Cabo Drilling Corp CBEEF

Another contract(2.5 million)

[freedom880]

Deep Penetrating Diamond Drill Rig Contracted for Broulan Reef Gold Project, Red Lake Ontario Cypress Development Corp. (TSX-V: CYP) (the "Company") announces that has made good progress in acquiring a deep penetrating diamond drill rig for its Broulan Reef gold project in Red Lake, Northwestern Ontario. Cabo Drilling (Heath and Sherwood) has been contracted to supply a rig capable of drilling to depths of 2400 - 2600 metres in length. Broulan Reef Red Lake Location Map: www.cypressdevelopmentcorp.com/i/maps/CYP-McKenzie-Island-New-Map.jpg The term of the contract is for a period of 1 year as a starting point. The Company anticipates the rig being mobilized to the Broulan Reef property in early to mid August. Cypress Development is prepared to spend approx. $2.5 million in diamond drilling over the next 12 months. This will include the establishment of a drill site on the east shore of the property. A deep hole will be drilled to the northwest corner of the Broulan Reef property at an angle of approx. 80 degrees. The geological theme here is to enter into the Balmer Assemblage as shallow as possible from the east side of the property and then continue drilling in the Balmer Assemblage of rocks to the northwest corner of the claim group.