Calypso Uranium Grants and Reprices Stock Options

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES

Calypso Uranium Corp. ("Calypso" or the "Company") (TSX VENTURE:CLP) announced
that the Company has granted to consultants, directors and officers a total of
2,380,000 incentive stock options at a price of $0.15 per share subject to
normal vesting arrangements. The Company has also agreed to re-price a total of
877,000 existing incentive stock options held by non-insiders at a price of
$0.15 per share. The option grants and re-pricing are subject to TSX Venture
Exchange approval.


Calypso is an uranium exploration and development company with over 447,000
hectares of highly prospective uranium properties known as the Huemel, Campesino
Norte, La Pintada, Rahueco and Central Block located in four regions of
Argentina.


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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