Cypress Development Corp.
TSX VENTURE : CYP
FRANKFURT : C1Z

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

Skyharbour Resources Ltd.

March 02, 2009 09:00 ET

Cypress & Skyharbour Drilling Encounter Finn Zone on Broulan Reef Gold Project, Bruce Channel / Red Lake, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) and Skyharbour Resources Ltd. (TSX VENTURE:SYH) are pleased to provide an update on their ongoing joint venture exploration program for their Cypress (80%) Skyharbour (20%) Broulan Reef Project located in the heart of the Red Lake gold camp were total gold production exceeds 20 million ounces from the two mines operated by Goldcorp.

The Broulan Reef property adjoins, on strike, to south of the Bruce Channel and Finn gold zones discovered by Gold Eagle Mines. These gold zones were acquired by Goldcorp when it purchased Gold Eagle Mines for $1.3 billion in September 2008. The Broulan Reef property is bordered on all sides and in all directions by Goldcorp's land holdings.

Bruce Channel Red Lake, Ontario Map:

http://www.cypressdevelopmentcorp.com/s/Image.asp?I=maps/CYP-Broulan-Reef-New-Map.jpg

Cypress, as operator, announces that drill hole BR08-02 has now been completed to a depth of approximately 2600 metres. The geological features and structures evident in the Balmer assemblage noted to the immediate north on the Gold Eagle ground is now known to exist in quantity on the Broulan Reef property. An extensive zone of silicification, brecciation, and sulphides has been encountered in the hole near the north boundary of the Broulan Reef boundary. The location of this major zone suggests that it is the extension of the mineralized system referred to as the Finn Zone. The Finn Zone lies on Goldcorp's Gold Eagle property some 150-200 meters north of the Broulan Reef boundary.

With the geological information being derived from the BR 08-02 hole at this time, Cypress will continue to drill the hole a little deeper. When BR09-02 is completed to depth, the Company will prepare the mother hole for the drilling of offset (daughter) holes by establishing a series of wedges down hole to deflect the hole to a desired direction. The process of establishing the wedges will start immediately upon completion of the mother hole.

Cypress and Skyharbour are very pleased with the progress of the drill program to date. The companies are confident that the "model" of the Bruce Channel geology is very evident underlying the majority of the Broulan Reef property. The model includes geological structure, Balmer assemblage rocks, the strike of the formation, dip of the new Gold Eagle deposit, and the success of the diamond drillling to date by Cypress / Skyharbour. The companies hired Chibougamau Diamond Drilling (Quebec) in October 2008 to complete a major deep penetration drill program on the Broulan Reef property. Cypress' Geologist, Mr. David Busch is currently logging and splitting all of the cores from the BR08-02 and all cores are being submitted to TSL Laboratory in Saskatoon. Assays are pending. A great deal of excellent geological information is being derived from this drill hole.

Deposits in the Red Lake gold camp typically have a long vertical extent reaching in excess of 2600 metres in some cases. It is still early days for the Cypress / Skyharbour deep penetration drill program on the Broulan Reef property and drilling results are highly possible.

Cypress has also contracted to Tech Directional Services to provide a down-hole surveying service encompassing the total length of hole BR08-02. This process will enable the Company to be completely satisfied as to the exact location of the entire drill hole. This survey is to be completed immediately.

Cypress and Skyharbour continue with their drill program exploring for the extension of the Bruce Channel and Finn gold zone discoveries.

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 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.

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