Cypress Development Corp.: Incentive Stock Options Granted to Lou Chastko

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2009) - Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) announces that pursuant to its stock option plan, the Company has granted incentive stock options to Mr. Lou Chastko to purchase up to 100,000 common shares in the capital stock of the Company, exercisable for a period of five years, at a price of $0.17 per share. The Company's 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on May 21, 2009. These options are subject to a four-month hold period.

On August 6th, Cypress announced that Mr. Lou Chastko, PGeo., joined the Company's geological consulting Advisory Board. Mr. Chastko brings a wealth of knowledge to the Cypress Advisory Board with personal geological experience in the immediate area of the Company's Broulan Reef project in Red Lake, Northwestern Ontario.

For the last seven years, Mr. Chastko has been Regional Exploration Manager for Goldcorp in the Red Lake gold camp. Presently, Mr. Chastko is working on Goldcorp's Cochenour / Bruce Channel Deposit. Mr. Chastko had also served as chief geologist with Cochenour Willans Gold Mines in the 1970's.

About Cypress Development Corp.

Cypress Development Corp. is a diversified precious and base metal 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 VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

DON HUSTON, President