Dec 7 (Reuters) - Cypress Development Corp CYP.V :
* CYPRESS ANNOUNCES PASINEX SIGNS OPTION TO ACQUIRE 80% OF GUNMAN ZINC / SILVER PROJECT IN NEVADA
* CYPRESS DEVELOPMENT-OPTION AGREEMENT TOTAL CONSIDERATION IS STAGED OVER 4 YEARS & IS ABOUT $1.5 MILLION PAYABLE TOGETHER WITH CASH & PASINEX COMMON SHARES