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May
29, 2007
JOINT NEWS RELEASE
100% Interest in Broulan Reef Gold Project Earned, Red Lake, Ontario
Vancouver, BC – Cypress Development Corp. (TSX-V: CYP) and Skyharbour Resources Ltd. (TSX-V:
SYH) are pleased to announce they have received notification that
they have complied with the terms of the Broulan Reef Option Agreement dated
February 28th 2006, which have enabled them to earn a 100%
interest in the Broulan Reef property. The Broulan Reef property ownership is
Cypress 80%
and Skyharbour 20%. To earn 100%, the companies paid $80,000 and spent
$1,150,000 in exploration, well in advance of the three year term of the
Option Agreement. The vendor has retained a 2% net smelter return.
The
Broulan Reef property is located in the Bruce Channel area in the heart of
the Red Lake
gold camp of northwestern Ontario.
The acreage is comprised of 10 mineral claims (21 year renewable Leases with the
Ontario Government), situated adjacent to the south of Gold Eagle Mines major
drill program underway on their Bruce Channel gold discovery, and adjacent to
the west of the Goldcorp’s / Premier Gold’s promising drill
results on their Rahill-Bonanza project. Both of these
projects are the subject of ongoing exploration and delineation drilling.
Broulan Reef
Red Lake Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-McKenzie-Island-New-Map.jpg
Cypress
Development announced on May 3rd that it has issued a total of
4,000,000 units to Goldcorp Inc. (Goldcorp) pursuant to the closing of a
private placement. Each unit consisted of one common share at a price
of $0.65 and one share purchase warrant entitling Goldcorp to purchase one
additional common share at a price of $1.00
per share if exercised prior April 27, 2008 and thereafter at a price of $1.30 per
share if exercised prior to April 27, 2009.
Cypress
Development intends to utilize the proceeds of this private placement for
exploration expenditures to be carried out on its Broulan Reef gold project
in Red Lake,
northwestern Ontario.
Diamond drilling will be the mainstay of exploration on the Broulan Reef
project.
Cypress
Development Corp. is a gold and zinc exploration and development company with
projects in Red Lake, Ontario,
Canada, and 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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