VANCOUVER, BC, Mar 08, 2010 (MARKETWIRE via COMTEX) — Cypress Development Corp. / Cypress & Skyharbour Drilling Update on Broulan Reef Bruce Channel / Red Lake Gold Project processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Suite 2230 – 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
TSX-V Trading Symbol: CYP
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
JOINT NEWS RELEASE
March 08, 2010
Cypress & Skyharbour Drilling Update on Broulan Reef Bruce Channel / Red Lake Gold Project
Vancouver, BC – Cypress Development Corp. (CA:CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (CA:SYH) have provided an update from the field on their deep diamond hole 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:
Drill hole BR 09-2 is targeting the known gold hosted North / South Shear Zone that hosts the Bruce Channel deposit of Goldcorp and extends on to the Broulan Reef property. The deep hole drilling is allowing Cypress / Skyharbour to explore for high grade, gold zones at a depth of 2500 to 2900 metres just 800 metres south-southwest of Goldcorp’s Bruce Channel gold deposit.
Chibougamau Diamond Drilling has now completed BR09-2 to a depth of 2738 metres and has maintained the hole is very good order and on track to intersect the targeted depth. Drillers have encountered blocky and fractured ground over a small interval at depth and have informed the companies the establishment of a wedge hole would be advisable. Therefore a wedge has been established at 2440 metres and drilling has resumed.
The companies are very pleased with the geology encountered so far.
The drill hole encountered the North-South shear at 2676 metres in the hole and continued to the point at 2738 metres. It consists of strongly sheared and brecciated carbonate and carbonate veins. Calcite is pervasive throughout. Strong biotite rich zones up to 10 meters thick occur within the shear. This may be remnants of highly altered mafic dikes. Magnetite as wisps and actinolite as fine disseminations occur in the lower part of the shear. The Bruce Channel gold deposits occur in the footwall of the extensive North South shear.
Cypress Development has also contracted to Quantec Geoscience to conduct a “Spartan” Deep Penetrating MT Survey on its acreage in the Bruce Channel area. The exploration objective of the Spartan MT logger survey at the Bruce channel is to detect structure, alteration zones and lithology potentially related to mineralization from depths of 2000 metres to 3000 metres. The mapping of the resistivity of the subsurface of the Broulan Reef project to significant depths and the follow up geological interpretations are expected to provide large new benefits to Cypress and Skyharbour in keeping with additional or new subsurface information provided from the survey.
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. (CA:CYP) , 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. (CA: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:
Cypress Development Corp.
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.
SOURCE: Cypress Development Corp.
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