Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) are pleased to provide an update on their ongoing diamond drill program on Cypress (80%), Skyharbour (20%) owned Broulan Reef Project located in the heart of the prolific Red Lake gold camp in Northwestern Ontario. The Broulan Reef property adjoins, on strike, to the southern boundary of the Cochenour / Bruce Channel major gold deposit now being brought to the production stage by Goldcorp.
Bruce Channel Red Lake, Ontario Map:
Drilling was halted on the Broulan Reef property for the Christmas holiday. The drilling crews are now being mobilized by Chibougamau Drilling, Quebec, back into Red Lake. The companies anticipate drilling to resume January 13th, 2010. Drill hole BR 09-02 is at a depth of 1506 metres. Drilling will resume immediately on BR 09-02 and it is anticipated that the hole will be drilled to a depth of approximately 3000 metres. This hole is expected to be completed by the end of February.
Once this main mother hole is completed, a series of daughter (wedge) holes will be established at different depth intervals. This will allow Cypress and Skyharbour wide exposure to a north / south direction as well as the vertical component. This hole was planned by Cypress' and Skyharbour's management as a way to drill directly at the projection of the main ore controlling shear zone seen in the Goldcorp Bruce Channel gold deposit (BCD) to the immediate north.
Previous drilling on the Broulan Reef (Hole BR09-01) was designed to test for the presence of the north / south shear / breccia system that is host to the major Bruce Channel gold deposit now being developed by Goldcorp. The prospective structure has revealed the presence of an intense zone of shearing, brecciation and massive calcite-biottie-actinolite-ankorite veining within the mafic / ultramafic volcanic rocks of the Balmer formation located on the Broulan Reef property at a hole depth of approximately 2600 metres in BR09-01.
Cross section of Broulan Reef drill hole BR09-01 (looking North):
Initial plotting of the new zone indicates that the structure is very likely the direct southern extension of the main controlling structure of Goldcorp's Bruce Channel gold deposit. The new zone is wide open in all directions on the Broulan Reef property. The companies believe that significant potential remains untested on their property. This potential lies at vertical depths of +2300 metres on the Broulan Reef property. The north / south shear zone target is believed capable of hosting a resource similar to that now being developed on the adjoining Goldcorp property.
Management considers the Broulan Reef property as a prime location for a gold discovery with excellent geological formations already encountered to date and that further extensive exploration via diamond drilling is fully justified.
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.
Don Huston, President and CEO of Cypress Development Corp., provided much more information on the potential of the Broulan Reef gold project in a Smartstox interview available at http://www.smartstox.com/interviews/cyp
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 atwww.cypressdevelopmentcorp.com
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.
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
DONALD C. HUSTON
For further information contact myself or:
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 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 .