CLP Calypso Uranium Corp.

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") - Calypso
President Stephen Barley is pleased to announce that Energia Mineral Inc.
("Energia Mineral"), Calypso's wholly owned subsidiary in Argentina, has
discovered surface uranium mineralization at the San Jorge Basin Project, and
that preliminary assessments of geological information from the Neuquen Basin
drilling programs confirm the geological model developed by the Company's
original analysis. 


Mr. Guillermo Pensado, President of Energia Mineral and VP Exploration of
Calypso commented: "This first year of exploration under the strategic alliance
with Cameco was extremely productive. We advanced three projects, including the
discovery of surface uranium mineralization at one project. In the other two, we
launched drill programs which yielded preliminary results that support the
geological models predicted by prior exploration work that included mapping,
sampling, geophysical and geological modelling. With Cameco's recent
confirmation of support for the second year under the joint venture agreement,
we expect to have another successful exploration year ahead."


LA FLECHA PROSPECT - SAN JORGE BASIN

Surface uranium mineralization has been discovered at the La Flecha prospect in
the San Jorge Basin Project as a result of the first field season. The initial
mapping and sampling at this prospect identified an altered high energy fluvial
system within the Cerro Castano Member, included in the Cerro Barcino Formation,
with observable uranium-vanadium mineralization on the surface. During the
program, 39 soil gridding and selective samples were collected covering an area
of 1,000 by 1,500 meters. Soil gridding samples were collected from the C
horizon and showed assays up to 0.12% Uranium and 0.18% Vanadium (or 2.81lb U &
4.17lb V; Sample # 11,732). Selective samples collected from limited outcrops
showed values up to 0.62% Uranium and 0.44% Vanadium (or 13.6lb U & 9.7lb V;
Sample #11,711). Other pathfinder anomalies were also identified. Geochemistry
reviews indicate the potential for a Uranium-Vanadium sandstone deposit
potentially being a different model than the Uranium-Molybdenum model generally
applied to this uranium district. As a result of this discovery, Energia Mineral
has claimed a new exploration property in the area covering an additional
10,000ha.


CAMPESINO NORTE PROJECT - NEUQUEN BASIN

The Campesino Norte Project follow-up exploration program of 1,500m reverse
circulation (RC) drilling was launched on May 12th, 2011. To date, a total of
1040 meters comprising 7 holes up to 202 meters deep have been drilled. Fine to
medium coarse altered fluvial sandstones were intercepted with no remarkable
anomalous uranium mineralization detected by radiometric bore hole survey. The
presence of iron and manganese oxide mineralization provides encouragement to
re-assess the geological framework and adjust the balance of the drilling
program; that will add an additional 500 meters.


CENTRAL BLOCK PROJECT - NEUQUEN BASIN

A 4,800-meter RC drill program for the Central Block Project was initiated on
June 15th, 2011. The Central Block Project covers more than 200,000ha and this
program represents the first drilling conducted in a potential in situ recovery
(ISR) project in Argentina. Sixteen holes up to 245 meters deep have been
drilled to date. The preliminary assessment of the geological information
generated confirms the geological model developed by the Company's original
analysis, the goal of the program. However, "in-house" bore hole surveys have
detected radiometric anomalies higher than 3 times the background in four holes
that represent interesting prospecting results which will assist in defining
follow up exploration programs.


COMPLETION OF YEAR ONE PROGRAM AND COMMENCEMENT OF YEAR TWO PROGRAM

The balance of the Central Block 4,800 meter RC drill program is expected to be
completed by August 2011 and an additional 1,000 meters will be drilled to
conclude the Campesino Norte Project program. This will mark the conclusion of
the first year exploration efforts pursuant to the Joint Venture Option
Agreement with Cameco. The second year exploration program will consist of a
follow-up drill program in the Neuquen Basin, with a minimum of 3,000 meters and
an intensive exploration program at the San Jorge Basin Project that includes a
3,000 meter drill program. The results from the balance of the first year may
influence the exploration efforts in year two leading to adjustments in the
planned program.


QAQC

The Company conducts QAQC protocols at every exploration phase. Surface
prospecting and exploration geochemical sampling includes approximately 12%
control samples, while every drill program includes approximately 20% control
samples. These include twin samples, fine and coarse certified blanks, fine and
coarse duplicates and internal certified standards. All sample analyses are
performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally
recognized analytical services company with ISO 9,001 and ISO 14,001
international certifications.


COMMUNITY ENGAGEMENT

As part of the Company's sustainable development policy, Energia Mineral is
committed to working closely with local communities. For the Neuquen Basin drill
program, goods and services were provided by local suppliers wherever possible
and members of the community were hired to work directly as part of the drilling
team as well as for support services for the exploration camp. Energia Mineral
is also engaged in discussions with local authorities on supporting medium and
long-term projects that directly contribute to the community's ability to
develop its productive capacity.


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 Neuquen. 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 Energia Mineral Inc., the Company has an exploration office located
in Mendoza working closely with local communities and local, provincial and
national authorities while operating to the highest national and international
safety, environmental and ethical standards. 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.

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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Calypso Uranium Corp. (TSXV:CLP)
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Calypso Uranium Corp. (TSXV:CLP)
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