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Cypress Development and Skyharbour Resources Complete Sale of Broulan Reef Property, Red Lake, Ontario

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Cypress Development and Skyharbour Resources Complete Sale of Broulan Reef Property, Red Lake, Ontario






Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF) (Frankfurt: C1Z)  and Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Pink: SYHBF) are pleased to announce that further to their news release of February 25, 2013, Cypress and Skyharbour have completed their sale of their 100% interest in their jointly held (Cypress 84.33% and Skyharbour 15.67%) Broulan Reef, Red Lake, Ontario property to Premier Gold Mines Limited (TSX: PG).




In consideration for Premier acquiring the 100% interest in the Property, Premier has now paid the companies a total of $1,750,000 cash (Cypress $1,475,775 and Skyharbour $274,225), issued a total of 160,000 common shares of Premier (Cypress 134,928 and Skyharbour 25,072) and granted a 0.5% net smelter return royalty  (Cypress 0.42165% and Skyharbour 0.07835%).  Premier has been granted a right to purchase the NSR for the sum of $500,000 at any time.




About Cypress Development Corp.:



Cypress Development Corp. is a diversified precious and base metals exploration and development company with properties inRed Lake,Ontario,Canada, and inNevada,U.S.A.



About Skyharbour Resources Ltd.:



Skyharbour ResourcesLtd. is a uranium, gold and base metal exploration company with projects in theAthabascaBasinof northernSaskatchewanand inRedLake, north-westernOntario,Canada. The Company has approx. 36 million shares outstanding.





Posted May 8, 2013

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