Calypso Uranium Announced the Approval of the Environmental Impact Report for Exploration at the Huemul Project in Malargue, Mendoza, Argentina

VANCOUVER, BRITISH COLUMBIA -(Marketwire - Aug. 4, 2009) - CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") - Calypso President J. Stephen Barley is pleased to announce that the Declaration of Environmental Impact for the exploration phase of the Huemul Project, in Malargue County, Mendoza Province, Argentina, was issued by the Directorates of Mining and of Environmental Protection for the Province of Mendoza, under Resolution Nos. 81 and 190 respectively, on July 30, 2009.

The Declaration of Environmental Impact represents the approval of the exploration program presented by Calypso for the Huemul Project. Based on national and provincial regulations, the approval is founded on technical assessments by the Provincial Directorates of Environment and of Mining, the National University of Cuyo, the Provincial Irrigation Department and Malargue County, and now must be sent to the Provincial Congress for ratification as provided by Article 3 of provincial law 7.722. Such ratification is a condition for the initiation of the Huemul Project exploration program.

"The issuance of the Declaration of Environmental Impact represents a significant step towards initiating the Huemul Project exploration program," said Barley, also President of Energia Mineral Inc., Calypso's subsidiary with a branch in Argentina. "This is excellent news for Calypso and for Energia Mineral, and especially for the community of Malargue which is making such an effort to diversify their economy and to reinforce the benefits from the mining industry in that matrix," he added.

Located in Malargue County, Mendoza Province, the Huemul Project consists of 20,673 hectares of mining properties covering an historic uranium producing district. The approved exploration program is focused on exploring a 2km-long mineralized corridor that includes the district's three underground past producing mines (the Huemul, Agua Botada and Arroyo Seco mines), as well as exploring the new Vega Larga and Black Zone sectors that were detected by an airborne radiometric survey in the southern portion of the district. Five of the seventeen targets identified in the district will be tested in this intensive initial exploration phase that includes a core diamond drill program of more than 6,000 metres.

Barley emphasized that "Malargue shows the potential to produce uranium again. In such a scenario, the community would not only benefit directly from the mining industry's requirements for jobs and services, but Malargue could contribute to supplying Argentina's needs for the primary input in their nuclear energy cycle, currently all of which is imported."

"We look forward to continuing our close cooperation with the community in Malargue County and with others throughout Mendoza Province in order to be able to start exploration work once the Declaration of Environmental Impact is ratified," said Guillermo Pensado, Vice President of Calypso, and Exploration Manager for Energia Mineral. Since its inception, Calypso Uranium has committed itself to being a good neighbour in the communities where the Company is present and to strengthening relationships with local people, institutions, organizations and regional representatives to develop broad community support, including, by way of example, regular presentations on the project to the community of Malargue in order to provide avenues for engagement and to ensure transparency in the information-sharing process.

The Environmental Impact Report for the Huemul Project, including a description of the work to be undertaken during the exploration program, is available to the public on the Company's website. A general description of the geology, reference maps, and other data is contained in a Technical Report prepared by Anthony Adkins, Certified Professional Geologist, dated June 23, 2006, filed under the Company's profile at www.sedar.com. Further information is also available at our website, www.calypsouranium.com.

Calypso Uranium Corp. is a mineral exploration company whose principal focus is the exploration and development of uranium properties in Argentina and in the United States. Calypso Uranium is active in Argentina with more than 447,000 hectares or 4,470km2 of claims and mineral concession lands in the provinces of Chubut, Mendoza and Neuquen. Through the Argentine branch of our subsidiary Energia Mineral Inc., Calypso has an exploration office located in Mendoza working closely with local communities while operating to the highest national and international safety and environmental standards. To promote transparency and to build awareness and public understanding of uranium exploration, all our environmental impact reports and our "Radiological Safety and Protection Guide for Uranium Exploration" are posted on our website. While maintaining its principal focus on the development of the Argentine uranium projects, in June 2008, Calypso entered into an option agreement to acquire an interest in the Sage Creek properties located in Converse County, Wyoming. Calypso is well-funded to advance all exploration projects and has the technical team and management structure for this effort.

CALYPSO URANIUM CORP.

J. Stephen Barley, President & CEO

This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.

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Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
Calypso Uranium Corp.
Investor Relations
1-604-639-4671
1-604-639-4670 (FAX)
info@calypsouranium.com
www.calypsouranium.com

For more information on Mining in Argentina, visit our website: http://www.argentinamining.com/