September 16, 2008
JOINT NEWS RELEASE
Cypress &
Skyharbour Provide Update
on their Bruce
Channel / Red Lake
Drill Program
Vancouver, BC - Cypress
Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour
Resources Ltd. (TSX-V: SYH) are pleased to provide an update from the field regarding their
ongoing drill program on 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 Gold Eagle Mines recent
major gold discovery 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
Drilling of the main hole BR08-2B
is currently at 2071 metres and has been in Balmer Assemblage rocks since
approximately 1420 metres. Silicification of mafic/ultra-mafic volcanic rock
along with phyrrotite and arsenopyrite typically characterize gold
mineralization in the Bruce Channel area. This is commonly accompanied by
biotite alteration of surrounding rock. Several zones of extensive
silicification with phyrrotite and arsenopyrite along with biotite alteration
have now been encountered within Balmer rocks in the current Cypress
/ Skyharbour Broulan Reef drill hole. Silicified zones are evident
between 1420 metres and the current depth.
No assays of Balmer rocks have been received to date
but the alteration packages seen so far are deemed highly encouraging. Drilling proceeds at a cautious but steady pace. This
will ensure that the main hole maintains stability to allow Cypress
and Skyharbour to establish a series of wedge off holes from the main hole to
properly explore the rocks of the Balmer Assemblage that are now known to
host a major gold deposit in the Bruce Channel zone.
Cypress and Skyharbour are also
aware of a major geologic nose fold existing on the Broulan Reef property.
The drilling of the Balmer Assemblage to date exhibits large scale
shearing, major silica emplacement, and silicate flooding throughout the
Balmer Assemblage.
In common with Goldcorp's Red
Lake mine, Campbell
mine, and Cochenour-Willans mine, and the recently announced Gold Eagle Mines
major discovery, 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 was being developed by
Gold Eagle Mines (now Goldcorp). 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. 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
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
On July 31st, Mr. Kevin McArthur, President &
CEO of Goldcorp, reported that Goldcorp Inc. and Gold Eagle Mines Ltd. have
signed an agreement whereby Goldcorp will acquire, through a friendly plan of
arrangement, all outstanding shares of Gold Eagle Mines.
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.
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
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