Cypress & Skyharbour Update on Drilling at Bruce Channel / Red Lake Gold Project, NW Ontario

VANCOUVER, BC, Jun 26 (MARKET WIRE) --

Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
www.cypressdevelopmentcorp.com

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

Email: info@cypressdevelopmentcorp.com Facsimile: (604) 687-3119

JOINT
NEWS RELEASE

June 26, 2009

Cypress & Skyharbour Update on Drilling at Bruce Channel / Red Lake Gold
Project, NW Ontario

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and
Skyharbour Resources Ltd. (TSX-V: SYH) are providing an update on their
ongoing drill program on Cypress' (80%) Skyharbour's (20%) Broulan Reef
gold project located in the heart of the Red Lake gold camp in
Northwestern Ontario. The Broulan Reef property adjoins on strike to the
south of the Cochenour / Bruce Channel gold deposit owned by Goldcorp.

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

The most significant feature controlling gold mineralization in the
Cochenour / Bruce Channel area of Red Lake is a shallow dipping thrust
fault within the mafic / ultramafic volcanic rocks of the Balmer
Assemblage. This fault strikes roughly east west and dips at 48 degrees
to the southwest. It is known to be folded and faulted, is generally
marked by silicification and has been intruded and flanked by a rhyolite
dike. The thrust, accompanying alteration and rhyolite dike is referred
to as the "Thrust Package".

All significant gold found to date in the Cochenour / Bruce Channel area
occurs immediately below this Thrust Package. This is particularly
evident at the Cochenour Mine which produced some 1.25 million ounces
between 1939 and 1971.

Drilling by Cypress and Skyharbour has identified the Thrust Package on
the Broulan Reef property and determined the Thrust Package dips to the
east. The dip of the Thrust Package could be as shallow as 45 degrees to
the east in the central part of the Broulan Reef property. This was
established from drill holes BR08-3C, BR08-3D, and BR08- 3E drilled from
east to west.

The companies have received results from the 2nd wedge hole BR-08- 3E. A
zone from 2177.8 metres to 2181.9 metres returned 2.47 grams per tonne
gold over 4.1 metres. This zone lies above the Thrust Package. A second
zone from 2660 metres to 2661 metres returned 2.62 grams per tonne gold
over 1 metre within a large zone of anomalous gold values from 2637
metres to 2665 metres. This second zone lies within the Thrust Package.

Broulan Reef Drill Hole Location Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_
ap-may09.jpg

The geometry of the Thrust Package would suggest that it will occur at
shallower depths in the western part of the Broulan Reef property.
Drilling it from west to east would allow more of the hole to test the
stratigraphy immediately under the Thrust Package. The current hole
(BR09-01) is being drilled from west to east from McKenzie Island. The
hole is currently at 930 metres and has encountered a normal sequence of
Bruce Channel sediments to this depth. The Balmer Assemblage and the
Thrust Package are expected to be encountered at a depth of around 1800
to 2000 metres in the current hole.

The geochemical signature of rocks within the Thrust Package shows a
strong Arsenic-Tungsten-Zinc association with sporadic gold values. This
is a classic gold signature in the Red Lake area and suggests the gold
bearing system is present, very healthy and underlies a large portion of
the Broulan Reef property.

Broulan Reef schematic map showing Thrust Package:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/BR_XS_LN.gif

The Thrust Package could be viewed as 'Trap Rock' that has confined
fluids below it. These fluids have severely altered the rock and resulted
in gold being deposited in the footwall of the Thrust Package. It has
been speculated that the setting immediately below the Thrust Package is
the host of some 6,000,000+ ounces of gold including the Bruce Channel,
Finn Zone discoveries and the Couchenour Mine. Given the significant
expansion of the area known to be underlain by the Thrust Package, the
total number of ounces may be conservative. There are very few
exploration plays in the world that are starting with this scale of
indicated potential.

The bulk of this resource has only begun to be defined in the last 4
years. The majority of the resource occurs below depths of 800 metres and
will take some additional time to fully evaluate. Grades typically rival
those being mined by Goldcorp. Goldcorp is currently redeveloping the old
Couchenour Mine to access and further evaluate this resource from
underground. It is rumored that development will be to a depth of at
least 1800 metres. There is little doubt that the new deposits being
defined and developed in the Bruce Channel area will provide an
increasing proportion of the mill feed for Goldcorp's Red Lake complex
for decades to come.

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 district 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

NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This news release may contain certain "Forward-Looking Statements" that
may involve a number of 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. For a more detailed discussion of such risks and
other factors, refer to the Company's filings with Canadian Securities
regulators available on www.sedar.com .

This announcement was
originally distributed by Hugin. The issuer is solely responsible for the
content of this announcement.

Copyright Copyright Hugin AS 2009. All
rights reserved.

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

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