Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF) (Frankfurt: C1Z) (“Cypress”) and Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Pink: SYHBF) (“Skyharbour”) are pleased to announce that further to their news release of February 25, 2013, Cypress and Skyharbour have completed their sale of their 100% interest in their jointly held (Cypress 84.33% and Skyharbour 15.67%) Broulan Reef, Red Lake, Ontario property to Premier Gold Mines Limited (TSX: PG) (“Premier”).
In consideration for Premier acquiring the 100% interest in the Property, Premier has now paid the companies a total of $1,750,000 cash (Cypress $1,475,775 and Skyharbour $274,225), issued a total of 160,000 common shares of Premier (Cypress 134,928 and Skyharbour 25,072) and granted a 0.5% net smelter return royalty (“NSR”) (Cypress 0.42165% and Skyharbour 0.07835%). Premier has been granted a right to purchase the NSR for the sum of $500,000 at any time.
Cypress Development Corp. is a diversified precious and base metals 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 the Company’s website at www.cypressdevelopmentcorp.com.
Skyharbour Resources Ltd. is a uranium, gold and base metal exploration company with projects in the Athabasca Basin of northern Saskatchewan and in Red Lake, north-western Ontario, Canada. The Company has approx. 36 million shares outstanding. 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
JAMES G. PETTIT
For further information contact myself or:
Cypress Development Corp.
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.