Calypso Uranium Corp.
TSX VENTURE : CLP

Calypso Uranium Corp.

December 10, 2007 09:28 ET

Calypso Signs Drill Contract for 5,000 Meter Drill Program on Campesino Norte Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2007) -

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

Calypso Uranium Corp. (TSX VENTURE:CLP) ("Calypso" or the "Company") . Calypso President Roney Long is pleased to report Energia Mineral, SA ("EMSA"), the Company's Argentine subsidiary, has entered into a 5,000 meter reverse circulation drill contract with Patagonia Drill SA, on the Company's 100% owned Campesino Norte Project. The drilling operation is scheduled to begin in mid January, 2008 and is anticipated to take two months to complete. The drill program will define mineralization across the projected channel trends.

The Campesino Norte property consists of 36,289 hectares of highly prospective uranium located in Neuquen Province in western Argentina. Prior work conducted on the property consisting of a combination of airborne radiometrics and ground prospecting has located six clusters of uranium mineralized paleo-channels which also contain vanadium and copper byproducts. The six areas commonly have multiple or stacked channels exposed and all have visible uranium mineralization. A recently completed resistivity survey, conducted by the geophysical firm INGEP SRL, displays resistivity contrasts consistent with other paleo-channel responses in the Neuquen Basin, and trending southwest-northeast. Geologic mapping by EMSA field crews shows a common southwest-to-northeast paleo-current direction in the channels occurring in outcrop. Additionally, limited drilling for copper by Yamana Resources Inc. in 1996 intersected the channel in a position that suggests the same trend although Yamana did not analyze the drilling for uranium. Geochemical sampling and tight ground radiometric surveys display uranium anomalies in all six of the channel areas. Anthony Adkins, a Certified Professional Geologist and the author of the NI 43-101 report on this property commented the exposed channels at Campesino Norte are very similar to those of the Uravan Mineral Belt portion of the Colorado Plateau uranium mega-district.

Calypso has added two additional geologists to its staff based in Mendoza, Argentina, and is currently maintaining three crews in the field, with the Company geophysicist setting up radiometric grid surveys where needed. Calypso is changing its field efforts from Campesino Norte to Chubut Province as access has greatly improved with the on-set of summer conditions. Calypso controls over 450,000 hectares in three provinces and four regions in Argentina and expects a busy and productive 2008 field season. Calypso is currently fully funded for all anticipated exploration activities for this season, including initial drill tests of several projects.

Information in this news release that is of a scientific or technical nature has been reviewed and approved by Dr. Jon Thorson, a Registered Professional Geologist and a "qualified person" under NI 43-101, who has visited the Campesino Norte property and reviewed all of the referenced data. A general description of the geology, reference maps, and other data is contained in a Technical Report prepared by Anthony Adkins, Certified Professional Geologist dated June 23, 2007 filed under the Company's profile at www.sedar.com. Additional information can be seen at our website at www.calypsouranium.com.

Calypso is an uranium exploration and development company with over 450,000 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 has a fully staffed exploration office located in Mendoza, Argentina.

CALYPSO URANIUM CORP.

Per: Roney Long, President

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: 50,130,819

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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