Calypso Signs Definitive Option Agreement for a Joint Venture on the Majority of Calypso's Argentine Uranium Properties

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") is pleased
to announce the Company has signed an Option Agreement (the "Agreement") with
Cameco Global Exploration Ltd. ("Cameco Global"), a wholly-owned subsidiary of
Cameco Corporation ("Cameco"), to explore and develop Calypso's uranium projects
in Argentina with the exception of the Huemul property in the Province of
Mendoza which will be retained by Calypso. The Agreement will be completed
through an equity investment by Cameco Global in Calypso's wholly-owned
subsidiary Energia Mineral Inc. ("Energia Mineral"). The Agreement was signed on
September 21, 2010, following the Letter of Intent announced in the Company's
news release of April 13, 2010.


Under the terms of the Agreement, Calypso has granted Cameco Global the option
to acquire a 51% interest in Energia Mineral by Cameco Global investing a total
of C$9,000,000 in Energia Mineral's Argentine uranium properties, over a maximum
three-year period. During the first year of the Agreement, Cameco Global has
committed to fund C$3,000,000 of Energia Mineral's agreed exploration and
development programs. The decision to proceed with a further $3,000,000 in
exploration in years two and three is at Cameco Global's discretion.


The Energia Mineral project areas included in the Agreement cover approximately
442,542 hectares and include the La Pintada, Ranquil Co, Central Block,
Campesino Norte and San Jorge Basin projects.


"We are excited to have Cameco, a recognized uranium industry leader as our
partner in our exploration activities in Argentina. Their extensive experience
in all aspects of exploration, development and production will significantly
strengthen the development of our projects over the medium and long term," said
Stephen Barley, President of Calypso.


Under the terms of the Agreement, Energia Mineral will continue to lead
exploration activities during the option period based on exploration proposals
approved by a joint technical committee. In the event Cameco Global exercises
its option and acquires a 51% interest in Energia Mineral, Cameco Global has the
right but not the obligation to become the operator.


Guillermo Pensado, Vice President Exploration of Calypso and President of
Energia Mineral, said, "The signing of this agreement is a testament to the
quality of the properties the Company has assembled in areas of Argentina with
high uranium potential, and we look forward to working with Cameco through the
joint technical committee to deliver the agreed exploration program."


About Cameco

Cameco, with its head office in Saskatoon, Saskatchewan, Canada, is one of the
world's largest uranium producers. The company's uranium products are used to
generate electricity in nuclear energy plants around the world, providing one of
the cleanest sources of energy available today. Cameco's shares trade on the
Toronto and New York stock exchanges.


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 470,257 hectares or
4,702km2 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. 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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