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.

Cypress Development Corp. and Skyharbour Resources Ltd. announce an update regarding their deep diamond drilling program on their Cypress (80%) Skyharbour (20%) owned Broulan Reef gold project in Red Lake, northwestern Ontario. The Broulan Reef property is situated along the prolific Red Lake trend, west of Goldcorp Inc.'s operating Red Lake Mines Complex and immediately southwest of the Goldcorp's Cochenour / Bruce Channel deposit. Drill Hole BR09-1 was stopped at 2,786 metres due to insurmountable technical difficulties. This hole was designed to test for the presence on the Broulan Reef property of the major north-south shear / breccia system that hosts the Bruce Channel deposit of Goldcorp. The Bruce Channel deposit is located some 500 metres north of the north boundary of the Broulan Reef property. Additional intercepts of this zone were encountered in the FN series of holes some 250 metres north of the Broulan Reef property. Goldcorp is currently proceeding with plans to develop the Cochenour / Bruce Channel deposit. There is little doubt that the Cochenour / Bruce Channel deposit will provide a significant component of the mill feed at the Red Lake mine mill complex within the next few years. The Couchenour shaft is being dewatered, the pilot hole for a winze has been completed and work on a high speed tram between the Cochenour / Bruce Channel deposit and their Red Lake mine-mill complex has started. The generally 'high-grade' nature of the gold in the Bruce Channel deposit and the proximity of planned underground workings make any deposits on the Broulan Reef property developable.

Cypress Development Corp. and Skyharbour Resources Ltd. continue unabated with their major deep drilling program on Cypress' (80%) Skyharbour's (20%) Broulan Reef project located in the heart of the Red Lake gold camp in Northwestern Ontario. The Broulan Reef property adjoins on strike to the south of the Cochenour/Bruce Channel gold deposits owned by Goldcorp. Hole BR09-01 is currently at a depth of approximately 2050 metres and is expected to be drilled to approximately 2700 metres. BR09-01 entered the Balmer Assemblage formation at a depth of approximately 1590 metres. The collar of this hole is located on the east shore of McKenzie Island on Goldcorp's ground with Goldcorp's permission and is being drilled in an easterly direction onto the Broulan reef property.