Calypso Provides an Update on the Exploration Program for Its Energia Mineral Properties in Argentina

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") is pleased
to provide an update on the on-going exploration and follow-up program on the
Argentine properties controlled by its wholly-owned subsidiary Energia Mineral
Inc. ("Energia Mineral"). This program has been approved by the Joint Technical
Committee and is incorporated in the Option Agreement signed on September 21,
2010, with Cameco Global Exploration Ltd. ("Cameco Global"), a wholly-owned
subsidiary of Cameco Corporation ("Cameco").


The Energia Mineral exploration team has focused on the development and
follow-up exploration programs for the Central Block and Campesino Norte
projects, both located in Neuquen Province and expected to be drilled during the
upcoming summer season in the southern hemisphere.


The Central Block project is an "in-situ" recovery (ISR) project located along
the Chihuido High range in the Neuquen oil & gas producing basin. Following the
anticipated approval of new mining licenses recently claimed, the Central Block
ISR project would comprise more than 230,000 ha (or 2,300 km(2)) representing
the most significant ISR project under exploration in Argentina. The program is
focused on the development of a geological and exploration model based on
detailed basin analysis with the support of historical oil and gas geological
and geophysical data. Neuquen Basin experts are assisting the team on the
geophysical and stratigraphic analysis, while the team continues the field
follow-up program collecting new geological, geochemical and geophysical
information. The goal of the program is to define the first target for this ISR
project that the Company expects to drill this southern summer with a program of
approximately 4,500 meters by reverse circulation (RC). In October 2010, Energia
Mineral submitted the Environmental Impact Report required by law to advance
with the drill program and which is expected to be approved during the course of
this year.


The Campesino Norte follow-up program includes a ground geophysical survey and a
new RC drill program southwest of the drill fences completed in 2008. The 4,135
meters in 135 short reverse circulation holes drilled in 2008 defined a main
paleo-river channel in the Petrosaurius area at least 900 meters wide and
containing several sand-and-gravel bars which are preferentially altered and
mineralized. Mineralization was mainly copper and vanadium. The highest uranium
value obtained was in the zone named Javier, more than 5 km southwards of the
Petrosaurios area, where hole CN-121 returned 2 meters, between 10 and 12
meters, grading 0.033% U3O8. This intercept was in sheet-flood sandstone, and
the main channel horizon was not drilled due to drill rig limitations. The
control for this zoning pattern is currently unknown, but zonal arrangements
between uranium, vanadium, and copper are common in these environments. The new
target area is located 3 km southeast of the Javier zone and the goal of the
exploration program is to define the main paleo-river channel depth using
geophysical surveys, and testing with a 1,500 meter RC drill program later in
the summer. An Update of the Environmental Impact Report for the entire
Campesino Norte project was submitted in July and is expected to be approved in
2010.


The Company is also preparing an intensive field season for the San Jorge Basin
Exploration Program in Chubut Province. Energia Mineral has been granted all the
environmental permits to conduct the prospecting and exploration program, which
will be focused on the properties granted by the Provincial Mining Authority.
Energia Mineral has claimed a total of eighteen areas for exploration covering
more than 150,000 ha (or 1,500 km(2)) of which six, comprising more than 48,000
ha (or 480 sqkm), already have been granted. More properties are expected to be
granted in 2010.


In order to conduct the exploration programs, Energia Mineral has increased the
exploration team by two Senior Geologists, a Junior Geologist and a Senior Field
Technician. This will allow the Company to accelerate the programs with
professionals who will maintain the high technical, environmental and social
standards adopted by Calypso. One of the Senior Geologists will be responsible
for the database and QAQC program in order to maintain field and lab techniques
according to international standards. The program also includes the acquisition
of bore hole geophysical equipment that will be manipulated by the team's
in-house expertise comprising more than 19 years of uranium exploration
experience.


The Company continues to work 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 our transparency and sustainable development policy.


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 480,257 hectares or
4,802km(2) of claims and mineral concessions in the provinces of Chubut, Mendoza
and Neuquen. Through the Argentine branch of its subsidiary Energia 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 and environmental 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. 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. 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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