22.10.08 - 19:39 Uhr
 

CYPRESS DEVELOPMENT CORP.Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8

TSX-V Trading Symbol: CYPEmail: Telephone: (604) 687-3376Facsimile: (604) 687-3119


JOINT NEWS RELEASE


October 22, 2008


Cypress & Skyharbour Provide Drilling Update onBroulan Reef Bruce Channel / Red Lake Gold Project


Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) announce an update from the field regarding the diamond drilling program on their Cypress (80%) Skyharbour (20%) owned Broulan Reef gold project 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 Goldcorp Gold Eagle Mines major gold deposit in the Bruce Channel zone.


Bruce Channel Red Lake, Ontario Map:

Cypress and Skyharbour advises that the second mother hole BR08-2A is now at approximately 850 metres in depth and drilling continues. The companies" objective are to take this second mother hole to a depth of approximately 2400 metres and then wedge a series of sister holes from the main hole. Chibougamau Drilling is well established in the Red Lake gold camp and has been the lead driller for Gold Eagle Mines for several years. Chibougamau continues to drill for Goldcorp on the Gold Eagle Mines project, located to the immediate north of the Broulan Reef boundary, following the purchase of Gold Eagle Mines by Goldcorp.


Location of BR08-1A & BR08-2A Deep Drill Holes:

The companies announced October 9, 2008 that Chibougamau Diamond Drilling Ltd mobilized a drill rig to the Broulan Reef project to commence a second deep hole. Drill hole BR08-2A is located on the east side of the Bruce Channel approximately 400 metres to the north of Cypress and Skyharbour 1st drill hole BR08-1A. With permission received from Goldcorp, the collar of hole BR08-2A is established on Goldcorp"s newly acquired surface/mineral rights on the Gold Eagle Mines claims.


Cypress and Skyharbour also report that the companies have terminated their contract with Cabo (Ontario) Diamond drilling. The 1st mother hole BR08-1A has been drilled to a depth of 2171 metres and has been in the Balmer Assemblage of rock types for approximately 700 metres. Cypress and Skyharbour intend to pursue the option of bringing on another drill contractor to complete this 1st mother hole to the desired depth to ensure that the companies visualize the maximum exposure of the rock types of the prolific Balmer Assemblage as possible. The geological alteration envelopes seen in the Balmer Asemblage is highly encouraging. Drilling to date has exhibited large scale shearing, major silica replacement and silicate flooding throughout the Balmer Assemblage. Assays from the 1st mother hole BR08-1A are pending.


In common with Goldcorp"s Red Lake mine, Campbell mine, and Cochenour-Willans mine, and the announced Gold Eagle Mines major deposit now owned by Goldcorp, 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 now being developed by Goldcorp on the Gold Eagle Mines project. 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. Goldcorp is continuing to drill and expand the Gold Eagle Mines 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.


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. The companies have approximately $6.0 million in working capital and both Cypress and Skyharbour have no debt.


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

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

ON BEHALF OF THE BOARD OF DIRECTORS


"Don Huston" DONALD C. HUSTONPresident


For further information contact myself or:Don MyersDirectorCypress Development Corp.Telephone: 604-687-3376Toll Free: 800-567-8181Facsimile: 604-687-3119Email:


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.


 


 




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