NEWS ALERTCypress & Skyharbour Begin 1st Daughter Hole on Broulan Reef Gold Project, Bruce Channel / Red Lake, NW Ontario Cypress Development Corp. (TSX VENTURE:CYP) (FRANKFURT:C1Z) and Skyharbour Resources Ltd. (TSX VENTURE:SYH) announce that the initial mother hole BR08-02 has now been completed to a depth of 2742 metres on their Cypress (80%) Skyharbour (20%) Broulan Reef project located on strike to the south of the Bruce Channel and Finn gold zones discovered by Gold Eagle Mines. These gold zones were acquired by Goldcorp when it purchased Gold Eagle Mines for $1.3 billion in September 2008.
Bruce Channel Red Lake, Ontario Map:
https://www.cypressdevelopmentcorp.com/s/Image.asp?i=photos/Bruce_Channel_Photo.gif
Strong carbonate alteration with disseminated sulphides and quartz veining and brecciation continued to the bottom of the hole. This alteration was particularly strong and located on the hanging wall and foot wall of a Gabbro body within the Balmer assemblage formation. As previously announced, the drilling has intersected mineralization on strike with the Finn zone on the Goldcorp Gold Eagle property to the immediate north of the companies' Broulan Reef property.
Wedging has now started on the first of several planned daughter holes from BR08-02 at a depth of 1940 metres. A series of wedges are now being installed to allow the first daughter hole to explore the known alteration / mineralization at higher levels and extend the exploration drilling to the west. This daughter hole will allow Cypress and Skyharbour to further explore the highly prospective portion of the Balmer assemblage formation below an important thrust fault intercepted in the mother hole. The companies are encouraged with the mineralization seen to date.
Cypress' VP of Exploration, Dave Busch, PGeo has been logging and splitting all cores from hole BR08-02 and all cores are being submitted to TSL Laboratory in Saskatoon. Assays are pending. A great deal of excellent geological information is being derived from this drill hole.
The companies hired Chibougamau Diamond Drilling (Quebec) in October 2008 to complete a major deep penetration drill program on the Broulan Reef property.
Deposits in the Red Lake gold camp typically have a long vertical extent reaching in excess of 2600 metres in some cases. It is still early days for the Cypress / Skyharbour deep penetration drill program on their Broulan Reef property.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Exploration, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.