Cypress & Skyharbour Mobilize Rig to McKenzie Island for Bruce
Channel / Red Lake Gold Project, NW Ontario
Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
www.cypressdevelopmentcorp.com
TSX-V Trading Symbol: CYP Telephone: (604) 687-3376
Email: info@cypressdevelopmentcorp.com Facsimile: (604) 687-3119
JOINT NEWS RELEASE
May 28, 2009
Cypress & Skyharbour Mobilize Rig to McKenzie Island
for Bruce Channel / Red Lake Gold Project, NW Ontario
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and
Skyharbour Resources Ltd. (TSX-V: SYH) are providing an update on
their ongoing drill program on Cypress' (80%) Skyharbour's (20%)
Broulan Reef gold project located in the heart of the Red Lake gold
camp in Northwestern Ontario. The Broulan Reef property adjoins on
strike to the south of the Bruce Channel gold deposit on Goldcorp's
Gold Eagle project.
Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg
A winter drill program has now been completed that has included a
mother hole and 2 daughter (wedge) holes for a total of 8320 metres
drilled. The winter drill program targeted the potential down-dip
extension of the newly discovered Bruce Channel Gold Deposit (BCGD)
owned by Goldcorp. The companies currently await assay results from
the 2nd wedge hole (BR 08-3E).
A summer drill program has now been initiated on the Broulan Reef
property with the drill rig being mobilized to east shore of McKenzie
Island with permission received from Goldcorp to locate and collar
the new mother hole on Goldcorp's acreage.
Bruce Channel Gold Deposit (BCGD) Extension
Drilling to date has provided convincing evidence that the setting
that hosts the BCGD on the Goldcorp ground continues unabated on to
the Broulan Reef property of Cypress and Skyharbour.
Gold mineralization on the Goldcorp Gold Eagle property lies in
highly altered mafic/ultramafic volcanic rocks beneath a thrust fault
that was projected to dip at a shallow angle on to the Broulan Reef
property of Cypress and Skyharbour. This fault has been intersected
in two of the recently completed holes. A set of north-south faults
appears to localize gold mineralization beneath the shallow dipping
thrust fault.
The highly oblique angle of intersection afforded by the east shore
location of the winter holes has restricted extensive drilling in the
prospective alteration below the thrust.
The rig is currently drilling from the McKenzie Island. The thrust
should be encountered at a shallower depth from this location
allowing more footage to explore the prospective area beneath it.
This hole should allow a more effective testing of the north-south
trending structures below the thrust. The hole has an initial azimuth
of 90 degrees and dip of 78 degrees and is currently at a depth of
350 metres.
Broulan Reef Drill Hole Location Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map-may09.jpg
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.
In other news, the Company announces that it held its annual general
meeting on May 21, 2009. The Company reports that Donald C. Huston,
James G. Pettit, Donald G. Myers and Amanda Chow were re-elected
directors of the Company. The shareholders of the Company also
re-appointed Davidson & Co, Chartered Accountants, as auditors and
approved the renewal of the Company's Stock Option Plan.
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
"Don Huston"
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com
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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 .
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.