Phase I Results on McKenzie Island Property, Red Lake, Ontario

March 7, 2005

Skyharbour Resources Ltd. announces that the phase one drill results on the St Paul's Bay region of the Skyharbour (TSX.V: SYH 20%) / Cypress Development Corp. (TSX.V: CYP 80%) McKenzie Island property located in Red Lake, northwest Ontario have been received. Seven reconnaissance holes (approx. 1700 metres) were drilled to explore a district-scale WNW trending structure known as the "D2" Structure. All core samples were shipped to TSL Laboratories in Saskatoon, Saskatchewan. The Companies are encouraged with the results of the drill program and a second phase of drilling expected to begin the first week of April.

Significant zones of gold mineralization have been discovered during the Phase I drill program. The gold mineralization is hosted within a strongly quartz-sericite-chlorite-tourmaline altered intrusive rock. The new zones are located in diamond-drill holes M05-3, M05-4 and M05-7.

In reconnaissance drill hole M05-7, a 10-metre wide zone of gold mineralization was intersected from 114.7 to 124.7 metres downhole. Assays from the centre of the zone returned 2.1 grams over 5.5 metres. The zone is hosted by quartz-sulfide veining and silica flooding within a strongly sericite altered felsic intrusive. Discrete quartz veins occur to 10 cm in width. Metre-scale quartz vein stockwork zones locally create a dominantly silica rock. Fine grained tourmaline veinlets occur in portions of the mineralized zone. Sulfides are generally less than 2% but are locally up to 7% over 10 cm widths. Identified sulfides include pyrite, sphalerite, chalcopyrite and arsenopyrite.

In reconnaissance drill hole M05-3, visible gold has been identified within several cm-scale quartz veinlets in the downhole interval from 52 to 70 metres. The veinlets are sheared and discontinuous and are contained within a pervasively quartz-sericite-chlorite-tourmaline altered felsic intrusive rock. Visible gold occurs as millimetre to sub-millimetre grains and grain clusters disseminated within the quartz veinlets. Veinlet spacing is on the order of several metres. Fine network quartz and tourmaline veinlets and pervasive silica occur within the felsic intrusive between the identified gold-bearing veinlets. Sample results show numerous multi-gram intercepts with a high value of 23.8 grams gold over .2 metres.

In reconnaissance drill hole M05-4, highly anomalous gold values up to 850 ppb have been intercepted over 60 metres in the downhole interval from 124.7 and 184 metres.

All of the intercepted zones of gold mineralization lie within a large (+1000 metre by +150 metre) envelope of quartz-sericite-chlorite alteration, which appears to be controlled by a district-scale, WNW trending D2 deformation zone. The strike length of the altered system has not been limited by the Phase I drill program. The Companies expect an immediate start to the Phase II exploration and drilling program.


Hole_No     From_m     To_m     length_m     Au_ppb     Total_metallic_Assay_gpt
M05-3        53.1      53.4       0.3         >1000               1.52
M05-3        54        54.25      0.25        >1000               1.32
M05-3        54.25     54.7       0.45        >1000               4.04
M05-3        69.1      69.3       0.2         >1000              23.87
M05-3        69.8      70.5       0.7         >1000               1.93
M05-7       117.7     118.8       1.1         >1000               1.04 
M05-7       118.8     119.5       0.7         >1000               2.06
M05-7       119.5     120.3       0.8         >1000               1.06
M05-7       120.3     121.2       0.9         >1000               2.13
M05-7       121.2     122.3       1.1         >1000               2.64
M05-7       122.3     123.2       0.9         >1000               3.72

Skyharbour Resources Ltd. and Cypress Development Corp. are very encouraged by the scale and intensity of the alteration and gold mineralization encountered to date in the D2 target setting.

David J. Busch B.A. B.Sc. (hons.) P.Eng. is the qualified person, under the meaning of National Instrument 43-101, and has reviewed the data acquired on the McKenzie Island Property.

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. It has options or interests in 7 mineral properties located in the Red Lake greenstone belt.


"Donald C. Huston"


For further information contact myself or:
Don Myers
Skyharbour Resources Ltd.
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119

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.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news release.

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