Calypso Acquisition Corp.

Calypso Acquisition Corp.

March 20, 2006 16:30 ET

Calypso Appoints Stephen Barley as a Director, Updates the Acquisition of an Argentine Uranium Exploration Company, and Grants Options

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2006) -

Appointment of Director

Calypso Acquisition Corp. (the "Company") (NEX BOARD:CLP.H) is pleased to announce the appointment of Stephen Barley as director of the Company. Mr. Barley brings to the Company over 22 years experience in securities and corporate finance law and a broad background in corporate governance and public corporate business development. The appointment follows the resignation of Ms. Zoe Gill as director of the Company. The board of directors thanks Ms. Gill for her contribution to the Company during her term as director.

Mr. Barley received his Bachelor of Commerce degree from the Mount Allison University in New Brunswick in 1979 and his law degree from Dalhousie University in Nova Scotia in 1982. He is a member in good standing of the Law Society of British Columbia and the Law Society of Alberta. Mr. Barley's securities law practice included a number of publicly traded companies involved in the business of mineral exploration. Mr. Barley left private practice in 1997 to pursue investment opportunities in private and public companies and continues to act as a director, investor, or corporate finance advisor to various public and private organizations including mineral resource companies at various stages of exploration and development. Mr. Barley is a partner in WestPoint Merchant Ventures Inc., a private corporate finance company based in Vancouver, B.C.

Update on Acquisition of Energia Mineral S.A.

The Company is continuing its due diligence in regard to the acquisition of the shares of Energia Mineral S.A., an Argentine uranium exploration company as previously announced on January 4, 2006. The Company has signed an amendment to the Letter of Intent with Energia Mineral S.A. to extend the time for completion of conditions precedent to May 31, 2006. These conditions include completion of the definitive documentation; regulatory approval; approval of the shareholders of Energia Mineral S.A.; completion of a National Instrument 43-101 compliant report satisfactory to the Company; and the closing of a concurrent financing.

Energia Mineral S.A. holds mining rights and agreements entitling it to acquire additional mining rights to a total of approximately 223,707 hectares in four separate blocks in the provinces of Neuquen and Mendoza, Argentina. These four blocks include La Pintada in the Sierra Pintada uranium district; the formerly producing uranium properties Huemul, Arroyo Seco, and Agua Botada in the Malargue district; the Central block including the uranium districts of Chihuidos and Las Carceles; and the Campocino Norte block. The Central Block is the largest holding and includes the area recently indicated by the Argentine Comision Nacional de Energia Atomica (CNEA) as having uranium in-situ leach potential.

Option Grant

The Company has granted a total of 950,000 incentive stock options to its directors and an officer. The options are exercisable on or before March 19, 2011, at the price of $0.64 per share, being the closing price of the Company's shares on the NEX on the trading day immediately preceding the date of this press release.

Kurt Bordian, Chief Financial Officer

The company seeks safe harbor on forward-looking statements.

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

Contact Information

  • Calypso Acquisition Corp.
    Investor Relations
    (604) 681-2575
    (604) 681-2577 (FAX)