July 18, 2011 at 08:00 AM EDT
Calypso Uranium Announces Cameco Elects to Enter Into Year Two of Option Agreement

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/18/11 -- Calypso Uranium Corp. (TSX VENTURE: CLP) ("Calypso" or the "Company") -

Calypso President J. Stephen Barley is pleased to announce that Cameco Global Exploration Ltd. ("Cameco") has elected to proceed with the second year option under the Joint Venture Option Agreement with Energia Mineral Inc. ("Energia Mineral"), Calypso's wholly owned subsidiary in Argentina. Mr. Barley stated: "We look forward to continuing the relationship with Cameco in regard to the exploration of Energia Mineral's highly prospective uranium properties in Argentina. The second year budget of $3 million will continue and enhance the efforts from the initial year of the joint program."

Mr. Guillermo Pensado, President of Energia Mineral and VP Exploration of Calypso commented: "We have exploration projects across a broad area with high geological potential for uranium and one of the benefits of partnering with a major company such as Cameco is that we can apply a thorough and methodical approach to the exploration of the potential of those properties and confirm our geological models."

Priorities under the first year of the joint exploration program included drill programs at the Campesino Norte and Central Block Projects in the Neuquen Basin, from which preliminary results will soon be available. The agreed second year exploration program will include a follow up drill program at Central Block, the first potential uranium in situ recovery project being explored in Argentina, as well as an intensive exploration program on the Company's properties in the San Jorge Basin.

The Company's President J. Stephen Barley stated: "The unfortunate and devastating tsunami in Japan earlier in 2011 caused a dampening effect on the worldwide uranium industry at all levels. Calypso believes the longer term outlook for uranium remains strong due to the global need for efficient and industrial-scale energy sources that can meet the demands of a growing world population while reducing negative impacts on the atmosphere. We will continue to explore our current properties in Argentina with Cameco and will consider approaches for new prospects in key areas of the country. Calypso remains well funded with over $4 million in available working capital. We are assessing methods of advancing our projects in the province of Mendoza currently delayed pending legislative approvals and our Sage Creek project located in Wyoming where we have a 50% interest in a large and well located land package. In addition we are reviewing other opportunities within and outside of Argentina."

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 5,000km(2) 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 while operating to the highest national and international safety, environmental and ethical 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 bilingual website. The Company works 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 its transparency and sustainable development policy. 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.

Shares Outstanding: 50,630,819

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Calypso Uranium Corp.
Investor Relations
1-604-639-4671
info@calypsouranium.com
www.calypsouranium.com

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