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Cypress Share Purchase Warrants to be Extended

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pick: CYDVF) (the "Company") announces that it will make an application with the TSX Venture Exchange to extend the exercise period of a total of 19,245,000 non-transferable share purchase warrants (the "Warrants") for a further one year term.

The 19,245,000 Warrants were issued in connection with a 19,245,000 unit private placement which closed on January 24, 2011. The 19,245,000 Warrants are currently exercisable at a price of $0.10 per warrant share until January 24, 2013.

Upon receipt of TSX Venture Exchange acceptance, the 19,245,000 Warrants will expire after the close of business on January 24, 2014.

About Cypress Development Corp.:

Cypress Development Corp. is a diversified precious and base metals 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 .

ON BEHALF OF THE BOARD OF DIRECTORS

"Jim Pettit"

JAMES G. PETTIT
Director

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

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.



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