Vancouver, BC - Skyharbour Resources Ltd. (TSX.V: SYH) and Cypress Development Corp. (TSX.V: CYP) advise that the deep drill program on their 20% / 80% owned Broulan Reef property in Red Lake, Northwestern Ontario has restarted. The drill crew arrived in Red Lake on August 1st and the re-entry and continuation of the drilling of the 1st deep hole of the 2006 summer drill program began Wednesday, August 2nd.
The 1st hole is currently drilled to a depth of 3087 feet and the companies anticipate the 1st hole to be completed to an approximate depth of 4500 to 4700 feet.
The first hole of this summer's program drilled through a rhyolite overlying iron formation within the Bruce Channel sediments. The rhyolite is strongly sercitized and zones of silica flooding are present within the iron formation. This sequence, with wide sections of elevated gold values was encountered in the last hole of the winter drilling. The section is significant as it indicates dips of 45 to 50 degrees to the west. This shallow dip suggests that Balmer Assemblage rocks may be at much shallower depths than previously thought and may be within reach of the current drill hole.
The Balmer Assemblage of rocks is what is now known to host the well documented new gold discovery of Southern Star (SSR) / Exall Resources (EXL). The SSR / EXL Gold Eagle property adjoins the Broulan Reef property on our north boundary located in the middle of the Bruce Channel located on Red Lake. The general accepted strike of the geology in the Bruce Channel is northeast to southwest. The Broulan Reef property is located to the immediate southwest of the Southern star / Exall Resources major gold discovery, on strike.
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The Balmer Assemblage is known to be the host rock for the discovery of the major gold deposits in the Red Lake gold camp such as Goldcorp's Red Lake Mine, Goldcorp's Campbell Mine, and Goldcorp's Cochenour Willans Gold Mine. The above mentioned prolific gold mines are all considered to be on geological strike to Skyharbour's / Cypress Broulan Reef property.
This Phase 2 drill program continues to be the major focal point of Skyharbour Resources / Cypress Development at this time. The companies believe that there is every opportunity to encounter the same geological structural horizons as seen as of late by SSR / EXL. The companies intend to drill 3 deep holes, at this time, on their Broulan Reef property.
Skyharbour & Cypress are already committed and formulating a winter 2006 / 2007 drill program to be conducted from the ice portion on their Broulan Reef property in the Bruce Channel.
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 is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. The Comapny has options or interests in 6 mineral properties located in the Red Lake gold camp.
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.