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