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July 10,
2007
NEWS RELEASE
Deep Penetrating Diamond Drill Rig
Contracted for
Broulan Reef Gold Project, Red
Lake, Ontario
Vancouver, BC – Skyharbour Resources Ltd. (TSX-V:
SYH) (the “Company”) announces that it has made
good progress in acquiring a deep penetrating diamond drill rig for its 20%
owned, Cypress Development Corp. (TSX-V:
CYP) 80%, Broulan Reef gold project in Red Lake, Northwestern
Ontario. Cabo Drilling (Heath and Sherwood) has been contracted to
supply a rig capable of drilling to depths of 2400 – 2600 metres in
length.
Broulan Reef
Red Lake Location Map:
http://www.skyharbourltd.com/s/Image.asp?i=maps/CYP-McKenzie-Island-New-Map.jpg
The term
of the contract is for a period of 1 year as a starting point. The Company
anticipates the rig being mobilized to the Broulan Reef property in early to
mid August. Skyharbour Resources and Cypress
Development are prepared to spend approx. $2.5 million in diamond drilling
over the next 12 months. This will include the establishment of a drill site
on the east shore of the property. A deep hole will be drilled to the northwest
corner of the Broulan Reef property at an angle of approx. 80 degrees. The
geological theme here is to enter into the Balmer Assemblage as shallow as
possible from the east side of the property and then continue drilling in the
Balmer Assemblage of rocks to the
northwest corner of the claim group.
Broulan Reef Deep Drill Hole Location Map:
http://www.skyharbourltd.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map.jpg
Once a
mother hole has been established to depth across the property, Skyharbour / Cypress plan to initiate
a series of wedge drill holes to properly explore the north half of the
property from the same location. It is the companies’ intention to
drill a 2nd mother hole from the same general location on the east
side of the property. This hole will be directed generally south southwest
across the Broulan Reef property to properly explore the known major
geological nose fold that exists on the Broulan Reef property. Skyharbour / Cypress plan to initiate
a series of wedge holes from this location as well.
The Balmer
Assemblage is the known host rock for the ore that is being discovered by
Skyharbour’s neighbors, (Gold Eagle Mines, Goldcorp, & Premier
Gold). The Balmer Assemblage is the known host environment for the gold that
is produced in Red
Lake by Goldcorp,
perhaps the richest gold mine known in the world today. The same geological
horizon, Balmer Assemblage, which is being seen in the Gold Eagle Mines
drilling, is known to exist on the Skyharbour Broulan Reef property.
The
Company believes that every opportunity exists on the Broulan Reef claims to
encounter the extension of the Gold Eagle Mines deposit now being
discovered / delineated in the Bruce Channel. Gold Eagle Mines adjoins the
Broulan Reef on our immediate north boundary. Gold Eagle continues to drill
with 4 drill rigs just to the north of Skyharbour and with very impressive
results released to date.
Goldcorp
adjoins the Broulan Reef on our east boundary with their Wilmar
property (approx. 10 million tons @ 5 grams Au). Goldcorp
also has a new joint venture to the immediate east of the Broulan Reef with
Premier Gold. (a new deposit estimated to contain approx. 750,000 ounce
gold).
Goldcorp
has recently invested in a private placement with Cypress Development in the
amount of $2.6 million. Goldcorp, in essence, has acquired 4.8% of the
outstanding shares of Cypress
with an option to acquire another 4.8% via the exercise of $1.00 warrants
attached to the private placement.
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 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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