Calypso Uranium Corp.
TSX VENTURE : CLP

Calypso Uranium Corp.

December 05, 2007 07:00 ET

Calypso Files Claim With Argentine Supreme Court to Set Aside Anti-Mining Law in Mendoza Province

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) -

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

Calypso Uranium Corp. (TSX VENTURE:CLP) ("Calypso or the "Company") provided a further update to the news release dated July 31, 2007 wherein the Company advised that similar to other companies operating in areas of Argentina, Calypso was experiencing delays in developing certain prospective properties due to recently enacted ambiguous laws in Mendoza Province, Argentina. The legislation in question in Mendoza was Law No. 7,722 containing a prohibition in regard to the use in mining activities of certain substances including cyanide, sulfuric acid and mercury. Calypso has filed a claim before the Argentine Supreme Court, requesting the Court to declare Law No. 7,722 unconstitutional on the grounds that it is discriminatory, arbitrary, and violates the Company's rights to conduct a lawful business. The lawsuit also claims the law breaches the principle of separation of powers and the guaranty of fair and equitable treatment set forth in the Argentina-Canada Bilateral Investment Treaty.

Mr. Roney Long, President of Calypso, commented: "We have taken the necessary steps to protect the interests of the Company in the Province of Mendoza. Calypso has been advised Law No. 7,722 is unconstitutional and with the recent elections, we believe the political will is once again present to uphold the rule of law and normal mining operations will be restored in this resource rich area of Argentina."

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.

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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