Cypress Development Corp.
TSX VENTURE : CYP
FRANKFURT : C1Z

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

Skyharbour Resources Ltd.

May 05, 2009 09:00 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 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 Bruce Channel and Finn gold zones discovered by Gold Eagle Mines.

Bruce Channel Red Lake, Ontario Map:

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

Drill hole BR08-3D was completed to a depth of 2737 metres. A large, very strong shear zone with alteration was encountered continuously between 2658 metres and 2725 metres in the hole. The core length of 67 metres is believed to represent 75 to 80% of true width based on measured core angles.

The hole was completed near the north property boundary and at the technical limit of the drill. The shear zone with alteration is approximately 150 metres south of and along the interpreted strike extension of the Finn gold zone identified by Gold Eagle Mines Ltd. in 2006 and 2007.

Broulan Reef Drill Hole Location Map:

http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map.jpg

The zone consists of strong biotite alteration with silicification and quartz veining in mafic-ultramafic lithologies and sericite-silica alteration of a sheared siliceous porphyry. Assays from the zone have been completed and were generally low with the best value being 0.31 grams per tonne over 0.5 metres. A weak nugget effect is evident where visible gold was observed. In spite of the low gold values in this location, it is believed this structure is capable of hosting significant gold grades and widths.

1st Wedge Drill Core Picture:

http://www.cypressdevelopmentcorp.com/i/pdf/CYP-BR-Wedge-Core-Box.pdf

A second wedge hole BR08-3E has been started and has targeted the strike extension of the structure approximately 100 metres south of the initial intersection. This hole will establish the attitude of the structure on the property and potentially for mineral content similar to that of the Finn zone.

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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