August 01, 2008
NEWS RELEASE
Skyharbour and Cypress
Provide Update on their
Red Lake
/ Bruce Channel Drill Program, NW Ontario
Vancouver, BC - Skyharbour
Resources Ltd. (TSX-V: SYH) and Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) are
pleased to issue an update on their Red
Lake / Bruce Channel drill
program. The plan for this ongoing 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 Skyharbour (20%) / Cypress
(80%) 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. Skyharbour and Cypress
Development continue to drill on the southern boundary of the Bruce Channel
discovery zone.
Bruce Channel Red
Lake, Ontario Map:
http://www.skyharbourltd.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg
New Red Lake
Gold Deposits Map: http://www.skyharbourltd.com/s/Image.asp?i=maps/CYP-Picture2.jpg
Yesterday, 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."
Skyharbour Resources? and Cypress
Development?s Broulan Reef property is now the only property along the
productive Bruce Channel trend that is not now controlled by Goldcorp.
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
?Jim
Pettit?
_________________________________
JAMES G. PETTIT
Director
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