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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (1721)	5/29/2007 9:05:42 AM
From: LoneClone	Read Replies (1) \| Respond to of 193039

Cypress Development Corp. and Skyharbour Resources Ltd.: 100% Interest in Broulan Reef Gold Project Earned, Red Lake, Ontario Tuesday May 29, 9:00 am ET biz.yahoo.com VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2007) - Cypress Development Corp. (TSX VENTURE:CYP - News) and Skyharbour Resources Ltd. (TSX VENTURE:SYH - News) are pleased to announce they have received notification that they have complied with the terms of the Broulan Reef Option Agreement dated February 28th 2006, which have enabled them to earn a 100% interest in the Broulan Reef property. The Broulan Reef property ownership is Cypress 80% and Skyharbour 20%. To earn 100%, the companies paid $80,000 and spent $1,150,000 in exploration, well in advance of the three year term of the Option Agreement. The vendor has retained a 2% net smelter return. The Broulan Reef property is located in the Bruce Channel area in the heart of the Red Lake gold camp of northwestern Ontario. The acreage is comprised of 10 mineral claims (21 year renewable Leases with the Ontario Government), situated adjacent to the South of Gold Eagle Mines major drill program underway on their Bruce Channel gold discovery, and adjacent to the west of the Goldcorp's / Premier Gold's promising drill results on their Rahill-Bonanza project. Both of these projects are the subject of ongoing exploration and delineation drilling. Broulan Reef Red Lake Map: cypressdevelopmentcorp.com Cypress Development announced on May 3rd that it has issued a total of 4,000,000 units to Goldcorp Inc. (Goldcorp) pursuant to the closing of a private placement. Each unit consisted of one common share at a price of $0.65 and one share purchase warrant entitling Goldcorp to purchase one additional common share at a price of $1.00 per share if exercised prior April 27, 2008 and thereafter at a price of $1.30 per share if exercised prior to April 27, 2009. Cypress Development intends to utilize the proceeds of this private placement for exploration expenditures to be carried out on its Broulan Reef gold project in Red Lake, northwestern Ontario. Diamond drilling will be the mainstay of exploration on the Broulan Reef project. Cypress Development Corp. is a gold and zinc exploration and development company with projects in Red Lake, Ontario, Canada, and Nevada, U.S.A. To find out more about Cypress Development Corp. (TSX VENTURE:CYP - News), visit our website at www.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 VENTURE:SYH - News), visit the Company's website at www.skyharbourltd.com. ON BEHALF OF THE BOARD OF DIRECTORS DONALD C. HUSTON, President 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. Contact: Don Huston Cypress Development Corp. President (604) 687-3376 or Toll Free: 1-800-567-8181 (604) 687-3119 (FAX) Don Myers Cypress Development Corp. Director (604) 687-3376 or Toll Free: 1-800-567-8181 (604) 687-3119 (FAX) Email: info@cypressdevelopmentcorp.com Website: www.skyharbourltd.com Source: Cypress Development Corp., Skyharbour Resources Ltd.