Calypso Provides an Update on Operations

Calypso Uranium Corp. ( "Calypso" or the "Company") (TSX VENTURE:CLP) provides
an update on operational activities in Argentina and the USA. The Company has
placed all operations in Argentina on care and maintenance and has closed the
Mendoza office and let go all but essential personnel required to maintain the
current Argentine land holdings. In addition, the Company's subsidiary Sage
Creek Minerals Inc. and its joint venture partner in the Sage Creek Wyoming
properties, have sold 100% of their interest to a third party.


Stephen Barley, President and CEO of Calypso commented: "The current market
conditions combined with uncertainty in Argentina have compelled our group to
make difficult operational decisions in order to protect the $4.5 million in
unrestricted cash we have in treasury. Sage Creek was not a core asset and was
sold in order to avoid further carrying costs. We believe the Argentine land
holdings will continue to be valuable and we are considering alternatives in
regard to their development. The Company is also reviewing projects in other
sectors and jurisdictions."


About Calypso

Calypso Uranium Corp. is a mineral exploration company whose principal focus is
the exploration and development of uranium properties in Argentina. Calypso
holds more than 460,000 hectares or 4,600km2 of claims and mineral concessions
in the provinces of Chubut, Mendoza and Neuquen. 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

Shares Outstanding: 50,630,819

Calypso Uranium Corp. (TSXV:CLP)
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