Calypso Uranium Corp.
TSX VENTURE : CLP

Calypso Uranium Corp.

June 19, 2008 15:11 ET

Calypso Acquires Option on Wyoming in Situ Recovery Uranium Exploration Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 19, 2008) -

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

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso "or the "Company") is pleased to announce that the Company has entered into an option agreement with EM International Inc. ("EMI") to acquire a 50% interest in approximately 390 unpatented lode mining mineral claims with in situ recovery ("ISR") potential located in Converse County, Wyoming and known as the Sage Creek claims. The Sage Creek claims are in the prolific southern Powder River Basin area of the state of Wyoming. The Smith Ranch uranium ISR facility operated by Power Resources Inc., a wholly owned subsidiary of Cameco Corporation, is immediately adjacent to the east of the optioned claims. The Smith Ranch ISR operation is the largest uranium ISR field in production in the world. The Sage Creek claims comprise approximately 6,250 acres on the Smith Ranch trend. The Sage Creek claims surround a water well previously drilled by a coal operator on the property that reportedly encountered two uranium roll-front gamma log signatures which were not pursued by the coal company. Calypso has not reviewed the logs relating to this encouraging information from the water well. Cessation of coal mining and the recent reclamation of the coal property has made further uranium exploration feasible.

The option agreement provides Calypso with the option to expend a total of $1,000,000 over a two year period and to issue a total of 1,000,000 shares to EMI in two tranches of 500,000 shares to earn an undivided 50% interest in the claims. The shares being issued to EMI are subject to statutory and contractual resale restrictions. The Sage Creek claims have been assigned to and will be operated by Sage Creek Minerals Inc., the Company's wholly owned US subsidiary. A finder's fee will be paid to an arms length third party.

Mr. Roney Long, President of Calypso commented; "We are excited about the exploration potential of the Sage Creek property. Wyoming is known as one of the most mining friendly states in the US and the Sage Creek claims are strategically located on the same trend as the Cameco ISR producing properties. In addition the ISR nature of the claims has the potential of substantially reducing cost and time to production. Calypso's principal focus has been and will remain on the development of the large potential of our massive Argentine uranium land holdings. The Sage Creek option indicates the willingness of the Company to acquire interests in uranium assets with recognizable potential no matter where they are located. This represents our first step in becoming an international uranium exploration and development company."

Information in this news release that is of a scientific or technical nature has been reviewed and approved by Dr. Jon P. Thorson, a Certified Professional Geologist and a "qualified person" under NI 43-101, who has visited the Sage Creek property and reviewed all available data. 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, San Jorge Basin and Central Block located in four regions of Argentina. Calypso has a fully staffed exploration office located in Mendoza, Argentina.

CALYPSO URANIUM CORP.

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.

Contact Information