Cypress Development Corp.
TSX VENTURE : CYP
FRANKFURT : C1Z

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

Skyharbour Resources Ltd.

May 28, 2009 09:00 ET

Cypress & Skyharbour Mobilize Rig to Mckenzie Island for Bruce Channel / Red Lake Gold Project, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 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 gold deposit on Goldcorp's Gold Eagle project.

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

A winter drill program has now been completed that has included a mother hole and 2 daughter (wedge) holes for a total of 8320 metres drilled. The winter drill program targeted the potential down-dip extension of the newly discovered Bruce Channel Gold Deposit (BCGD) owned by Goldcorp. The companies currently await assay results from the 2nd wedge hole (BR 08-3E).

A summer drill program has now been initiated on the Broulan Reef property with the drill rig being mobilized to east shore of McKenzie Island with permission received from Goldcorp to locate and collar the new mother hole on Goldcorp's acreage.

Bruce Channel Gold Deposit (BCGD) Extension

Drilling to date has provided convincing evidence that the setting that hosts the BCGD on the Goldcorp ground continues unabated on to the Broulan Reef property of Cypress and Skyharbour.

Gold mineralization on the Goldcorp Gold Eagle property lies in highly altered mafic/ultramafic volcanic rocks beneath a thrust fault that was projected to dip at a shallow angle on to the Broulan Reef property of Cypress and Skyharbour. This fault has been intersected in two of the recently completed holes. A set of north-south faults appears to localize gold mineralization beneath the shallow dipping thrust fault.

The highly oblique angle of intersection afforded by the east shore location of the winter holes has restricted extensive drilling in the prospective alteration below the thrust.

The rig is currently drilling from the McKenzie Island. The thrust should be encountered at a shallower depth from this location allowing more footage to explore the prospective area beneath it. This hole should allow a more effective testing of the north-south trending structures below the thrust. The hole has an initial azimuth of 90 degrees and dip of 78 degrees and is currently at a depth of 350 metres.

Broulan Reef Drill Hole Location Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map-may09.jpg

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.

In other news, the Company announces that it held its annual general meeting on May 21, 2009. The Company reports that Donald C. Huston, James G. Pettit, Donald G. Myers and Amanda Chow were re-elected directors of the Company. The shareholders of the Company also re-appointed Davidson & Co, Chartered Accountants, as auditors and approved the renewal of the Company's Stock Option Plan.

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.

Contact Information

  • Cypress Development Corp.
    Donald C. Huston
    President
    Telephone: (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    or
    Cypress Development Corp.
    Don Myers
    Director
    Telephone: (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@cypressdevelopmentcorp.com
    Website: www.cypressdevelopmentcorp.com