Calypso Uranium Announces the Launch of an Exploration Drilling Program in the Neuquen Basin and the Signing of an Option Agreement for Three Properti

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2011) - CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") - Calypso President Stephen Barley is pleased to announce that the Company's wholly owned subsidiary in Argentina, Energía Mineral Inc., is launching its exploration drilling program in the Neuquén Basin following the Declarations of Environmental Impact for the Central Block and Campesino Norte Projects. The Company is also pleased to announce that Eneria Mineral has signed a Mining Exploration and Purchase Option Agreement with Miranda S.A., for three key properties surrounding the Company's La Pintada property.

Exploration Program in the Neuquén Basin

"We are pleased to be able to launch an intensive exploration program in the Neuquén Basin," said Stephen Barley, President and CEO of Calypso. "It is a key element of Calypso's joint venture agreement with Cameco and we are eager to advance with this drill program, at the first potential in-situ recovery (ISR) exploration project in Argentina." In September 2010, Calypso signed an Option Agreement with Cameco to explore and develop uranium projects in Argentina through Energía Mineral.

Guillermo Pensado, Vice President Exploration for Calypso and President of Energía Mineral, said, "The Central Block and Campesino Norte exploration programs are a priority at this stage and represent an investment of about $2,000,000 for the first phase. We have an expert team in place that will be initiating the drilling program in the near future, working closely with the local community and local suppliers."

The Declarations of Environmental Impact represent the approval of the exploration drilling programs presented for the Campesino Norte and Central Block Projects for the next two years, and were issued by the Sub-Secretariat for the Environment for the Province of Neuquen, under Disposition Nos. 140-11 and 153-11, on April 15 and April 29, respectively. Based on national and provincial regulations, the approval is founded on technical assessments by the Provincial Directorates of Environment, of Mining, and of Water Resources.

The Central Block project is an ISR project located along the Chihuidos High range in the Neuquen oil & gas producing basin and represents the most significant ISR project under exploration in Argentina. The approved exploration program includes drilling of 20,000 meters by reverse circulation (RC) that are planned to be drilled in different phases. The first phase of drilling will be initiated in the near future and the aim of the program is to confirm the most potentially mineralized horizons interpreted by field mapping and historical oil & gas geological and geophysical data. The Campesino Norte follow-up exploration program includes a 10,000 meter RC drill program that will be initiated with a first phase to the southwest of the mineralized paleo-channel intercepted during the drill fences completed in 2008.

Mining Exploration and Purchase Option Agreement with Miranda S.A.

The Mining Exploration and Purchase Option Agreement with Miranda S.A. is for three properties covering approximately 14,500ha or 1,450km2 in the Sierra Pintada District in the Province of Mendoza. The properties comprise several radiometric anomalies surrounding existing Energía Mineral properties and border the south edge of the Sierra Pintada uranium deposit. The Agreement was signed by Energia Mineral on March 31, 2011, and the properties will be covered by the joint venture exploration agreement with Cameco.

"These three properties are strategically located respective to Energia Mineral's La Pintada Project near the Sierra Pintada deposit. Our first step is to begin work on the Environmental Impact Report required by law in order to obtain the approvals for prospective activities," said Pensado.

Under the terms of the Agreement, Energía Mineral will lead prospecting and exploration activities, and Miranda grants Energía Mineral the option to purchase 100% of the Properties at any time five years and six months as from the date of execution of the Agreement.

About Calypso

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 is active in Argentina with more than 500,000 hectares or 5,000km2 of claims and mineral concessions in the provinces of Chubut, Mendoza and Neuquén. In September 2010, Calypso signed an Option Agreement with Cameco Global Exploration Ltd., to explore and develop Calypso's uranium projects in Argentina with the exception of the Huemul property in the Province of Mendoza which is being retained by Calypso. Through the Argentine branch of its subsidiary Energía Mineral Inc., the Company has an exploration office located in Mendoza working closely with local communities while operating to the highest national and international safety, environmental and ethical standards. To promote transparency and to build awareness and public understanding of uranium exploration, all of Calypso's environmental impact reports and its "Radiological Safety and Protection Guide for Uranium Exploration" are posted on its website. The Company works closely with local, provincial and federal authorities, as well as non-governmental organizations (NGOs) and Provincial Mining Chambers in order to maintain a fluid communication channel with the communities as part of its transparency and sustainable development policy. While maintaining its principal focus on the development of the Argentine uranium projects, Calypso has a 50% interest and is operator of 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. Further information is available at the website, www.calypsouranium.com, or filed under the Company's profile at www.sedar.com.

CALYPSO URANIUM CORP.

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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