Progress on Summer 2006 Mineral Exploration Programs in Ontario & Nevada

July 14, 2006 - Vancouver, BC, - Cypress Development Corp. (TSX.V: CYP) is pleased to provide an update on its summer 2006 mineral exploration programs in Red Lake, Northwestern Ontario, and in the State of Nevada.

Broulan Reef Gold Project, Red Lake, Ontario

Cypress commenced its summer 2006 diamond drill program June 23rd on its 80% owned Broulan Reef property located in the heart of the Red Lake District gold camp, Northwestern Ontario.

The Company intends to drill a minimum of 4000 metres (approx. 14,000 feet) in a total of 3 drill holes this summer. The first hole (BR #6-06) is now well under way and is currently at a depth of 895 metres (approx. 2.900 feet) and drilling at a 65 degree angle. The first hole is collared on the east shore of McKenzie Island and is drilling to the east under the waters of the Bruce Channel. Cypress Development has been advised by its contractor, Rodren Drilling, that there will be a 10 – 12 day shutdown of the rig for maintenance and repairs beginning the 16th of July. The Company expects to complete the first hole to approximately 1300 metres immediately thereafter and will then continue on with drilling the planned #2 and #3 holes.

Cypress is the first company to conduct a major deep drill program on the Broulan Reef property to explore for a continuation of the known north-south trending geology and stratigraphy hosting the adjacent Southern Star Resources / Exall Resources newly discovered high grade gold deposit on their Gold Eagle Project, and the past producer Cochenour Willans Gold Mine to the north of the Broulan Reef property. Goldcorp has the claims to the immediate east of the Broulan Reef property’s boundary, and they continue to conduct a diamond drill program at this time looking for the east-west trending structures that are now know to host the Bonanza discovery on the Wolfden Resources Folansbee property.

Verde Silver / Copper Project, Walker Lane, Nevada

Cypress has now completed an initial Reverse Circulation (RC) drill program on its 100% owned Verde claims located in the Walker Lane region In Mineral County, Nevada.

This Phase 1 drill program was designed to focus in on the previous surface sampling program results by Cypress that produced bonanza grade silver assays ranging from 47 oz/ton Ag to 195 oz/ton Ag, and was accompanied by multi percent assays of copper ranging from 3.13% Cu to 5.12% Cu. The sampling also contained gram level gold values, abundant arsenic, bismuth, and mercury. Cypress believes that the silver-copper-gold-bismuth-mercury signatures encountered to date on its Verde property are directly analogous to that of the poly-metallic carbonate skarns and intrusive hosted ore bodies mined world Wide.

Cypress has completed 5 drill holes for a total of approximately 2,700 feet in an area that is structurally controlled with strongly mineralized outcrops that have remained completely untested until now. Assays are pending, and the Company advises it will be a minimum of 3 weeks before any and all assay results are received.

Gunman Zinc Project, Eureka, Nevada

Cypress has just completed a deep penetration "Titan 24" geophysical survey (4.8 line km) on its 73% owned Gunman project located in White Pine County, Northeastern Nevada. This survey was carried out by Quantec Geophysics and is considered to be the newest, most in depth informative geophysical program available.

All data from the Titan 24 survey is expected in 2 to 3 weeks. Cypress will then plan the next phase of drilling accordingly and anticipates a September 1st start date for drilling.

The Company is delineating future drill targets for zinc / silver sulfides to compliment the already discovered RH Zone on the Gunman property.

Reverse Circulation (RC) drilling by Cypress Development in 2000 / 2001 discovered a "zinc sulfide" zone underlying the RH Zone zinc oxide mineralization. Two holes (#GM 01 and #GM 09) encountered "zinc sulfides" in significant widths below the oxidized zone. The sulfides were mainly of sphalerite and pyrite. Sulfides in Hole #GM 01 was seen from 355 feet to 375 feet with an average grade of 15.2% zinc over the 20 foot intersection along with 122 grams per tonne silver over the same 20 feet. Hole #GM 09 intersected the sulfide zone from 220 feet to 330 feet with assays averaging 4% zinc over the entire 110 feet. Zinc sulfides and silver values of 8.1% zinc and 50 grams per tonne silver were reported from 240 feet to 280 feet in Hole #GM 09.

Cypress has also contracted to Earth Search Sciences Inc. (ESSI), to conduct an airborne geophysical survey over the Gunman area, and the Company’s Verde and Scorpion properties for the collection and processing of hyperspectral data using the Probe–1 Imaging Spectrometer system. It is anticipated that sixteen (16) flight lines will be flown with data collected at five (5) metre resolution with a 20% overlap on the flight lines. This survey is to start immediately.

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.

Cypress Development Corp. is a precious and base metal exploration company developing 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 the Company’s website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Huston"
DONALD C. HUSTON
President

For further information contact myself or:
Don Myers
Cypress Development Corp.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email:

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various 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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.