Cypress Development Corp. & Skyharbour Update on Broulan Reef Bruce Channel / Red Lake Gold Project by 24hgold

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Friday, August 06, 2010

News Release

Cypress & Skyharbour Update on 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) are releasing an update on their drill program on Cypress' (82.5%) and Skyharbour's (17.5%) owned Broulan Reef Project located in the heart of the prolific Red Lake gold camp in Northwestern Ontario. The Broulan Reef property adjoins, on strike, to the south of the Cochenour / Bruce Channel major gold deposit now being brought to the production stage by Goldcorp.

Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP_Broulan_Reef_Map.jpg

This update summarizes the intersected geology and mineralization in wedge holes BR09-02-1 and BR09-02-2. Both of these holes were wedged from the McKenzie Island mother hole BR09-02 and explored the Balmer formation and North-South Shear carbonate breccia zone to the north of the mother hole which, in May, reported an 18 metre interval between 2809 metres and 2827 metres grading 1.62 grams per tonne gold, including 2.5 grams per tonne gold over 9 metres and 5.04 grams per tonne gold over 2 metres.

Hole BR09-02-1 was commenced as a wedge from the mother hole in April, 2010 and ended when the drilling rods became stuck in strongly ultramafic rocks at 2703 metres. The hole entered the North-South Shear carbonate breccia zone at 2678 metres. Strongly altered Balmer formation basaltic rocks were intercepted from 2682 metres to 2700 metres. At 2700 metres, the hole intercepted the top of a highly foliated, ultramafic rock and became stuck in the soapy ultramafic at 2703 metres.

A zone of gold mineralization was intercepted in BR09-02-1 within strongly magnetite altered Balmer basalts from 2497 metres to 2500 metres. This zone returned gold assays totaling 3 metres of 2.04 grams per tonne.

Hole BR09-02-2 was commenced as a wedge from the mother hole in June, 2010. The hole was drilled to a depth of 2879 metres when completed in mid July 2010. The hole entered the North-South Shear carbonate breccia zone at 2666 metres. The carbonate breccia continued to 2681 metres where a complex sequence of highly foliated ultramafic rocks, intensely altered and sulfide mineralized Balmer basalts and numerous mafic dikes was entered. This zone of very favourable geology continued to a depth of 2839 metres. From 2839 metres to the end of the hole at 2879 metres, a sequence of massive to porphyritic, mafic rocks interpreted to represent the footwall of the North-South Shear structure was drilled.

Numerous zones of highly anomalous gold mineralization were intercepted in hole BR09-02-2 from 2500 metres to hole end at 2879 metres. The gold assays in the anomalous portions of the 379 metre interval are in the 150 ppb to 700 ppb range.

Discussion
Wedge holes BR09-02-1 and BR09-02-2 were designed to test the footwall of the North-South Shear carbonate breccia in a position north of and higher up dip from the mineralized carbonate breccia zone in the mother hole BR09-02. Only hole BR09-02-2 was successful in testing the target zone as BR09-02-1 became struck in foliated ultramafic rocks short of the target. The distance between mother hole BR09-02 and wedge hole BR09-02-2 in the footwall zone of interest was less than 50 meters, as planned.

Comparison of the geologic and assay results of wedge hole BR09-02-2 and mother hole BR09-02 show significant differences over a 30 to 50 metre separation of the holes in the target zone. Hole BR09-02 intersected intervals of massive carbonate veining and vein breccia from 2664 metres to 2828 metres, a downhole interval of 164 metres. The reported gold mineralization in BR09-02 occurred in the last interval carbonate breccia from 2817 metres to 2828 metres. This mineralized zone contained locally abundant very grained grey sulfides.

Wedge hole BR09-02-2, in contrast, intercepted carbonate massive veining and vein breccia from 2666 metres to 2681 metres down hole. This is a 15 metre interval compared to the 164 metre in mother hole BR09-02. The long interval of locally abundant intervals of massive carbonate veining and vein breccia in hole BR09-02 is represented by the complex sequence of highly foliated ultramafic rocks, intensely altered (biotite and silica) and sulfide mineralized Balmer basalts and numerous mafic dikes in BR09-02-2.

These materially different results over fairly short distance between holes are not uncommon within Archean lode gold deposits. Complex geology is the norm within district to regional scale structural zones which host this type of gold deposits, including the Bruce Channel gold deposit immediately north of the Broulan Reef property.

Cypress and Skyharbour are well along in a process of critically examining all project data with the goal of indentifying additional targets for gold mineralization both within the north central Broulan Reef property and within the eastern portion along structural strike from the ongoing exploration by Premier Gold.

The companies are very encouraged with the prospects of the Broulan Reef property and are reviewing all options available in order to move the Broulan Reef Property forward.

Bob Marvin B.Sc., PGeo, Exploration Manager, 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 district 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

For further information contact myself or:
Don Huston
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.

You can also view this News Release on our website at:
http://www.cypressdevelopmentcorp.com/s/NewsReleases.asp?ReportID=413361

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