Cypress Development Corp.
TSX VENTURE : CYP
FRANKFURT : C1Z

Cypress Development Corp.
Skyharbour Resources Ltd.
TSX VENTURE : SYH

Skyharbour Resources Ltd.

June 26, 2009 09:00 ET

Cypress & Skyharbour Update on Drilling at Bruce Channel / Red Lake Gold Project, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2009) - Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) and Skyharbour Resources Ltd. (TSX VENTURE:SYH) are providing an update on their ongoing drill program on Cypress' (80%) Skyharbour's (20%) Broulan Reef gold project located in the heart of the Red Lake gold camp in Northwestern Ontario. The Broulan Reef property adjoins on strike to the south of the Cochenour / Bruce Channel gold deposit owned by Goldcorp.

Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg

The most significant feature controlling gold mineralization in the Cochenour / Bruce Channel area of Red Lake is a shallow dipping thrust fault within the mafic / ultramafic volcanic rocks of the Balmer Assemblage. This fault strikes roughly east west and dips at 48 degrees to the southwest. It is known to be folded and faulted, is generally marked by silicification and has been intruded and flanked by a rhyolite dike. The thrust, accompanying alteration and rhyolite dike is referred to as the "Thrust Package".

All significant gold found to date in the Cochenour / Bruce Channel area occurs immediately below this Thrust Package. This is particularly evident at the Cochenour Mine which produced some 1.25 million ounces between 1939 and 1971.

Drilling by Cypress and Skyharbour has identified the Thrust Package on the Broulan Reef property and determined the Thrust Package dips to the east. The dip of the Thrust Package could be as shallow as 45 degrees to the east in the central part of the Broulan Reef property. This was established from drill holes BR08-3C, BR08-3D, and BR08-3E drilled from east to west.

The companies have received results from the 2nd wedge hole BR-08-3E. A zone from 2177.8 metres to 2181.9 metres returned 2.47 grams per tonne gold over 4.1 metres. This zone lies above the Thrust Package. A second zone from 2660 metres to 2661 metres returned 2.62 grams per tonne gold over 1 metre within a large zone of anomalous gold values from 2637 metres to 2665 metres. This second zone lies within the Thrust Package.

Broulan Reef Drill Hole Location Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map-may09.jpg

The geometry of the Thrust Package would suggest that it will occur at shallower depths in the western part of the Broulan Reef property. Drilling it from west to east would allow more of the hole to test the stratigraphy immediately under the Thrust Package. The current hole (BR09-01) is being drilled from west to east from McKenzie Island. The hole is currently at 930 metres and has encountered a normal sequence of Bruce Channel sediments to this depth. The Balmer Assemblage and the Thrust Package are expected to be encountered at a depth of around 1800 to 2000 metres in the current hole.

The geochemical signature of rocks within the Thrust Package shows a strong Arsenic-Tungsten-Zinc association with sporadic gold values. This is a classic gold signature in the Red Lake area and suggests the gold bearing system is present, very healthy and underlies a large portion of the Broulan Reef property.

Broulan Reef schematic map showing Thrust Package:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/BR_XS_LN.gif

The Thrust Package could be viewed as 'Trap Rock' that has confined fluids below it. These fluids have severely altered the rock and resulted in gold being deposited in the footwall of the Thrust Package. It has been speculated that the setting immediately below the Thrust Package is the host of some 6,000,000+ ounces of gold including the Bruce Channel, Finn Zone discoveries and the Couchenour Mine. Given the significant expansion of the area known to be underlain by the Thrust Package, the total number of ounces may be conservative. There are very few exploration plays in the world that are starting with this scale of indicated potential.

The bulk of this resource has only begun to be defined in the last 4 years. The majority of the resource occurs below depths of 800 metres and will take some additional time to fully evaluate. Grades typically rival those being mined by Goldcorp. Goldcorp is currently redeveloping the old Couchenour Mine to access and further evaluate this resource from underground. It is rumored that development will be to a depth of at least 1800 metres. There is little doubt that the new deposits being defined and developed in the Bruce Channel area will provide an increasing proportion of the mill feed for Goldcorp's Red Lake complex for decades to come.

David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.

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.

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE district of northwestern Ontario, Canada.

To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH), visit the Company's website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

DONALD C. HUSTON, President

This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.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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