Cypress & Skyharbour Launch 2009 Exploration Program for Broulan Reef Project, Bruce Channel / Red Lake NW, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2009) - Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) and Skyharbour Resources Ltd. (TSX VENTURE:SYH) have released their 2009 exploration plans for their Cypress (80%) Skyharbour (20%) Broulan Reef Project which is the primary exploration focus for both companies. A major drill program continues on the Broulan Reef property at this time. The property is located in the heart of the Red Lake gold camp were total gold production exceeds 20 million ounces from the two mines operated by Goldcorp.

The property lies immediately south of the Bruce Channel and Finn deposits discovered by Gold Eagle Mines. These deposits were acquired by Goldcorp when it purchased Gold Eagle Mines for $1.2 billion in mid 2008. Evaluation of these deposits and their potential development can only improve the viability of any resource found on the Broulan Reef property of Cypress and Skyharbour.

Bruce Channel Red Lake, Ontario Map:

http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg

The general structural trend hosting the Bruce Channel and Finn zones is northeast to southwest and is projected to trend across the Broulan Reef property of Cypress / Skyharbour. The prospective host rocks are within Balmer aged volcanics that lie under younger Bruce Channel sediments on the Broulan Reef property. The younger sediments are 500 to 1500 metres thick on the Bruce Channel property. The deeper location of prospective structures in Balmer rocks necessitates deeper and more costly drilling. In addition to extensions of known prospective structures the property contains a major structural fold nose.

The first hole BR08-1 on the property was drilled to a depth of 2150 metres and confirmed the location of the Balmer sequence. This is significant because it demonstrates that the whole of the Broulan Reef property is likely underlain by Balmer rocks at a depth that is within exploration and development range. The hole was stopped due to technical difficulties by the original drill company that Cypress / Skyharbour had contracted. Cypress and Skyharbour will extend the depth of BR08-01 to approximately 2400 metres with plans for further testing of a structural zone near the bottom of the hole. Several zones of silicification, arsenic and biotite alteration with anomalous to elevated gold values were encountered in BR08-01. Shearing and alteration at the bottom of the hole indicates it may have just entered the strike extension of the Finn zone. The hole should be extended to cross this structure. The hole is in good condition and can serve as a mother hole for future drilling of daughter holes.

A second hole BR08-2 was started in October 2008 some 400 metres north of the first. This hole is being drilled by the companies' new contractor Chibougamau Drilling. Chibougamau has extensive deep-hole drilling experience in the Red Lake area and was the principle contractor for all of the Gold Eagle Mines drilling. The hole is collared on mineral rights held by Goldcorp and is planned to test the northern portion of the Broulan Reef property. The hole will test the immediate southerly extension of the Finn zone onto the Broulan Reef property. The hole entered Balmer rocks at approximately 1000 metres and is currently at a depth of 1500 metres on track to test the prospective structural area in Balmer aged rocks. Expected flattening and arching of the hole will allow testing of the Broulan Reef property to its western boundary with a total expected length of 2400 metres. Daughter holes off of BR08-2 will be used to further test prospective mineralization encountered in the hole.

A third hole was started in November 2008 with a second Chibougamau rig to test a significant structural nose fold. This 'nose fold' setting is believed to be structurally complex and a strong conceptual target from a regional perspective. The fold is known to have warped the overlying Bruce Channel sediments through a 90 degree turn. The effect of the nose fold on Balmer aged rocks is largely unknown but is likely to have resulted in a large structurally disturbed area which is prospective for gold mineralization. The upper part of the third hole encountered the iron formation and felsic fragmentals of the Bruce channel sediments. The Balmer is expected to be encountered at 850 metres in this hole. There has never been any drill testing of the Balmer in this prospective area. The hole was stopped at 500 metres in order to reduce the expenditure 'burn' rate for the project. This was done to stretch 'hard to raise' capital. The companies will re-enter BR08-03 to complete the hole to the desired depth of approximately 2400 metres and also establish a series of daughter holes from the main hole after holes BR08-02 and BR08-01 have been completed.

Gold is one of the very few 'bright lights' in the commodities sector and Cypress and Skyharbour remain committed to continued exploration of the highly prospective Broulan Reef property.

Cypress and Skyharbour consider themselves very fortunate indeed with their ownership of the Broulan Reef property and its envious location adjacent (on strike) to the newly discovered geological success of the Gold Eagle project. Since the $1.2 billion purchase of the Gold Eagle gold discovery by Goldcorp, drilling in the Bruce Channel and adjacent zones to the Broulan Reef have continued unabated. The known geological success of these deposits and the eventual development to a probable production scenario by Goldcorp can only greatly improve the viability of any resource found on the Broulan Reef property.

Updated Short Broulan Reef Project 3D Video:

http://www.cypressdevelopmentcorp.com/s/RedLake.asp?ReportID=162302

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.

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 VENTURE: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 district of northwestern Ontario, Canada.

To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH), 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.