Skyharbour Resources Ltd.
TSX VENTURE : SYH

Skyharbour Resources Ltd.

August 01, 2008 12:40 ET

Skyharbour and Cypress Provide Update on Ongoing Red Lake / Bruce Channel Drill Program, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Skyharbour Resources Ltd. (TSX VENTURE:SYH) and Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) are pleased to issue an update on their Red Lake / Bruce Channel drill program. The plan for this ongoing 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 Skyharbour (20%) / Cypress (80%) 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. Skyharbour and Cypress Development continue to drill on the southern boundary of the Bruce Channel discovery zone.

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

New Red Lake Gold Deposits Map:
www.skyharbourltd.com/s/Image.asp?i=maps/CYP-Picture2.jpg

Yesterday, Mr. Kevin McArthur of Goldcorp reported that Goldcorp Inc. and Gold Eagle Mines Ltd. 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."

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

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts 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

JAMES G. PETTIT, Director

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Skyharbour Resources Ltd.
    James G. Pettit
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    or
    Skyharbour Resources Ltd.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@skyharbourltd.com
    Website: www.skyharbourltd.com