Calypso Acquisition Corp.

Calypso Acquisition Corp.

November 02, 2006 12:58 ET

Calypso Identifies 213 Uranium Anomalies After Completion of Large Airbone Geophysical Survey of Argentine Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - Mr. Roney Long, President of Calypso Acquisition Corp. ("Calypso") (TSX VENTURE:CLP) reports that Energia Mineral S.A. ("EMSA"), the Argentine exploration company in which Calypso holds a 95% beneficial interest, has received the results of two large airborne geophysical surveys conducted on lands held by EMSA. These surveys were contracted to Fugro Airbone Surveys, with quality control by Quantec Geosciences. The two surveys were for the combined Central and Campesino Norte Blocks in Neuquen Province and for the Huemul Block in Mendoza Province. Each survey consisted of airborne fixed-wing flights with a 256 channel scintillometer and simultaneous magnetics, at 500 meter line spacing and a 100 meter terrain drape. Results were monitored and lines were re-flown as recommended. Based on Fugro's survey, Quantec interpreted a total of 213 uranium corrected count anomalies within EMSA properties.

The Central Block Project contained 123 airborne uranium anomalies as defined above. Field visits by EMSA geologists to selected anomalies disclosed uranium mineralization, identified by both scintillometer response and geochemical analysis, in continental sandstones of the Cretaceous Rayoso Group. The Central Block is composed of 202,669 hectares including claims and mineral concessions. The block is approximately 55 square kilometers. EMSA is actively exploring for additional uranium mineralized zones within the Central Block in order to generate a database for guiding initial drill tests. This project is included in the region designated by the Argentine National Atomic Energy Agency, CNEA, as uranium in-situ leach potential in Argentina.

Based on high grade uranium anomalies detected by Fugro and checked in the field by EMSA geologists, the Campesino Norte Block was recently expanded from 10,500 hectares to 29,288 hectares. A total of 42 airborne uranium anomalies were defined within EMSA properties boundary. Anomalies guided EMSA geologists in the field to discover significant uranium mineralization outcrops. The mineralization recognized at Campesino Norte Project is related to paleo-channels within the continental sandstones of the Cretaceous Neuquen Group.

The Huemul Block, that includes the past producing uranium mines of Huemul, Arroyo Seco and Agua Botada, contains 48 airborne uranium anomalies, many of which have been visited by staff geologists. A high percentage of these geophysical anomalies are noted to be represented by uranium mineralization in continental sandstone beds, as disclosed by both scintillometer and geochemical analysis. This project comprises 20,626 hectares of claims and mineral concessions and is approximately 18 by 16 kilometers in size. EMSA is actively exploring in the area, and initial geological reconnaissance suggests that there are may be as many as ten stacked uranium-mineralized beds in the Huemul Block. The largest and strongest airborne geophysical anomaly in the Huemul area is from the old mine workings. These workings are controlled by EMSA and contain old mine dumps with stockpiled low-grade and uranium-mineralized outcrops still in place. Sampling of the in-place outcrops by visiting geologists who were Qualified Persons as defined in NI 43-101, has returned uranium geochemical values from 1.0 meter of 268 ppm U (AT-04), 0.25 meter of 1,854 ppm U (SJHU-01), to 0.2 meter of 34,212 ppm U (SJHU-02), generally confirming the historically mined uranium grades in the district. These samples were analyzed by ICP at the Alex Stewart Lab in Mendoza, Argentina.

Calypso is a uranium exploration and development company with large highly prospective uranium properties known as the Huemel, Campesino Norte, La Pintada, and Central Block located in four regions of Argentina. Calypso has a fully staffed exploration office located in Mendoza, Argentina and is well funded to complete planned acquisition, exploration, and drilling programs over the next 12 months.

Information in this news release that is of a scientific or technical nature has been reviewed and approved by Steve Jones, a Registered Professional Geologist and a "qualified person" under NI 43-101, who has visited all of the discussed projects 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 filed under Calypso's profile at Calypso's website is currently under construction but will be available soon with further information on the company.

Forward-Looking Statements: Statements in this release that are forward-looking statements, including statements concerning the Company's results and interpretation of its airborne geophysical survey of its Argentine projects, are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's MD&A, financial statements and other periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.

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