Calypso Uranium Corp. (the "Company") (TSX VENTURE:CLP) - The Company had filed
a claim before the Argentine Supreme Court requesting the Court to declare Law
No. 7,722 enacted by the Province of Mendoza unconstitutional on the grounds
that it is discriminatory, arbitrary and violates the Company's right to conduct
a lawful business. The Argentine Supreme Court has declined to hear the case
brought by the Company against the Province of Mendoza, primarily on the grounds
that the Supreme Court lacks jurisdiction to hear the case due to Law No. 7,722
having a predominantly local public nature and is a provincial public law
outside the scope of the Supreme Court's jurisdiction. The Company is now
assessing its options in relation to this matter. The decision has no impact on
the current and ongoing exploration activities under the joint venture with
Cameco Global Exploration Ltd. in the Provinces of Neuquen and Chubut.


In addition, the Company has granted 1,500,000 stock options pursuant to its
previously approved stock option plan to directors, officers, employees and
consultants of the Company. The options were granted at an exercise price of
$0.15 per share for a period of five years.


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 460,000 hectares or
4,600km2 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. While maintaining its principal focus on the
development of the Argentine uranium projects, Calypso has a 51.4% 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

Shares Outstanding: 50,630,819
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