SOURCE: Cypress Development Corp.

July 31, 2008 12:06 ET

Cypress / Skyharbour Update on their Red Lake / Bruce Channel Drill Program, Red Lake, NW Ontario

VANCOUVER BC, UK--(Marketwire - July 31, 2008) -

Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8

TSX-V Trading Symbol: CYP Telephone: (604) 687-3376 Email: Facsimile: (604) 687-3119


July 31, 2008

Cypress / Skyharbour Update on their Red Lake / Bruce Channel Drill Program, Red Lake, NW Ontario

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) are pleased to issue this update on their Red Lake / Bruce Channel drill program. The plan for this drill program is to explore the southern extension of the Bruce Channel deposit, which is being developed by Gold Eagle Mines Ltd. The Bruce Channel zone is inferred to extend on strike onto the Cypress (80%) Skyharbour (20%) owned Broulan Reef property. The highly technical nature of the required deep drilling in the Bruce Channel, although behind schedule, is proceeding as planned.

The past year has seen an extensive amount of activity focused on the Bruce Channel. Gold Eagle Mines has continued to drill and expand the discovery zone to the south southwest toward the Broulan Reef property. Goldcorp continues to drill on the north boundary of the Bruce Channel discovery zone near Goldcorp's past-producing Cochenour-Willans mine. Cypress Development continues to drill on the southern boundary of the Bruce Channel discovery zone.

Bruce Channel Red Lake, Ontario Map:

New Red Lake Gold Deposits Map:

On May 3rd 2007, Cypress announced a private placement of 4,000,000 units at a price of $0.65 per unit with Goldcorp Inc. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles Goldcorp to purchase an additional common share of the Company at an exercise price of $1.00 per common share in the 1st year and $1.30 per common share in the 2nd year. This private placement is being utilized to augment the Cypress Development Resources' drill program on the Broulan Reef property.

As of May 3rd 2007, Goldcorp owned common shares representing approximately 4.8% of the issued and outstanding shares of Cypress Development Corp.

Today, Mr. Kevin McArthur of Goldcorp reported that Goldcorp Inc. (TSX: G) and Gold Eagle Mines Ltd. (TSX: GEA) have signed an agreement whereby Goldcorp will acquire, through a friendly plan of arrangement, all outstanding shares of Gold Eagle Mines.

"This transaction secures for Goldcorp full control of eight kilometres of strike length in the heart of the world's richest high-grade gold district," said Kevin McArthur, Goldcorp's president and chief executive officer. "Nearly 200 drill holes have defined an impressive gold deposit at Bruce Channel, with potential for additional expansion over time. Development of this strategically important zone can now move forward with our adjoining assets as a single, comprehensive project, sharing mine infrastructure, ore processing facilities and human talent with Red Lake, thus minimizing capital and operating costs and maximizing long-term shareholder value. Red Lake mine has operated for over 50 years, and Goldcorp's continued district consolidation efforts are designed to sustain this world-class operation for decades into the future. We are the natural partner to develop the Bruce Channel project with the geographic footprint preferred by our community."

Cypress Development's and Skyharbour Resources' Broulan Reef property is now the only property along the productive Bruce Channel trend that is not now controlled by Goldcorp.

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-V: CYP), visit our website at


"Don Huston"


For further information contact myself or: Don Myers Director Cypress Development Corp. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email:


This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various 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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

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