JOINT NEWS RELEASE

September 03, 2008

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

Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) are pleased provides 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: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef- New-Map.jpg

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.