Skyharbour Resources Ltd. ("Skyharbour") and Cypress Development Corp. ("Cypress") announce that they have commissioned an Evaluation Report on their East Humlin Claim Group and McKenzie Island Claims consisting of 21 mineral claims, 128 units (5,120 acres) located in the Dome and Fairlie Townships, Red Lake District, Kenora Mining Division, Ontario (the "Property").
The Evaluation Report (the "Report") on the Property, entitled "Diamond Drilling and Overburden Drilling, McKenzie Island Project, Red Lake Area, Ont." dated June 16, 2003, was prepared by David J. Busch B.A., B.Sc. (hons.), P.Geo. of Westshield Consulting Limited. The Report documents results from the 2003 diamond drilling and overburden drilling program on the Property. The Report recommends a Phase III program consisting of further exploration to identify new target settings and drill testing those of merit, a magnetic survey, systematic high density base of till sampling and a complete compilation of all data to date. The estimated cost of the Phase II program is $293,700.
The Report has been filed on SEDAR and is available for viewing on the SEDAR website at www.sedar.com.
Skyharbour, Cypress and Orko Gold Corporation ("Orko") entered into a Joint Venture Option Agreement dated for reference December 15, 2002 wherein Orko was granted an option to acquire a 60% interest in and to the Property, subject to a 2% net smelter return royalty. Upon the completion by Orko of the remaining share issuances (200,000 shares) and work commitments ($250,000 by December 31, 2003) under the agreement, Orko shall earn a 60% interest in the Property representing new option totals as follows: Orko 60%, Skyharbour 20%, the Company 20%. Skyharbour was appointed operator under the agreement.
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