Cypress And Skyharbour Update On Drilling At Bruce Channel/Red Lake Gold

 

VANCOUVER, BC - Cypress Development Corp. and Skyharbour Resources Ltd. reported on their ongoing drill program on Cypress' (80%) Skyharbour's (20%) Broulan Reef gold project located in the heart of the Red Lake gold camp in Northwestern Ontario. The Broulan Reef property adjoins on strike to the south of the Cochenour / Bruce Channel gold deposit owned by Goldcorp.

The most significant feature controlling gold mineralization in the Cochenour / Bruce Channel area of Red Lake is a shallow dipping thrust fault within the mafic / ultramafic volcanic rocks of the Balmer Assemblage. This fault strikes roughly east west and dips at 48 degrees to the southwest. It is known to be folded and faulted, is generally marked by silicification and has been intruded and flanked by a rhyolite dike. The thrust, accompanying alteration and rhyolite dike is referred to as the "Thrust Package".

All significant gold found to date in the Cochenour / Bruce Channel area occurs immediately below this Thrust Package. This is particularly evident at the Cochenour Mine which produced some 1.25 million ounces between 1939 and 1971.

Drilling by Cypress and Skyharbour has identified the Thrust Package on the Broulan Reef property and determined the Thrust Package dips to the east. The dip of the Thrust Package could be as shallow as 45 degrees to the east in the central part of the Broulan Reef property. This was established from drill holes BR08-3C, BR08-3D, and BR08- 3E drilled from east to west.

The companies have received results from the 2nd wedge hole BR-08- 3E. A zone from 2177.8 metres to 2181.9 metres returned 2.47 grams per tonne gold over 4.1 metres. This zone lies above the Thrust Package. A second zone from 2660 metres to 2661 metres returned 2.62 grams per tonne gold over 1 metre within a large zone of anomalous gold values from 2637 metres to 2665 metres. This second zone lies within the Thrust Package.

The company’s address is Suite 2230, 885 West Georgia Street, Vancouver, BC V6C 3E8, (604) 687-3376, fax: (604) 687-3119, www.cypressdevelopmentcorp.com

?TSX-V Trading Symbol: CYP Telephone: (604) 687-3376.