Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) and Cypress Development Corp. (TSX-V: CYP) 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 Skyharbour 20% and Cypress 80%. 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.
Click Here for Broulan Reef Gold Project Location Map
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.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd.
VP Corporate Communications
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various 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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.