Cypress & Skyharbour Enter Balmer Assemblage on their Bruce Channel/Red Lake Drill Program

TSX-V Trading Symbol: CYP Telephone: (604)
687-3376
Email: info(at)cypressdevelopmentcorp.com Facsimile:
(604) 687-3119

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industry/mining

Vancouver,BC (euro adhoc) - Cypress Development Corp. (TSX-V: CYP)
(FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) are pleased to
provide an update from the field regarding its ongoing drill program
on their Cypress (80%) Skyharbour (20%) owned Broulan Reef property
in Red Lake, Northwestern Ontario. The Broulan Reef property is
situated along the prolific Red Lake trend, west of Goldcorp Inc.'s
operating Red Lake and Campbell Mines, and immediately southwest of
the Gold Eagle Mines recent major gold discovery in the Bruce Channel
zone.

Bruce Channel Red Lake, Ontario Map: www.cypressdevelopmentcorp.com/s
/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg

Cypress and Skyharbour's drilling indicates they have encountered
mafic/ultra mafic units that are found in the Balmer Assemblage
series of rocks at approximately 1450 metres. Sulphides are seen to
be pervasive throughout the Balmer Assemblage, consisting of mainly
phyrrotite, chalcopyrite, pyrite, and arsenopyrite is also present.

Drilling of the main hole has now been competed to 1752 metres and
drilling continues with an anticipated depth of this mother hole to
approximately 2200 to 2400 metres. Drilling proceeds at a cautious
but steady pace. This will ensure that the main hole maintains
stability to allow Cypress and Skyharbour to establish a series of
wedge off holes from the main hole to properly explore the rocks of
the Balmer Assemblage that are now known to host a major gold deposit
in the Bruce Channel zone. The companies are pleased with the
progress of the drilling over the last several weeks and look to
continue with the rate of footage being attained at this time.

In common with Goldcorp's Red Lake mine, Campbell mine, and
Cochenour-Willans mine, and the recently announced Gold Eagle Mines
major discovery, the Broulan Reef property lies within the Balmer
Assemblage. The structural and mineralogical characteristics are
similar to the aforementioned mines. Gold can be found in both its
native form, as well as within sulphide rich zones.

The plan for this drill program is to explore the southern extension
of the Bruce Channel deposit which is being developed by Gold Eagle
Mines. The Bruce Channel zone is inferred to extend on strike onto
the Cypress and Skyharbour owned Broulan Reef property.

The past year has seen an extensive amount of activity focused on the
Bruce Channel. Gold Eagle Mines has continued to drill and expand the
discovery zone to the south southwest toward the Broulan Reef
property. Goldcorp continues to drill on the north boundary of the
Bruce Channel discovery zone near Goldcorp's past-producing
Cochenour-Willans mine. Cypress and Skyharbour continue to drill on
the southern boundary of the Bruce Channel discovery zone.

New Red Lake Gold Deposits Map: http://www.cypressdevelopmentcorp.com
/s/Image.asp?i=maps/CYP-Picture2.jpg

On July 31st, Mr. Kevin McArthur, President of Goldcorp, reported
that Goldcorp Inc. and Gold Eagle Mines Ltd. have signed an agreement
whereby Goldcorp will acquire, through a friendly plan of
arrangement, all outstanding shares of Gold Eagle Mines.

Cypress Development's and Skyharbour Resources' Broulan Reef property
is now the only property along the productive Bruce Channel trend
that is not now controlled by Goldcorp.

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-V: 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. (TSX-V: SYH), visit
the Company's website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Huston"

-----------------------------------
DONALD C. HUSTON
President

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE.

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.

end of announcement euro adhoc
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ots Originaltext: Cypress Development Corp.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Don Myers, Director, Cypress Development Corp.,

Telephone: (604) 687-3376, Toll Free: (800) 567-8181, Facsimile: (604)

687-3119, Email: info@cypressdevelopmentcorp.com

Branche: Metals & Minerals
ISIN: CA2327491015
WKN: 509727
Börsen: Börse Frankfurt / Open Market