Calypso Uranium Corp.
TSX VENTURE : CLP

Calypso Uranium Corp.

May 14, 2008 19:25 ET

Calypso Provides Update on Drilling Program on Campesino Norte Property and 2008 Field Work

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) -

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

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso "or the "Company") provided an update to the news release dated December 10, 2008 in regard to progress on the 3,000 to 5,000 meter drilling campaign at its wholly-owned Campesino Norte uranium-vanadium-copper project in Neuquen Province, Argentina. The Campesino Norte Project consists of 48,229 hectares, being approximately 482 square kilometres, in the Neuquen Basin Cretaceous continental stratigraphy. There are a total of six clusters of paleo-channels in outcrop, occurring along a 20 kilometre corridor. Each cluster has multiple channels, and all are mineralized with uranium, vanadium, and copper. The occurrence of these clusters in a corridor strongly suggests the location of a persistent river channel through time, a setting typical of sandstone-hosted uranium districts world-wide.

The drilling is now at hole number 25 on the Petrosaurios target. Fences of holes spaced 50 meters apart and covering up to a kilometre of width, are being drilled to depths between 30 and 50 meters. Geochemical assay results are not yet available. The protocol for sampling the intervals has been established by the Company's VP Exploration and Geophysicist, and select intervals will be sent for geochemical assay. The protocol includes QAQC control and the Company has selected Alex Stewart Argentina S.A. as the lab to analyse the samples. The Company anticipates completing a further 35 drill holes for the minimum 3,000 meter program, and to complete drilling by the middle of June. The Company may determine to expand the drill program up to 5,000 meters.

Mr. Roney Long, President of Calypso commented; "Once initiated the Campesino Norte drilling program has been proceeding extremely well. The visual results to date have been very encouraging and we will release the assay results as soon as they are available."

The Company's subsidiary, Energia Mineral Inc. SA is completing the field season in the Province of Chubut, where the Company holds 151,459 hectares, being approximately 1,514 square kilometres. Numerous outcropping uranium shows have been visited and sampled by the Company's field crews. A dedicated landman has been visiting the ranches and arranging access and this program has been progressing well. The results of the field work indicate the San Jorge basin, where the Cerro Solo uranium deposit is located, represents a highly prospective area for uranium with uranium mineralization observed on surface as a well as additional indicators to be explored by follow up exploration programs.

Information in this news release that is of a scientific or technical nature has been reviewed and approved by Dr. Jon Thorson, a Registered Professional Geologist and a "qualified person" under NI 43-101, who has visited the Campesino Norte property 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, a Certified Professional Geologist, dated June 23, 2006 filed under the Company's profile at www.sedar.com. Additional information can be seen at our website at www.calypsouranium.com.

Calypso is a uranium exploration and development company with over 478,000 hectares of highly prospective uranium properties known as the Huemul, Campesino Norte, La Pintada, Rahueco, Ranquilco, Central Block and San Jorge Basin 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