July 31, 2008
NEWS RELEASE
Cypress / Skyharbour Update on
their
Red Lake
/ Bruce Channel Drill Program, NW Ontario
Vancouver, BC - Cypress
Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour
Resources Ltd. (TSX-V: SYH) are pleased to issue this update on their Red
Lake / Bruce Channel drill
program. The plan for this drill program is to explore the southern
extension of the Bruce Channel deposit, which is being developed by Gold Eagle
Mines Ltd. The Bruce Channel zone is inferred to extend on strike onto the Cypress
(80%) Skyharbour (20%) owned Broulan Reef property. The highly technical
nature of the required deep drilling in the Bruce Channel, although behind
schedule, is proceeding as planned.
The past year has seen an extensive amount of
activity focused on the Bruce Channel. Gold Eagle Mines has continued
to drill and expand the 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 Development continues to drill on the
southern boundary of the Bruce Channel discovery zone.
Bruce Channel Red Lake, Ontario
Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg
New Red Lake
Gold Deposits Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Picture2.jpg
On May 3rd
2007, Cypress
announced a private placement of 4,000,000 units at a price of $0.65 per unit
with Goldcorp Inc. Each unit consists of one common share and one
non-transferable share purchase warrant. Each warrant entitles Goldcorp
to purchase an additional common share of the Company at an exercise price of
$1.00 per common share in the 1st year and $1.30 per common share
in the 2nd year. This private placement is being utilized to
augment the Cypress Development Resources? drill program on the Broulan Reef
property.
As of May 3rd
2007, Goldcorp owned common shares representing approximately 4.8% of the
issued and outstanding shares of Cypress Development Corp.
Today, Mr. Kevin
McArthur of Goldcorp reported that Goldcorp Inc. (TSX: G) and Gold Eagle
Mines Ltd. (TSX: GEA) have signed an agreement whereby Goldcorp will acquire,
through a friendly plan of arrangement, all outstanding shares of Gold Eagle
Mines.
"This
transaction secures for Goldcorp full control of eight kilometres of strike
length in the heart of the world's richest high-grade gold district,"
said Kevin McArthur, Goldcorp's president and chief executive officer.
"Nearly 200 drill holes have defined an impressive gold deposit at Bruce
Channel, with potential for additional expansion over time. Development of
this strategically important zone can now move forward with our adjoining
assets as a single, comprehensive project, sharing mine infrastructure, ore
processing facilities and human talent with Red
Lake, thus minimizing
capital and operating costs and maximizing long-term shareholder value. Red
Lake mine has operated for
over 50 years, and Goldcorp's continued district consolidation efforts are
designed to sustain this world-class operation for decades into the future.
We are the natural partner to develop the Bruce Channel project with the
geographic footprint preferred by our community."
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.
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.
ON BEHALF OF
THE BOARD OF DIRECTORS
?Don
Huston?
DONALD C.
HUSTON
President
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