reef Property in Red Lake, NW Ontario

VANCOUVER BC, GERMANY -- (Marketwire) -- 05/11/10 --

Cypress Development Corp. / Cypress & Skyharbour Results Confirm Bruce
Channel Gold Deposit Continuity onto Broulan Reef Property in Red Lake, NW
Ontario processed and transmitted by Hugin AS. The issuer is solely
responsible for the content of this announcement.

Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
www.cypressdevelopmentcorp.com
TSX-V Trading Symbol: CYP Telephone: (604)
687-3376

Email: info@cypressdevelopmentcorp.com Facsimile: (604)
687-3119

JOINT NEWS RELEASE

May 11, 2010

Cypress & Skyharbour Results Confirm Bruce Channel Gold Deposit Continuity
onto
Broulan Reef Property in Red Lake, NW Ontario

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and
Skyharbour
Resources Ltd. (TSX-V: SYH) are pleased to announce that gold values have
been
intersected on Cypress' (80%), Skyharbour's (20%) owned Broulan Reef
Project
located in the heart of the prolific Red Lake gold camp in Northwestern
Ontario.
The Broulan Reef property adjoins, on strike, to the south of the
Cochenour /
Bruce Channel major gold deposit now being brought to the production
stage by
Goldcorp Inc.

Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=photos/Bruce_Channel_Ph
oto.g
if

Gold values were intersected on strike and in the same structure that
hosts the
Bruce Channel gold deposit.

An 18 metre interval between 2809 metres and 2827 metres grading 1.62
grams per
tonne gold and including 2.5 grams per tonne gold over 9 metres and 5.04
grams
per tonne gold over 2 metres have been encountered in the recently
completed
BR09-02 mother hole. These values are typical of many zones intersected
in the
Bruce Channel gold deposit. They are likely within an envelope surrounding
such
a deposit and convincingly demonstrate continuity of the mineralized
system on
the Broulan Reef property with plenty of room for expansion.

The gold bearing zone was truncated by a 34 metre section of core
containing a
late mafic dike. A 1(st) wedge hole is now in progress to
intersect the
structure to the north and away from diking. The gold bearing zone occurs
in the
footwall of a remarkable structure known as the North-South Shear that
hosts
known gold mineralization in the Bruce Channel trend. The structure is at
odds
with the bulk of producing deposits in the area in that it strikes north-
south
and is dominantly a breccia and not a shear.

The structure is remarkable for several other reasons:

Continuity: so far over 1.5 kilometres
in
length

Consistent strike and dip (north-south strike and dipping 70 degrees
to the
west)
Width: commonly over 100 metres in
true
width

Mineralogy: primarily calcite, with minor iron carbonate veins,
biotite,
magnetite and quartz actinolite veins

Texture: pronounced breccia texture throughout

Don Huston, President stated: 'Persistence has paid off for the companies
on the
Broulan Reef gold project in Red Lake. The results from this first
successful
deep hole confirm our belief that the Bruce Channel gold deposit does
indeed
show continuity onto the Broulan Reef property.'

Broulan Reef Project History

The Bruce Channel property was purchased from Gold Eagle by Goldcorp in
2008 for
$1.3 billion and is currently being prepared for development
through the
Cochenour mine shaft and a high speed tram to the main milling
complex in
Balmertown. The Bruce Channel gold deposit could host between 6 and 12
million
ounces of gold at grades between .3 and .5 ounces per ton. These numbers
make it
a major gold find and a key to the future of the Red Lake gold camp. The
size
and grade of the world class Bruce Channel gold deposit figures
prominently in
the continued determination of Cypress & Skyharbour to diligently
pursue
exploration on their Broulan Reef property which immediately adjoins the
Bruce
Channel property to the south.

The Broulan Reef project got going from a standing start with the belief
that
the trend of the Bruce Channel gold deposit would extend onto the Broulan
Reef
property at some depth. With 95% of the Broulan Reef property covered
by the
shallow waters of the Bruce Channel and no outcropping of Balmer aged
rocks, the
initial deep drilling was based on the belief and hope that Balmer aged
rock
would exist below a sequence of sediments of Confederation age and that
they
could contain gold.

The presence of Balmer aged rock underlying the entire property was
demonstrated
early on. It was further established that not only did the target occur
within
Balmer aged rocks but that it was below a prominent shallow dipping
thrust and
was within the footwall of a North-South striking Shear structure.

Current Broulan Reef Project Work

Drilling from a position that could intersect this target setting was
started in
the summer of 2009 and has culminated with the current intercept.
Numerous
technical difficulties were successfully overcome in the process. Recent
work
has included a deep penetrating geophysical survey (Spartan) carried
out by
Quantec in the spring of 2010. This survey has confirmed major aspects
of the
geological model currently being used in targeting on the property. The
survey
also highlights several additional features that may have
significant
implications for future exploration.

Spartan Survey - View Looking North:
http://www.cypressdevelopmentcorp.com/i/maps/2010-05-11_NRM.jpg

Exploration of the Broulan Reef property by Cypress & Skyharbour is still
in the
early stages and the current assay results are highly encouraging as they
occur
within the first hole successfully completed across the well established,
widely
mineralized north-south shear zone. The gold intercept reported here
proves
that gold mineralization within a setting identical to the Bruce Channel
gold
deposit is present on the Broulan Reef property.

Continuing Exploration at Broulan Reef

Drilling has commenced with a wedge hole off the mineralized BR09-2 mother
hole
and is progressing rapidly toward the targeted footwall of the North-
South
Shear. This hole will provide an approximate 100 metre step-out to the
north
from the mineralization intersected in BR09-2. Other wedge holes
off the
current mother hole are planned to continue the initial exploration of
the new
mineralized zone. Other very high priority targets identified in the
compiled
Broulan Reef data are in line for drilling once initial drill exploration
of the
current portion of the North-South Shear has been completed.

David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations,
is the
qualified person under the meaning of National Instrument 43-101
and has
reviewed the data in this News Release.

Don Huston, President and CEO of Cypress Development Corp., provided much
more
information on the potential of the Broulan Reef gold project in a
Smartstox
interview available at http://www.smartstox.com/interviews/cyp.

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 and RAINY RIVER districts 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

'Don Huston'

DONALD C. HUSTON

President

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

[HUG#1414951]

--- End of Message ---

Cypress Development Corp.
null Vancouver, BC Canada

Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;

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