Skyharbour and Cypress Provide Update on their Red Lake/Bruce Channel Drill Program, NW Ontario



    
    TSX-V Trading Symbol: SYH               Telephone: (604) 687-3376
    Email: info@skyharbourltd.com        Facsimile: (604) 687-3119
    

    VANCOUVER, Aug. 1 /CNW/ - Skyharbour Resources Ltd. (TSX-V: SYH) and
Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) are pleased to issue an
update on their Red Lake/Bruce Channel drill program. The plan for this
ongoing drill program is to explore the southern extension of the Bruce
Channel deposit, which is being developed by Gold Eagle Mines Ltd. The Bruce
Channel zone is inferred to extend on strike onto the Skyharbour (20%)/Cypress
(80%) owned Broulan Reef property. The highly technical nature of the required
deep drilling in the Bruce Channel, although behind schedule, is proceeding as
planned.

    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.
Skyharbour and Cypress Development continue to drill on the southern boundary
of the Bruce Channel discovery zone.

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

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

    Yesterday, Mr. Kevin McArthur of Goldcorp reported that Goldcorp Inc.
(TSX: G) and Gold Eagle Mines Ltd. (TSX: GEA) have signed an agreement whereby
Goldcorp will acquire, through a friendly plan of arrangement, all outstanding
shares of Gold Eagle Mines.

    "This transaction secures for Goldcorp full control of eight kilometres
of strike length in the heart of the world's richest high-grade gold
district," said Kevin McArthur, Goldcorp's president and chief executive
officer. "Nearly 200 drill holes have defined an impressive gold deposit at
Bruce Channel, with potential for additional expansion over time. Development
of this strategically important zone can now move forward with our adjoining
assets as a single, comprehensive project, sharing mine infrastructure, ore
processing facilities and human talent with Red Lake, thus minimizing capital
and operating costs and maximizing long-term shareholder value.

    Red Lake mine has operated for over 50 years, and Goldcorp's continued
district consolidation efforts are designed to sustain this world-class
operation for decades into the future. We are the natural partner to develop
the Bruce Channel project with the geographic footprint preferred by our
community."

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

    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

    "Jim Pettit"
    --------------------------------
    JAMES G. PETTIT
    Director

    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.





For further information:

For further information: contact myself or: Don Myers, Skyharbour
Resources Ltd., Director, Telephone: (604) 687-3376, Toll Free: (800)
567-8181, Facsimile: (604) 687-3119, Email: info@skyharbourltd.com

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SKYHARBOUR RESOURCES LTD.

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