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January 08, 2008
NEWS
RELEASE
Drilling
Resumes on
Broulan Reef Gold Project,
Red Lake,
NW Ontario
Vancouver,
BC (January 8, 2008) - Cypress Development Corp. (TSX-V: CYP) today
announced that drilling has resumed on its Broulan Reef property located
in the heart of the gold mining district of Red Lake, northwestern Ontario.
Cabo
Drilling has remobilized its drill crew to the Broulan Reef project and will
now continue to deepen the diamond drill hole BR 07-1 to approximately 2,400
metres from its current depth of 750 metres. Cypress will attempt to complete
the BR 07-1 “mother hole” within the next several weeks. The
Company will then “wedge” several holes off the main initial
drill hole. Cypress anticipates the Cabo drill rig to be on the property
throughout 2008. The Company continues to be well funded and able to
meet all its obligations and work commitments for the upcoming year.
BR
07-1 is designed to intersect the Balmer assemblage rock types that are host
to the Bruce Channel and Finn gold zones as reported in the latest Gold Eagle
Mines Ltd (GEA) news releases. The GEA Bruce Channel project adjoins the Broulan Reef
project immediately to the north, and is on strike geologically. The other
boundaries being the east, south, west sides of the Broulan Reef property are
abutting Goldcorp (G) claims. Goldcorp continues to carry out a major drill
program to the immediate east of the Broulan Reef property with its partner
Premier Gold on their Rahill Bonanza project.
A map of the Broulan Reef Project
can be accessed through the following link:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg
“This is an important step
forward in the ongoing development of the Broulan Reef project,” said Donald
Huston, President of Cypress Development. “We believe there is an
opportunity to
encounter the extension of the Gold Eagle Mines deposit being delineated
under the Bruce Channel. There is every reason to believe that the
mineralized zone being delineated on the Gold Eagle property continues beyond
the Broulan Reef north boundary”.
Cypress anticipates the drilling of a
second mother hole with several diverging holes to be wedged off both main
holes. The Company intends to drill up to 10,000 metres with this Phase 1
deep drill program. A budget of $2.5 million dollars is in place for the
completion of this Phase 1 deep penetration drill program on the Broulan Reef
gold claims.
Proposed Broulan Reef Drill Hole
Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Picture5.jpg
The target for the 2008 deep drill
program is the Balmer assemblage rocks underlying the Bruce Channel
sediments, as established during the drill program conducted on the Broulan
Reef project in the summer and autumn of 2006. Dips within the Bruce Channel
rocks on the west limb of the broad nose fold are approximately 45 degrees to
the west. The shallow dipping unconformity has very significant implications
for the Broulan Reef property. With known points of elevations of the Balmer
assemblage surface, it is projected that this rock type horizon will be at an
inferred vertical depth of between 900 metres on the eastern edge of the
property and 2000 metres on the western part of the property. At these
depths, targets in the Balmer assemblage rocks are within explorable and
exploitable range over most of the property.
New Red Lake Gold
Deposits Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Picture2.jpg
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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