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

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

    VANCOUVER, Sept. 3 /CNW/ - 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:

    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:

    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

    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


    "Don Huston"



    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

    %SEDAR: 00005657E

For further information:

For further information: Don Myers, Director, Cypress Development Corp.,
Telephone: (604) 687-3376, Toll Free: (800) 567-8181, Facsimile: (604)
687-3119, Email:

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