April
23, 2007
News
Release
GOLDCORP INVESTS IN PRIVATE PLACEMENT
Vancouver, BC – Cypress Development Corp. (TSX-V: CYP) (the
“Company”) is pleased to announce it has arranged a non-brokered
private placement of 4,000,000 units at a price of $0.65 per unit with
Goldcorp Inc. (TSX: G) (Goldcorp).
Each unit
consists of one common share and one non-transferable share purchase
warrant. Each warrant entitles Goldcorp to purchase an additional
common share of the Company at an exercise price of $1.00 per common share in
the 1st year and $1.30 per common share in the 2nd
year.
Upon
completion of the transaction, Goldcorp will own common shares representing
approximately 4.8% of the issued and outstanding shares of the Company.
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.
Red
Lake Map: http://www.cypressdevelopmentcorp.com/i/maps/CYP-McKenzie-Island-New-Map.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.
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
Huston”
DONALD C. HUSTON
President
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