SOURCE: Cypress Development Corp.

October 09, 2008 09:11 ET

Cypress & Skyharbour Hire Gold Eagle Mines' Drillers to further Explore the Broulan Reef Bruce Channel / Red Lake Gold Project

VANCOUVER, BC--(Marketwire - October 9, 2008) -


Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
                   www.cypressdevelopmentcorp.com


TSX-V Trading Symbol: CYP              Telephone:  (604) 687-3376
Email: info@cypressdevelopmentcorp.com Facsimile:  (604) 687-3119


JOINT NEWS RELEASE

                          October 09, 2008

Cypress & Skyharbour Hire Gold Eagle Mines' Drillers to further Explore the Broulan Reef Bruce Channel / Red Lake Gold Project

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) announce that they have now mobilized a 2nd deep penetration drill rig onto their Cypress (80%) Skyharbour (20%) owned Broulan Reef property in Red Lake, Northwestern Ontario. The Broulan Reef property is situated along the prolific Red Lake trend, west of Goldcorp Inc.'s operating Red Lake and Campbell Mines, and immediately southwest of the Goldcorp Gold Eagle Mines major gold deposit in the Bruce Channel zone.

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

Cypress and Skyharbour have contracted to Chibougamau Diamond Drilling Ltd to further explore the Broulan Reef gold project. Drill hole BR08-2A is being located approximately 400 metres to the north of the companies drill hole BR08-1A on the east side of the Bruce Channel. With permission received from Goldcorp, the collar of hole BR08-2A will be established on Goldcorp's newly acquired surface/mineral rights Gold Eagle Mines claims. This mother hole is targeted to an approximate length of 2400 metres and will extend into the northernmost claim unit held by Cypress Development and Skyharbour Resources. Several wedge holes will be established from this mother hole. The drill and necessary equipment are being mobilized to the property at this time, with drilling to commence immediately.

Chibougamau Drilling is well established in the Red Lake area and have been the lead driller for Gold Eagle Mines for several years. On September 25th, Goldcorp Inc. announced that the acquisition of Gold Eagle Mines by Goldcorp has been completed. Chibougamau continues to drill for Goldcorp on the Gold Eagle Mines project adjoining Cypress / Skyharbour Broulan Reef property to the north. Cypress and Skyharbour will continue to explore for the extension of Gold Eagle Mine's major gold deposit in the Balmer Assemblage under the waters of the Bruce Channel in Red Lake, Ontario.

Drilling continues on Cypress' and Skyharbour's first deep hole BR08-1A by Cabo Drilling. At this time the hole is approximately 2160 metres in length, with an anticipated length of the hole to be about 2400 metres. Although behind schedule, the companies are confident that this hole will be completed to target depth and followed with several wedge holes to be completed from this mother hole.

Location of BR08-1A & BR08-2A Deep Drill Holes: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map.jpg

In common with Goldcorp's Red Lake mine, Campbell mine, and Cochenour-Willans mine, and the announced Gold Eagle Mines major deposit now owned by Goldcorp, the Broulan Reef property lies within the Balmer Assemblage. The structural and mineralogical characteristics are similar to the aforementioned mines. Gold can be found in both its native form, as well as within sulphide rich zones.

The plan for this drill program is to explore the southern extension of the Bruce Channel deposit which is now being developed by Goldcorp on the Gold Eagle Mines project. The Bruce Channel zone is inferred to extend on strike onto the Cypress and Skyharbour owned Broulan Reef property.

The past year has seen an extensive amount of activity focused on the Bruce Channel. Goldcorp is continuing to drill and expand the Gold Eagle Mines 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 and Skyharbour continue to drill on the southern boundary of the Bruce Channel discovery zone.

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

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. The companies have approximately $6.5 million in working capital and both Cypress and Skyharbour have no debt.

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-V: 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 and RAINY RIVER districts of northwestern Ontario, Canada.

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the Company's website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Huston"

DONALD C. HUSTON
President

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: info@cypressdevelopmentcorp.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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.

Copyright © Hugin AS 2008. All rights reserved.

Contact Information

  • Contact:
    Don Myers
    Director
    Cypress Development Corp.
    Telephone: 604-687-3376
    Toll Free: 800-567-8181
    Facsimile: 604-687-3119
    Email: Email Contact