Cypress Development Corp., Annual General Meeting, May 11, 2010 Location: 1710- 1177 West Hastings Street, Vancouver, V6E 2L3, British Columbia, Canada.

Cypress Development Corp. and Skyharbour Resources Ltd. provided an update on their ongoing diamond drill program on Cypress (80%), Skyharbour (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 southern boundary of the Cochenour /Bruce Channel major gold deposit now being brought to the production stage by Goldcorp. Drilling was halted on the Broulan Reef property for the Christmas holiday. The drilling crews are now being mobilized by Chibougamau Drilling, Quebec, back into Red Lake. The companies anticipate drilling to resume January 13, 2010. Drill hole BR 09-02 is at a depth of 1506 metres. Drilling will resume immediately on BR 09-02 and it is anticipated that the hole will be drilled to a depth of approximately 3000 metres. This hole is expected to be completed by the end of February.

Cypress Development Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported loss and comprehensive loss of CAD 244,921 or CAD 0.002 loss per basic and diluted share against loss and comprehensive loss of CAD 480,375 or CAD 0.005 loss per basic and diluted share for the same period a year ago. Net cash flows used in operating activities was CAD 549,205 against CAD 10,449 for the same period a year ago. For the nine months, the company reported loss and comprehensive loss of CAD 1,088,675 or CAD 0.010 loss per basic and diluted share against loss and comprehensive loss of CAD 1,302,527 or CAD 0.013 loss per basic and diluted share for the same period a year ago. Net cash flows used in operating activities was CAD 1,325,240 against CAD 475,875 for the same period a year ago.