VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Cypress Development Corp. (TSX VENTURE:CYP) (OTC PINK:CYDVF) (FRANKFURT:C1Z) is pleased to announce that further to its news release dated January 10, 2012, the Company has extended 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 were exercisable at a price of $0.10 per warrant share until January 24, 2013.

The TSX Venture Exchange accepted the Company's application to extend the 19,245,000 Warrants until the close of business on January 24, 2014.

In other news the Company has entered into an amending agreement on its Twenty-One Silver Project, located in Mineral County, west central Nevada. Pursuant to the terms of the amending agreement, the Company has been granted an extension to incur the remaining balance of the exploration expenditures of approximately USD$75,000 on the property by January 14, 2014.

Twenty One Silver-Gold project location map:

http://www.cypressdevelopmentcorp.com/i/maps/21/Twenty-One-Silver-Gold-Location-Map.jpg

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 VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, Director

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