VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2014) - Cypress Development Corp. (TSX VENTURE:CYP) (PINKSHEETS:CYDVF) (FRANKFURT:C1Z) and Skyharbour Resources Ltd. (TSX VENTURE:SYH) announce that they have amended the sale of two of Skyharbour's properties in the Red Lake district to Cypress. Pursuant to the companies news releases dated Feb. 18, 2014, Skyharbour will not be proceeding with the sale of its 100% owned South Bay Copper-Zinc project located in the Dent, Mitchell and Agnew Townships in northwestern Ontario. Furthermore, the companies announce that they have amended the terms of the sale of Skyharbour's 20% interest in the McKenzie Island Gold Project to Cypress. Under the new terms, in consideration for the 20% interest, Cypress will pay $25,000 in cash to Skyharbour. The closing of the sale and purchase by Skyharbour and Cypress is subject to standard conditions, including regulatory and TSX Venture Exchange approval.
Location map of McKenzie Island Red Lake gold property: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-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. The Company is well funded with approximately $1.5 million in its treasury.
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
DONALD C. HUSTON, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.