Calypso Uranium Corp.
TSX VENTURE : CLP

Calypso Uranium Corp.

June 29, 2009 14:17 ET

Calypso Uranium Grants and Reprices Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) -

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.

Shares Outstanding: 50,630,819

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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